Mortgage valuation fee

[westredd]

Ive just spoken to a company that arranges contrator mortgages. They gave me an agreement in principle with halifax a few months ago and now I am applying for mortgage for real as I have found a proprty.

I spoke to them in the phone, they took a few details for the mortgage and she said they I needed to pay the valuation fee now by credit card before any offer would be made by the lender and that it would be non refundable if my offer was rejected. Does this sound right?

thanks

[IFA]

Hi there, this is perfectly normal, the lender cannot provide a mortgage offer without assessing the property for value and condition. The cost of this valuation procedure is paid, in advance, by the borrower. Once the survey has been conducted, and the work that you have paid them for has been done, then the fee would be non-refundable no matter what the outcome.

[Mortgage_Adviser]

Some lenders will give a free valuation which can be especially beneficial if you are uncertain of the property value and suitability.
Your mortgage adviser should be weighing up all the pros and cons of each mortgage available and advising you appropriately, and you should have been made aware of any potential costs before putting in an offer.