Precise has introduced free standard valuations on residential properties worth up to £400,000 as it looks to reduce upfront costs for first-time buyers, home movers and remortgage borrowers.

The specialist lender said the change will apply automatically across its residential range, while assessment fees have also been cut to a flat £99 regardless of property value.

The move is aimed at borrowers facing affordability pressures, with valuation costs often cited by brokers as an early barrier in the mortgage process. By removing that upfront expense, Precise said it hopes to make applications more accessible for budget-conscious customers and reduce friction at the outset of a case.

The latest changes follow earlier affordability measures introduced this year, including 40-year mortgage terms and the removal of minimum equity requirements on interest-only loans.

Emily Hollands (pictured), group head of distribution at Precise, said: “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.

“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 & financial advisor at KAG Financial, added: “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.”