Gatehouse Bank has partnered with Finvise to provide faster property valuations for UK home finance customers.
The bank said the partnership follows a three-month pilot of Finvise’s AI-powered surveyor platform, which is regulated by the Royal Institution of Chartered Surveyors.
Finvise operates as a hybrid valuation platform rather than an automated valuation model. Its technology is supported by RICS surveyor oversight, with reports reviewed and signed off by a surveyor.
Gatehouse said the pilot led to a marked improvement in the customer journey, with valuation turnaround times reduced by up to 600% across the trial.
VALUATION PROCESS
The platform will now be integrated into Gatehouse Bank’s valuation process for Home Purchase Plan and buy-to-let applications from UK customers buying or refinancing property valued up to £1 million.
It will be available up to 75% finance to value for purchases and 80% finance to value for refinancing, subject to exclusions for certain property types.
A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. Finance to value is the amount of finance expressed as a percentage of the property valuation, and may be referred to as loan to value in conventional finance.
Tracey Bailey (pictured), chief operating officer at Gatehouse Bank, said: “We know how important it is for customers to receive accurate, efficient and speedy property valuations during the homebuying process, without compromising on high standards of customer service and confidence.
“We are delighted that our pilot programme with Finvise has been so successful in helping us to provide an enhanced service to our home finance customers and that we are now in a position to integrate this into our valuation process more widely.”
AI AND HUMAN EXPERTISE
Hayley Lemm, co-founder of Finvise, added: “At Finvise we recognise the benefits of integrating AI with human expertise and are very pleased to be working with Gatehouse Bank to ensure their home finance valuation systems are set up for success and for the future of innovation in financial decision-making.
“We can’t wait to grow the partnership and support the team in their mission to provide Shariah-compliant home finance products that suit the needs of customers across the UK.”
