Automated valuation model (AVM) provider Hometrack has launched the UK’s first buy-to-let AVM for both individual properties and large portfolios.

Realtime Buy To Let incorporates both an ‘assessed’ and ‘market’ rent output, enabling lenders to instantly gain a risk assessment of a loan, and potentially better inform their landlords.

David Catt, commercial director at Hometrack, said the additional information provided by the model would offer lenders a distinct advantage over existing practices.

He added: “We created the buy-to-let AVM specifically for clients who were interested in an economically viable solution.

“There is a time and a place where the use of an AVM is prudent and there are obviously times when it is inappropriate. The biggest attraction is that it can provide up to a 90% cost saving on traditional methodology. I think the biggest attraction for lenders and intermediaries is that the customer will know straight away if the deal is viable.”

Sean Horton, director of Let Property Strategies, said he welcomed the launch of Hometrack’s new product, as he was aware AVMs are becoming more and more popular. He added: “I would say it is probably about time buy-to-let deals were included in AVMs. Overall, it is a good development and I can see it speeding up the whole house buying process.”