Castle Trust Bank is the latest to offer automated valuation models (AVMs) on its buy-to-let (BTL) mortgages, a move that it said will speed up applications and deliver greater certainty for brokers and their clients.
Anna Lewis (pictured), commercial director at Castle Trust Bank, said the new AVMs would be available on standard residential properties, including houses and single flats, with a property value of up to £750,000 and a maximum loan to value (LTV) of 65%. She added that by removing the need for a physical valuation on qualifying applications, the new process is designed to reduce delays, streamline the customer journey, and support faster decision-making for landlords and property investors.
Lewis continued: “Brokers need lenders that help them turn opportunities into positive outcomes for their clients, and the introduction of AVMs on eligible buy-to-let cases is another practical enhancement that enables us to do exactly that.
“By reducing reliance on physical valuations where appropriate, we’re able to deliver a quicker, more efficient application journey, helping landlords and property investors access funding faster and with greater certainty.
“It’s part of our ongoing commitment to removing friction from the lending process and providing brokers with the tools, service and solutions they need to support their clients’ goals.”
The enhancement forms part of Castle Trust Bank’s ongoing investment in service and technology, following a series of recent improvements to its lending proposition, including the launch of its new website, upgraded PULSE application platform and continued focus on delivering lending at speed.
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In a recent interview with Mortgage Solutions, Lewis said the bank’s priority “is on sustainable growth, deepening broker relationships and continuing to support professional borrowers through changing market conditions. Rather than rapid expansion, the priority is steady, controlled development that protects service levels and credit quality”.