Clydesdale Bank has updated its valuation fees for properties up to £3m.

For all new purchase and remortgage applications on both residential and buy-to-let (BTL), the lender will cover the valuation cost.

If the property is over £3m, the borrower pays the difference in fee between £3m and the value of their property, instead of the full price.

Elsewhere, Hodge has reduced select two-year fixed rates across its entire mortgage range on new business and retention products.

The lender has lowered RIO rates by up to 0.25%, with similar cuts across its Resi Retire product, while other rates have gone down by an average of 0.15%.

Hodge business development director Emma Graham says: “These rate reductions will help brokers provide better value to their customers looking for a specialist mortgage solution.”

“Lending from the age of 21, both up to and into retirement, our manual underwriters adopt a flexible approach to underwriting, reviewing each case individually adding a human touch and putting the customer at the heart of the decision-making process.”