Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Castle Trust Bank Launches AVMs for Buy-to-Let Applications
Castle Trust Bank has introduced automated valuation models (AVMs) for eligible buy-to-let (BTL) mortgage applications. The new process applies to standard residential properties, including houses and single flats, with a property value of up to £750,000 and a maximum loan to value of 65%.
According to the bank, the use of AVMs is intended to reduce delays and streamline the customer journey for landlords and property investors. The process aims to support faster decision-making by reducing reliance on physical valuations where appropriate.
For letting agents and inventory clerks, this change may impact the speed at which BTL transactions progress, particularly for standard residential properties that meet the eligibility criteria. The bank states that the introduction of AVMs is part of its ongoing commitment to removing friction from the lending process.
Source: Mortgage Strategy