The use of AVMs has delivered “tangible benefits” to brokers and customers, as they are free of charge, have faster turnaround times and have more predictable timelines, as cases can progress more quickly from decision in principle to offer.
UTB said in the past year, it had made several adjustments to its AVM criteria to allow more cases to benefit from their use.
Approximately 52% of UTB’s bridging loan application have qualified for an AVM.
AVMs are available for bridging loans up to 75% loan to value (LTV) for loans sized up to £1.25m and single property values of up to £2m.
Gene Clohessy (pictured), director of underwriting for bridging and buy to let (BTL) at UTB, said: “We place significant value on AVMs, and over the past year, we have refined our AVM criteria to the extent that more than half of our bridging loan customers now benefit from the cost efficiencies, speed, and upfront certainty they provide.
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“The increased utilisation of AVMs, combined with wider enhancements to our processing and underwriting, is enabling us to deliver faster decisions, and minimise delays from application through to completion. This continued improvement offers brokers even stronger justification for selecting UTB when they require a swift, competitive, and dependable service.”
