Landmark Valuation Services has launched a Climate Change Portfolio Assessment service enabling mortgage lenders to understand the future impact changing climates may have on existing property back books and new applications.
The new service uses Landmark’s Risk Modelling tool combined with their data.
By assessing the modelled data, mortgage lenders will be able to understand whether future flooding, subsidence or coastal erosion may impact specific properties as well as their insurability.
In addition, assessment relating to properties’ energy performance determines whether changes to energy efficiency policies may impair future property value or rental income.
Mike Holden, managing director at Landmark Valuation Services, said: “We’ve combined the strength of our Valuation Risk Model decisioning platform with our group’s wealth of property, land and environmental data to provide lenders with a new climate change risk assessment service.”
Richard Barnes, managing director at Landmark Insurance and Modelling Services, added: “With the UK climate projections suggesting that we will experience more extreme weather conditions, we can determine what impact perils, such as subsidence or flooding, may have on lenders’ mortgage back book portfolios and future applications.
“In doing so, lenders can proactively manage any associated risks.”