Shawbrook’s commercial mortgages division has unveiled a ‘HMO hybrid’ valuation option for HMOs worth under £1m.
The service level agreement will be set at seven days, three quicker than its previous HMO valuation time, while it will be a cheaper option.
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.”