Vida Homeloans said this was a “key milestone” in its mortgage transformation roadmap since its parent company secured its banking licence in November last year.
The AVM uses property data, market trends and algorithms to estimate a property’s value and will be used for valuations up to a maximum of £500,000 and/or 75% loan to value (LTV) for purchase or remortgage.
The lender noted that where a property cannot be valued through an AVM, a physical valuation will still be instructed.
Vida Homeloans said it was invested in valuation technology to boost the efficiency of the buy-to-let (BTL) and residential applications processes and deliver faster decisions for brokers and their clients. This is in collaboration with Rightmove.
Tommy Wight, Vida Homeloans’ chief operating officer, 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.
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“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.”
