Shawbrook Bank expands criteria for automatic property valuations

08 February 2021

The specialist lender has increased the maximum property value in its AVM criteria.

Shawbrook has widened the criteria for its digital valuation service, to allow for more automatic property valuations.

The maximum property in its AVM criteria has increased to £2,000,000 in London and the South East and £1,000,000 elsewhere in England, Scotland and Wales – removing the need for physical valuations in a significant number of cases.

Previously, properties up to £600,000 could qualify for an automatic valuation, but Shawbrook has revised this to speed up the application journey for more of their customers.

Gavin Seaholme, Head of Sales at Shawbrook’s Property Finance division said: “We’re doing all we can to support brokers and their clients right now. With increasing demand in the market ahead of the stamp duty holiday deadline, it’s important that lenders make the customer journey as efficient as possible.

“Removing the need for physical valuations is an effective way of speeding up the process, so we’re delighted we can do this for even more customers”