Castle Trust Bank has introduced automated valuation models on eligible buy-to-let cases to speed up applications and reduce the need for physical property valuations.
Castle Trust Bank has enhanced its buy-to-let proposition with the introduction of automated valuation models (AVMs) on eligible applications, as it looks to streamline the lending process for brokers, landlords and property investors.
The lender said AVMs will be available on standard residential properties, including houses and single flats, with a value of up to £750,000 and a maximum loan-to-value of 65%.
By removing the requirement for a physical valuation on qualifying cases, Castle Trust Bank said the change will help reduce delays, improve efficiency and provide greater certainty during the application process.
The move forms part of the lender’s ongoing investment in technology and service improvements. It follows a series of recent enhancements, including the launch of a new website, upgrades to its PULSE application platform and a continued focus on delivering lending decisions more quickly.
Anna Lewis, commercial director at Castle Trust Bank, said: “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.”