Gatehouse Bank partners with Finvise to provide faster home finance valuations for UK customers
Gatehouse Bank has today announced a new partnership with Finvise, an AI-powered surveyor expertise platform which provides efficient property valuations without compromising on customer service and experience.
Today’s news follows a successful three-month pilot programme with Finvise, which is the UK’s first AI-powered valuation company to be regulated by the Royal Institution of Chartered Surveyors (RICS). Rather than working as an Automated Valuation Model, Finvise is a hybrid valuation platform, using AI technology, but overseen, reviewed and signed off by a RICS surveyor, producing high quality reports while still achieving faster, more efficient results for customers. During the pilot phase, the Bank observed a marked improvement in the customer journey, with turn around times during the valuation process reduced by up to 600%**.
As an integrated part of Gatehouse Bank’s offering, the platform can be used for property valuations to support Home Purchase Plan* (HPP) and Buy-to-Let (BTL) applications from UK customers looking to buy or refinance a property valued up to £1 million with a finance to value*** (FTV) up to 75% for property purchases and 80% for refinancing. Exclusions apply to certain property types.
Tracey Bailey, 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.”
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.”
A full list of Gatehouse Bank’s Home Purchase Plans is available here, while a list of its Buy-to-Let products is available here.
*A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.
**Wait time reduction figure calculated across the trial as a whole and individual cases may vary.
***Finance to Value (FTV) is the amount of finance expressed as a percentage of the property valuation, which may be referred to as Loan-to-Value (LTV) in conventional finance.