Skipton reduces fees for property borrowers

Larger average reductions of £230 will apply to Homebuyer’s Reports while Buildings Surveys should see an average reduction of £240 and the Society’s standard valuation fee scale will now start from only £156 for properties valued up to £100,000.
 
In addition, free valuation and legal fees will also be extended for higher value properties and loans. Free legals will be available on remortgage loans up to £1 million from a previous limit of £500,000, and free standard valuations will be offered on remortgages and selected house purchase products when available with a property value of up to £1.5 million which was previously £500,000.
 
At the same time, the Society’s Panel Management (administration) fee will also be reduced to £26, from a minimum of £135, which compares very favourably to industry administration fees of up to £100.
 
‘Over the past year, we have punched well above our weight, lending strongly towards our goal of helping people from all walks of life from first time buyers to Buy to Let landlords to achieve their home ownership aspirations,’ said Kris Brewster, Skipton’s head of products.
 
‘These reductions to our valuation fee scale are our latest move to offer even better value to all our borrowers, complementing our range of competitive products. Our revised valuation scale is now lower, on average, than those of most other lenders,’ he pointed out.
 
We’re also recognising the impact that rising house prices are having on the marketplace, and the fact that, particularly in areas like the South, a significant number of properties are valued at £500,000 plus,’ explained Brewster.
 
‘We’re keen to make sure that customers looking to remortgage these properties are still able to access as good a deal as all of our other borrowers, hence the changes to our free legal and valuation fee eligibility criteria,’ he added.