The service will allow TSB to ascertain whether threats such as flooding, subsidence or nearby energy infrastructure such as pylons could have an impact on the valuation of properties.

The VRM, which uses intelligent location-based data to speed up the application process, enables TSB to make an informed decision on the appropriate valuation method – either a physical valuation, desktop or automated.

Steve Simms, senior manager – property risk at TSB said, “The Landmark Valuation Risk Model supports our goal of delivering an efficient service to our customers.

“By intelligently assessing location, environmental and climate change related risks early in the mortgage journey, we can quickly determine the most suitable valuation method.

“This enables low risk properties to benefit from speedier valuation methods and ensures qualified valuer resource is focused towards high risk properties that require a physical inspection. From a customer perspective, the VRM is another positive step toward TSB improving its mortgage journey.”

Climate change

TSB is also using Landmark’s Climate Change Portfolio Assessment service to fully understand the future impact that changing climate may have on the lender’s property back book.

With UK mortgage lenders obliged to identify and quantify climate change risk in portfolios, TSB has analysed its back book using Landmark’s service to understand its future risk profile.

Simms added: “Risk will undoubtedly exist with any lender’s back book and part of being a prudent and responsible lender is to ensure you are fully aware of those risks.  By working with Landmark Valuation Services, it means we are being proactive and can refine our property risk approach based on climate risk change data.

“The integration, service and overall level of engagement provided by Landmark in delivering this project has been fantastic.”

Mike Holden, managing director of Landmark Valuation Services, said: “We are delighted to have worked in partnership with TSB on this project.

“It’s great that TSB are able to use VRM to proactively manage the risk profiles of all applications with greater insights, enabling a quicker valuation process whilst giving them an enhanced insight into risk. We’re looking forward to continuing to work closely with Steve and the great team at TSB.”

Simms aded: “The work we have done with Landmark is a pioneering project for TSB.  It not only improves our risk control, but also lowers SLAs and reduces cost.”