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First-time Buyer

Barclays offers free surveys on homes worth up to £2m

Hannah Uttley
Written By:
Hannah Uttley
Posted:
Updated:
17/10/2016

Barclays has rolled out free valuations for customers taking out a residential mortgage on properties valued up to £2m, in a move that the lender said could save clients as much as £930.

Customers can also benefit from no upfront mortgage-related fees if they choose a deal without a product fee.

In a broker note, Barclays said it had also started to use automated valuations for selected purchase cases, subject to location and availability. If available, brokers will be able to see that ‘no valuation is required’ in the lender’s application system.

Criteria changes made by Barclays over recent months include the launch of two seven-year fixed rate mortgages for the same cost as its equivalent five-year products, and a lower stress rate for residential borrowers after the Bank of England Base Rate cut.

Andrew Montlake, director at Coreco, said: “This is another great move from Barclays who have continued to make some impressive tweaks to their criteria and processes over the past 12 months. For those looking at purchasing a property any cost savings that can be made at the moment are especially welcome and a free valuation represents a saving for many. Whilst some other lenders already do this, the more lenders that follow this route the better for consumers.

“We would always recommend a client has their own more detailed survey done for their own personal use and this will enable many more to do this who maybe could not afford the cost of an additional survey before.”

For more, read our Guide to valuations and surveys