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Skipton BS signs with Rightmove for speedier valuations on some cases
Skipton Building Society has agreed a deal with Rightmove on automated valuations (AVs) through which it aims to speed up mortgage offers for a chunk of customers.
The agreement centres on a new application programme interface (API) that serves to improve the quality and speed of AVs.
Karen Appleton, head of new lending at Skipton, said: “This will apply on a proportion of properties depending on appetite. It will be for example, a standard construction three-bed semi-detached house, at lower loan to values, in a road with a number of recent sales.”
“Customers will benefit from an automated valuation at the point of application and may be able to receive day-one offers, provided the case has been properly packaged,” she added.
Rightmove’s enhanced automated valuation model pulls data from sources including listings, sale prices and surveyor records.
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Skipton is the latest lender to take steps toward greater use of automated valuations, driven partly by Covid-19 lockdowns.
Appleton added that AVs were for lending purposes. “It is for the customer to decide if they need a homebuyer or full survey based on the potential for there to be issues with that property,” she said.