Hometrack, an automated valuation models (AVM) provider, has launched the UK's first buy-to-let AVM.
Realtime Buy-to-let targets properties and large portfolios and includes assessed and market rent outputs.
The buy-to-let model uses the price and market information within the existing model and incorporates rental market data from lenders, property portals and surveyors.
Lenders can use their own guidelines to decide when and where the buy-to-let AVM result can work as an alternative to the traditional survey. The system generates rental confidence levels to identify the relative quality and risks to the local rental market.
The model is instant so lenders can make fast valuations for loans, pre-completion audits, mass portfolio appraisals, and whole loan due diligence and ongoing risk evaluation. The system will run within Hometrack’s current technical interface.
David Catt, commercial director at Hometrack says: “The Hometrack model is the first buy-to-let AVM capable of delivering reliable, accurate and commercially viable rental results for an individual property or portfolio of properties. The resultant output on each property is individual to the specific property and its associated characteristics.
“As interest rates squeeze for landlords, buy-to-let lenders have all the information at their fingertips. [The model] provides a level of transparency that didn’t exist before that will help [lenders] be more precise in their assessment of risk.”
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