YBS Commercial has updated its buy-to-let valuation processes to benefit portfolio landlords, offering simpler and more cost-effective property assessments. This move aims to reduce both the financial burden of valuations and the overall time to completion for loans.
The new approach introduces shortform valuations for market value estimation, replacing the traditional and more intricate red book valuations, for landlords borrowing up to £3m across a maximum of four properties. These properties must be either houses or flats to qualify, with YBS Commercial’s standard lending criteria remaining in effect.
Tom Simpson, managing director of YBS Commercial Mortgages, highlighted the motivation and potential benefits of these changes. “This change, like so many of the improvements we’ve implemented this year, comes directly following broker feedback and will save customers money— in some cases significant amounts—on valuation fees, as well as reducing the time it takes for valuation reports to be completed.
“This, in turn, will reduce the overall time to case completion, improving the customer experience for borrowers,” he said.
Simpson also emphasised the lender’s responsive approach to industry needs: “This move demonstrates the importance we place on acting on broker feedback, and reflects our ongoing commitment to reviewing processes and procedures wherever possible, making improvements which benefit our brokers and their clients.
“Given the current climate, which has seen landlords struggling to manage their costs in a higher rate environment, we hope this will be a welcome step.”
