Landbay launches new range with AVMs for faster BTL offers

Landbay launches new range with AVMs for faster BTL offers

9:27 AM, 22nd January 2024, About 3 months ago

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Landbay has introduced a new range of products that use automated valuation models (AVMs) to cut down the time to offer – and help landlords save money.

The specialist buy to let lender is the first to use the platform for its new range of five-year fixed-rate products, with a maximum property value of £750,000 and a 70% loan-to-value (LTV) ratio.

The stress-tested rates start from 4.29% and Landbay’s range also features a variable fee structure to improve affordability.

‘Timing can make or break a deal’

The firm’s sales and distribution director, Rob Stanton, said: “There’s no question that in the current market, timing can make or break a deal.

“Brokers act with real urgency to support their landlord clients and there’s no reason why lenders shouldn’t be doing the same.”

He added: “We’re very proud to be the first dedicated buy to let lender to integrate AVMs to enhance our offering and the speed of our service.”

AVM is a tool that uses mathematical or statistical models

An AVM is a tool that uses mathematical or statistical models and databases of existing properties and transactions to estimate property and rental values.

Landbay claims that AVMs can speed up the time to offer by an average of three times compared to a standard application.

In some cases, the lender can issue an offer within 24 hours from the decision in principle.

Landbay also says that using an AVM can help applicants save money on valuation fees.

On average, applicants can save £500 by not paying valuation fees.

In one example from its pilot, one client saved nearly £4,000 in valuation fees on their portfolio.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

Contact Brooklands Commercial Finance

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