Will HSBC charge valuation if had one previously with Firstdirect?

scarletjim

Last summer I was accepted for a First Direct mortgage, they did the valuation, then the sale fell through. As I know that's part of HSBC, then if I apply now for an HSBC mortgage, are they likely to charge a valuation fee because I've already had one last year and the mortgage never went through? Or do they treat the two applications as completely independent? Should I tell them?

Thanks to anyone 'in the know' on such matters.

Thrugelmir

New application. More fees to pay.

scarletjim

Sorry I really didn't explain very well - both the FD mortgage last year and the HSBC this year are 'fee free' mortgages, so I haven't paid any valuation last year - but wonder if they will refuse to give me a free valuation on the basis that I had one last year. You might have already understood that from my OP, if so then you're brighter than me this time of night as my OP isn't clear at all!

Thrugelmir

Ah ok.

Why should they charge? If the deal is free valuation then that's what's on offer.

There's no obligation to accept a mortgage offer.

scarletjim

Well I just feel that they are already out of pocket from last year having paid for a valuation for a mortgage that didn't happen - does that mean that for every fee-free mortgage where the sale falls through after valuation, the bank pays for the valution and is out of pocket?

Thrugelmir

In the scheme of total mortgage lending neither here nor there. HSBC's target is to lend £15 billion this year.

Lenders pitch their products with or without fees depending on how actively they are looking to lend at any given point in time.

scarletjim

I see, so they make these offers to get the business, knowing that in some instances they will lose out a tiny amount, but generally hugely benefitting obviously, I guess that makes sense - and is good news for me! Cheers!