Complex Buy To Let
Foundation introduces automated valuations to assess BTL portfolios
Foundation Homeloans is introducing an automated valuation model (AVM) process to help assess its buy-to-let (BTL) portfolios following the Prudential Regulation Authority’s rule changes.
The lender will use Hometrack’s property analytics for the next three years to analyse portfolios of residential properties.
It will measure the value of a portfolio, asset by asset, for trading, asset management or risk management purposes.
Foundation Home Loans director of marketing Jeff Knight, said: “The recent changes within the market are a good thing and provide opportunities for intermediaries and lenders like ourselves. To this end, we are enhancing our market by partnering with Hometrack.
“We are delighted to have selected Hometrack as our preferred partner and look forward to working closely with the team over the coming years.”
Hometrack head of mortgage origination solutions Andrew Vaughan added: “Our BTL AVM will provide Foundation Home Loans with confidence that they have a clear picture of each property’s capital value and rental income.
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“At the same time, we will endeavour to help streamline the company’s valuation process and subsequently improve the experience for its customers.”