The Halifax has become the first high street lender to offer to refund valuation costs to homebuyers if their property purchase falls through for reasons beyond their control.
The cost of conducting a property valuation depends on the property purchase price and the type of valuation being carried out, and starts at £370.
But the lender said the money will only be refunded if the mortgage applicant goes on to complete on an alternative property with the Halifax.
Mortgage director Stephen Noakes said: “Unfortunately from time to time sales can fall through, which is not only disappointing for the homebuyer, but costly too.
“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.”
The promise applies to all Halifax mortgage customers applying for any product through both the branch and intermediary channels.
Customers who have had their property valuations commissioned through the lender will receive their initial valuation fee refunded.