Shawbrook Bank has introduced a HMO Hybrid report option for valuations.
Available on all small HMOs up to six bedrooms and valued up to £1m, the bank’s commercial mortgages team believes the option will have three key benefits for the customer:
- A more bespoke valuation assessment for HMO properties, taking into account the unique considerations of this asset class
- “Significant” reductions in costs for brokers’ clients
- The agreed SLA for a valuation will be set at seven days, a full three days quicker than the Bank’s previous HMO valuation flight time
Shawbrook has introduced this change following broker partner feedback and after liaising with its valuation panel, Appraisers UK.
The new HMO Hybrid valuation option also contains additional commentary that is specific to HMOs. For large HMOs (seven beds or more) and properties valued over £1m, a commercial valuation will be required as before.
David Morris, head of credit at Shawbrook Commercial Mortgages, said: “We have been working closely with our valuation panel at Appraisers UK recently in an effort to clarify the valuation of HMO properties and improve the service that customers receive.
“The new HMO Hybrid option will also result in significant cost benefits and time-savings for our brokers’ clients. It forms part of our ongoing commitment to improving our service proposition, and we will continue to work side-by-side with our partners to provide an ever more efficient offering in 2017.”