Halifax plan to refund valuation costs if a house purchase falls through

New move should help homebuyers

Halifax claims it will become the first lender to guarantee a refund of valuation costs where the transaction is not completed.

The costs will be refunded when the mortgage applicant goes on to complete on an alternative property with Halifax.

"Unfortunately from time to time sales can fall through, which is not only disappointing for the homebuyer, but costly too," said Stephen Noakes, Mortgage Director at Halifax. "By refunding the valuation fee when this happens, it will alleviate some of the extra burden for buyers to fund the valuation fee for their next property purchase.” This is another example of Halifax challenging market norms in order to support customers through the home buying process.”

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