Shawbrook Bank’s Commercial Mortgages team has announced a new initiative for their brokers’ clients, in the shape of a HMO Hybrid report option for valuations.
The product, which will be available on all small HMOs up to 6 bedrooms and valued up to £1m, 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; and the agreed SLA for a valuation will be set at 7 days, a full 3 days quicker than the Bank’s previous HMO valuation flight time.
Shawbrook instigated this change on the back of feedback from their panel of Broker Partners and after liaising closely with their valuation panel, Appraisers UK.
The HMO market is an area of especial interest and significance to Shawbrook, as demonstrated by the release of their HMO Report research paper last year and their drive to clarify the valuation methodology around HMOs as an asset class.
The new HMO Hybrid valuation option also contains additional commentary that is specific to HMOs. For large HMOs (7 beds or more) and properties valued over £1m, a commercial valuation will be required as before.
Head of Credit at Shawbrook Commercial Mortgages David Morris adds:
“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.”