27 July 2017
With effect from Monday 31st July there will be changes to the ‘Click’ application system to request payment of the appropriate valuation fee if the applicant requests a Homebuyers Report or Building Survey.
The customer will no longer be called by the valuer for collection of the additional fee; it will need to be paid at point of application.
Whilst the Bank will collect the additional valuation fee amount at point of application, only the cost of the Basic Mortgage Valuation will be illustrated on the KFI and included in the APR calculation. This is an MCOB rule due to the fact that only the Basic Mortgage Valuation is required to secure the mortgage; the more detailed report is customer choice.
Free valuations will continue to be illustrated in Section 12 as an incentive.
Free Basic Valuations
If the product selected provides a free basic valuation then the applicant will only pay the additional fee for the more detailed report as detailed in the Product Guide.
Application Form Changes
For customer clarity the full valuation fee paid will be quoted on the mortgage application form.