The Newport-based society will use the service to ensure the most relevant third-party RICS-qualified surveyors are instructed based on location, deal type and value.

VAS Panel will operate their quality control processes and provide detailed monthly reports attaining service level agreements, allowing both companies to monitor performance and look for any areas of improvement.

Monmouthshire Building Society head of commercial lending Alex Higgins says: “We will look to use the VAS Panel service where there is an element to the application which is considered complex, or slightly out of the ordinary, which ultimately requires an extra level of valuation knowledge.”

VAS Panel managing director Graham Moore adds: “Our aim, as it is with every client, is to make the valuations process as quick, thorough and seamless as possible so not only does the customer complete their deal in the fastest possible time, but the lender also knows every element has been considered to protect their interests.”