Accord Mortgages will now offer completely free standard valuations on all residential mortgages after removing a cap that applied to high-value properties.
The lender previously paid standard valuations of up to £695 on properties worth up to £1m.
Borrowers with properties worth more than £1m previously had to pay the difference, but Accord has now scrapped this.
Landlords will be unaffected by the change as Accord does not have a cap on valuation fees for buy-to-let mortgages.
Accord national intermediary sales manager David Robinson says: “Free should mean free, so taking on board feedback from brokers, and in the interest of treating our customers fairly we’ve made the decision to remove our standard valuation fee cap.
“House prices continue to rise, and we’ve seen the average loan size on mortgage applications increase therefore we feel it’s unfair to disadvantage those shelling out more money to buy a home.”
