Mortgage News
Accord Mortgages widens use of AVMs
Accord Mortgages has increased the maximum loan to value (LTV) for automated valuation models for both purchase and remortgage applications to allow cases to progress to an offer faster.
It will now allow automated valuation models (AVMs) for remortgage up to 80 per cent LTV, which is an increase from 75 per cent LTV.
For purchase applications AVMs are now accepted up to 75 per cent LTV, up from 65 per cent LTV.
Applications from Northern Ireland now have the options to use AVMs and the changes above apply to its mortgage and sales origination platform.
Nicola Alvarez (pictured), senior manager for new propositions at Accord, said: “We want to make it easy for brokers to do business with us and deliver a great experience for their clients, and these changes will accelerate the process from application to offer for more cases.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
“It also means our underwriters will need less time to review physical valuations, freeing them up to spend more time on complex cases which require a common sense approach. It’s a positive step forward for all.”