It is the first high street bank to assess environmental data, in order to support its overall decision-making process.
Santander has opted Landmark’s Automated Valuation Models (AVMs) alongside physical valuations for property purchases and remortgages, the environmental data helps support the AVM decision by highlighting risks such as flooding and subsidence.
Should either the AVM or the environmental data highlight a risk or not be sufficient to support a decision, rather than cases being declined they will be forwarded to a specialist valuation surveyor to undertake a physical inspection.
David House, head of property risk at Santander UK, said: “We have partnered with Landmark Quest to integrate environmental data into our AVM.
“By incorporating this, Santander is taking a robust approach to property risk by looking at factors other than just the valuation.
“If any environmental risk is highlighted, we will revert to our usual physical inspection process. This ensures that none of our customers will be disadvantaged as a result.”
Peter Stimson, managing director – Landmark Quest, Landmark Information Group, added: “Landmark’s database is one of the largest of its kind in Europe holding approximately one billion active features.
“By working in partnership with Santander, we are proud to integrate environmental data into its valuation process so any potential risks can be analysed as part of the lender’s already thorough analysis.”
