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Halifax to refund valuation costs for failed purchases

Halifax will now refund valuation costs to mortgage applicants if their home purchase falls through and it is beyond the person’s control.

The costs will be refunded when the mortgage applicant goes onto complete on an alternative property with a Halifax mortgage. The initiative comes into effect today.

The refund guarantee applies to borrowers who apply for a product direct and through intermediaries.

The costs of property valuations depend on the purchase price and the type of valuation being carried out. But basic valuations start at around £370 and can rise up to around £700 for a full survey.

Stephen Noakes, mortgage director at Halifax, says: “Unfortunately from time to time sales can fall through, which is not only disappointing for the homebuyer, but costly too. By refunding the valuation fee when this happens, it will alleviate some of the extra burden for buyers to fund the valuation fee for their next property purchase.”

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