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Landbay integrates AVMs to accelerate BTL offer times

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  • 22/01/2024
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Landbay integrates AVMs to accelerate BTL offer times
Specialist buy-to-let lender Landbay has incorporated automated valuation models (AVM) to speed up offer times significantly.

AVMs are available on the Landbay standalone range of five-year fixed rates with a maximum property value of £750,000 at 70 per cent loan to value (LTV).

Rates begin from 4.39 per cent and are stressed at the pay rate.

An AVM combines mathematical or statistical modelling with databases of existing property data and property transactions to calculate property and rental values.

The lender said that through its “extensive pilot” it found that using AVMs was on average three times faster than standard application.

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

The firm added that using an AVM could help applicants save on average £500, as they do not have to pay valuation fees.

Rob Stanton (pictured), sales and distribution director at Landbay, 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.

“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.”

Joel Vinnicombe, head of product at Landbay, added: “Our extensive pilot ahead of the whole of market launch generated tremendous results, giving us the confidence that our AVM provides significant benefits such as speed to offer and lower costs to borrowers.

“We’re looking forward to working with our broker partners to support their landlord clients nationwide.”

 

Max LTV Rate Product fee Min loan Max loan Stress rate
70 per cent 5.29 per cent £1,299 £30k £64,999 5.29 per cent
70 per cent 5.29 per cent 2 per cent £65k £525k 5.29 per cent
70 per cent 5.09 per cent 3 per cent £65k £525k 5.09 per cent
70 per cent 4.89 per cent 4 per cent £65k £525k 4.89 per cent
70 per cent 4.69 per cent 5 per cent £65k £525k 4.69 per cent
70 per cent 4.49 per cent 6 per cent £65k £525k 4.49 per cent
70 per cent 4.29 per cent 7 per cent £65k £525k  4.29 per cent

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