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Caution over valuation fees while remortgaging

11/06/2007

Homeowners have been cautioned about being forced to pay for valuations when they are remortgaging, it has emerged.

A person who is remortgaging a £250,000 property could be faced with £600 to £800 in valuation fees, reports This is Money.

Additionally, some of these valuations are what is known as "drive-by", carried out by driving past a property to make sure it still exists, according to the website.

It cites figures from the Council of Mortgage Lenders which state that one-quarter of remortgage valuations are performed in this manner.

Even though some remortgage deals do not include valuation fees, This is Money explains that costs to the lender are rolled into other charges, such as rate or arrangement fees.

"Borrowers still need to work out if they will be better off. But it is easier to see at a glance how costs compare," it says.

In related news, the Mortgage Advice Bureau recently warned that hundreds of homeowners could see rising repayments as their two-year fixed-rate deals expire.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according