Second Charge Lending
Central Trust broadens use of automated valuations for efficiency
Central Trust has expanded how often automated valuation model (AVM) technology can be used to cover its consumer buy-to-let, let to buy and family let ranges.
AVMs are available within these ranges for second charge loans of up to £100,000 and with a maximum loan to value of 75 per cent.
The lender emphasised that brokers control when AVMs are run, meaning they are aware early in the process whether a traditional valuation will be needed.
The move follows sister lending brand Mercantile Trust moving to accept AVMs on bridging applications last month.
Maeve Ward (pictured), commercial operations director at Central Trust, said that the lender wanted to provide the best service to a wide range of borrowers, and explained that adding AVMs would mean that cases should progress more quickly.
She added: “Central Trust continues to help the underserved, as well as those that need to repair and rebuild, and those who have been victim of circumstance and require a second chance, and can now ensure their cases can proceed as quickly as possible at a time when the rest of the market is seeing cases take longer than before.”
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