Precise scraps valuation fees on homes up to £400,000

Precise has announced that it has introduced free standard valuations across its residential range to improve affordability for first-time buyers, home movers and borrowers remortgaging.

The change applies automatically to all residential cases for properties worth up to £400,000, removing an upfront cost that brokers have frequently flagged as a barrier. Assessment fees have also been cut to a flat £99, regardless of property value.

For brokers, the changes aim to ease the early stages of the mortgage journey for customers who struggle with initial outlays. Removing valuation costs can both improve affordability and help speed up the process by eliminating a common early stumbling block.

The updates follow affordability measures introduced earlier this year, including 40-year mortgage terms and the removal of minimum equity requirements on interest-only loans, giving brokers more tools to support buyers with tighter budgets.

"We've listened to broker feedback about the upfront cost barriers and in response we've removed the standard valuation cost for purchases and remortgages," said Emily Hollands, group head of distribution at Precise. "The changes help brokers to support first-time buyers, home movers and those remortgaging at the earliest stage of their mortgage journey. These additional enhancements form part of Precise's continued commitment to improving affordability and helping more buyers access the homes they need."

Kylie-Ann Martin, director and financial advisor at KAG Financial, said customers are feeling the pressure of rising living costs. "Customers continue to face increasing living costs with initial budgets stretching only so far. These changes across Precise's residential range offer welcome support, especially for those trying to secure their first home. Reducing upfront costs not only makes homeownership more accessible but also helps minimise the financial shock many first-time buyers feel when navigating mortgage fees."