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4 Jul 2020

Go Direct Personal Finance News  2009

Where have all the freebies gone ?

Research from Moneyfacts has revealed the gradual disappearance of free valuations and free legal fees from the remortgage market.

Comparing a two-year fixed rate mortgage in 2008 with today, the percentage of free valuations offered with a remortgage has dropped from 53% to 47% and for free legal fees it has also nosedived from 51% to 44%.

The biggest drop was in the number of free accident, sickness and unemployment (ASU) insurance policies offered on today’s products.

In 2008, 19% of mortgages offered ASU insurance; today it is almost a thing of the past as it is only available on 0.06% of mortgages.

2 Year Fixed Rate Mortgages


Mortgages available

Free Valuations

Free Legal Costs


June 2008





June 2012





Source: Moneyfacts.co.uk

Correct 27.6.12


Sylvia Waycot, spokesperson for Moneyfacts.co.uk, said:

“It’s funny how things disappear without us noticing that they were even fading from sight. However, that is what seems to be happening to free valuations and free legal fees for remortgages.

“It can be argued that the removal of these additional benefits is more than compensated for in the lower true cost of the mortgage.

“However, most remortgagers are looking to raise funds with the minimum outlay, so the decline in free valuations and legal fees will be a bitter blow.   

“Less than half of two-year fixed rate mortgages now offer these benefits, so shopping around is vitally important.

“The demise of ASU insurance at a time when money is tight and people are worried about job security adds another layer of misery. This insurance provided protection for at least three months at no additional cost but it is now out of reach for many.

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.



Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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