West One Loans has unveiled automated valuation models (AVMs) for BTL clients, cutting rates on these products at the same time.
With immediate effect, West One is cutting rates by up to 45bps across its BTL range which now start from 2.29%.
The new AVM has been designed to streamline the application process by using data from recent sales, property features and market trends to generate property values.
As a result, in principle offers can be facilitated within 24 hours of a reached decision.
AVMs are now available on West One’s standard limited edition W1 product, applicable to loans up to 65% and £500,000 in size.
This excludes HMOs, MUFBs, flats and new builds.
“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,” said Andrew Ferguson, head of BTL at West One.
“Combined with our recent rate cut of up to 45bps, 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.”
