Vida Homeloans has integrated an automated valuation model (AVM) into its mortgage application process.
In collaboration with Rightmove, Vida has invested in the technology to improve the efficiency of both BTL and residential applications.
The AVM uses property data, market trends and algorithms to instantly estimate a property’s value.
This can be used for valuations of up to £500,000 and/or 75% LTV for purchase and remortgage applications.
If a property cannot be valued through the AVM, a physical valuation will be instructed.
“By leveraging technology and partnering with industry leaders like Rightmove, we’re able to keep improving efficiency and stay responsive to what the market needs, whilst continuing to use human-underwriting to assess each case individually,” said Tommy Wright, COO at Vida.
“This is another major step forward for Vida Homeloans, with property decisioning forming a core part of our investment in a multi-year mortgage transformation programme.”
