Homebuyers warned not to forget valuation fees

Julia Harris, mortgage analyst at Moneyfacts.co.uk, says: “As we move away from a totally rate driven mortgage market, much focus has been placed on total cost, inclusive of rising arrangement and exit fees. “But one fee, which perhaps we view as a service charge, has slipped through the net – the valuation fee.” Harris says that many first time buyers struggle to afford start-up costs and lenders attempt to entice them with fee-free deals, which often result in higher rates. She also warns that those providers offering free valuation fees are often only providing basic valuations, somet...