West One Loans has launched Automated Valuation Models (AVMs) for its buy-to-let products.

The introduction of AVMs comes alongside a 45 basis point (bps) rate reduction on its buy-to-let range, with rates now starting at 2.29%.

FASTER VALUATIONS AND LOWER COSTS

The new AVM system will use recent sales data, property characteristics, and market trends to generate valuations through advanced algorithms. This technology is designed to streamline the application process by reducing reliance on traditional valuation methods, allowing offers in principle to be made within 24 hours of a decision.

AVMs are available on West One’s Standard Limited Edition W1 product for loans up to 65% loan-to-value (LTV), with a maximum loan size of £500,000. The offering excludes HMOs, multi-unit blocks (MUBs), flats, and new builds.

In addition, clients can benefit from zero valuation fees.

BOOSTING EFFICIENCY AND COMPETITIVENESS

Andrew Ferguson, head of buy-to-let at West One, said the changes reflect the company’s focus on efficiency and competitiveness.

“At West One, we know that in a fast-moving market, efficiency is essential. That’s why we’ve introduced AVMs to our buy-to-let offering,” he said.

“By utilising the speed of automation, we’re eliminating the delays that can slow down some traditional standard valuations, empowering brokers to make decisions faster and give their clients improved access to timely offers. Combined with our recent rate cut of up to 45bps, this advancement underscores our commitment to market leadership in efficiency and value.”