Mortgage Valuation Fee - Anyway around it?

humfer

Hello all. Reserved a new house at the weekend and trading my old one as part exchange. Probably going to stay with Nationwide, but noticed they will charge £485 for a valuation fee. They mentioned over the phone earlier that I could get this done independently. Is this true? How would I go about it? It would just grate me spending nearly £500 quid for not much return. Yes I know mortgage companies need to make sure the mortgage is not more than the value of the house, but with all the other fees its something I could do without....

luckyfool

Get a mortgage from a lender that offers you a product with a free survey. Or from a lender that doesnt need a survey on new build properties, just sales particulars.

dunstonh

Of course, a low valuation fee may be made up for with higher charges elsewhere. This is why you compare all costs.

Is the £485 a mortgage valuation fee or a homebuyers report?

humfer

dunstonh wrote: »

Of course, a low valuation fee may be made up for with higher charges elsewhere. This is why you compare all costs.

Is the £485 a mortgage valuation fee or a homebuyers report?

Its just for the valuation. There is a higher price if you want to include a homebuyers report. Just spoke to Nationwide who said I could use someone else to do the valuation that was on their approved panel. Sadly they could not tell me who was on that panel:rotfl:

Dan_Collins_2

You cant have the val done independantly but you can the homebuyers report.

To be honest by time you get the free val you will lose the money in rate. nationwide sport some of the better rates at the mo. If your with them you may be able to drop the admin fee!!