Shawbrook Bank’s Commercial Mortgages team has announced a new initiative for their brokers’ clients.
The initiative is in the shape of a HMO hybrid report option for valuations and will be available on all small HMOs up to six bedrooms and valued up to £1m.
David Morris, head of credit at Shawbrook Commercial Mortgages, said: “The new HMO hybrid option will also result in significant cost benefits and time-savings for our brokers’ clients.”
This change comes after Shawbrook received feedback from their panel of broker partners and after liaising with their valuation panel Appraisers UK.
Morris added: “This 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.”
For large HMOs which have seven bedrooms or more and are properties valued over £1m, a commercial valuation will be required as before.