West One Loans’ buy-to-let (BTL) arms have introduced automated valuation Models (AVMs), a move that aims to speed up completion times for brokers and their clients.
The lender has also introduced a 0.45% rate reduction for its buy-to-let products, with rates now starting at 2.29%.
The AVM aims to streamline the application process by using data from recent sales, property features, and market trends to generate property values through advanced algorithms.
Available on West One’s Standard Limited Edition W1 product, the AVMs are applicable to loans of up to 65% loan-to-value (LTV), with a maximum loan size of £500,000.
The new offering excludes houses in multiple occupation (HMOs), multi-unit blocks (MUBs), flats, and new-builds.
Andrew Ferguson, head of buy-to-let at West One, said: “At West One, we know that in a fast-moving market, efficiency is essential.
“That’s why we’ve introduced AVMs to our buy-to-let offering.
“By utilising the speed of automation, we’re eliminating the delays that can slow down some traditional standard valuations, empowering brokers to make decisions faster and give their clients improved access to timely offers.
“Combined with our recent rate cut of up to 0.45%, this advancement underscores our commitment to market leadership in efficiency and value.
“By accelerating the assessment process, we’re giving brokers the confidence to close deals faster and with the rate reduction, at a better price.”
