Digital platform accelerates property assessment process

Gatehouse Bank has partnered with AI-powered surveyor expertise platform Finvise to provide property valuations, following a successful three-month pilot.

Finvise is the UK’s first AI-powered valuation company to be regulated by the Royal Institution of Chartered Surveyors (RICS). The hybrid valuation platform blends human and technology expertise. Valuations are made using AI technology, but are overseen, reviewed and signed off by a RICS surveyor.

Gatehouse says that during the pilot phase, turnaround times during the valuation process reduced by up to 600%.

Integrated within ank’s offering

It will now be an integrated part of Gatehouse Bank’s offering, and 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, said: “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.”