YBS Commercial introduces simplified valuations

For landlords borrowing up to £3m on a maximum of four properties, the lender will now offer simpler, short-form valuations to estimate the market value instead of more in-depth and complex red book valuations. 

To qualify for the simplified valuation, the properties must be houses or flats, and the lender’s standard criteria apply. 

Tom Simpson (pictured), managing director of YBS Commercial Mortgages, said: “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 added: “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 that 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.” 

Tweaks to the YBS Commercial landlord offering

YBS Commercial Mortgages has made a number of changes to support its landlord borrowers this year.

Last week, the lender launched a tracker mortgage for portfolio landlords to give them more options to manage the uncertain borrowing environment, and it also reduced rates across its products. 

In February, YBS Commercial Mortgages made changes to its affordability for landlords. It reduced the stress rate from 125% interest coverage ratio (ICR) at pay rate plus 0.3% to 125% ICR at pay rate. 

If you are interested in learning more about the BTL sector, then register for The Buy to Let Forum, which takes place between 24 April and 2 May in Bolton, Birmingham, Cardiff and Reading.