Vida Homeloans has added an automated valuation model (AVM) to its mortgage application process, working with Rightmove to put the new technology in place.
The AVM is set up to give property valuations using data and algorithms, for buy-to-let (BTL) and residential cases up to £500,000 or 75% loan-to-value (LTV).
Applications above this will still go through a physical valuation.
Tommy Wight, chief operating officer at Vida Homeloans, said: “We’re always looking for smarter ways to improve our service. Introducing AVMs helps us speed up decisions and provide greater certainty for our brokers and their clients.
“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.
“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.”
