The lender said this would allow valuations to be done earlier in the application process, as soon as the approved in principle (AIP) stage.
AVMs will be available on applications up to 60% loan to value (LTV) against completed residential properties in established residential areas. RAW Capital Partners will offer this on loans up to £300,000 in London and £200,000 elsewhere in the UK.
The change will be available to UK and non-UK resident borrowers.
Tim Parkes, CEO of RAW Capital Partners, said: “Speed and certainty are increasingly important for brokers and borrowers, particularly at the early stages of an application. Introducing automated valuations on more vanilla cases allows us to provide clarity more quickly, without compromising the flexibility that defines our proposition.
“Following the launch of our UK product, this enhancement means an even wider range of borrowers will access the speed our team specialises in providing. We’re always looking for ways to improve our offering, and I’m confident this enhancement will create a smoother process for borrowers and brokers alike.”
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LendInvest revises residential criteria and rates
LendInvest Mortgages has updated its residential lending criteria and reduced selected rates.
The lender will no longer consider missed payments and/or defaults on communication and utilities as adverse credit.
It will also accept 100% of base pay for zero-hours contracts with a 12-month history.
Additionally, LendInvest will allow the sale of mortgaged property with a minimum of £250,000 equity as a repayment vehicle for interest-only loans.
Elsewhere, the lender has reduced residential mortgage rates, with cuts of up to 0.35% across its two- and five-year fixed rate Premier and Advantage tiered products, while reductions of up to 0.25% have been made to Progress and Support deals.
Paula Mercer, sales director at LendInvest, said: “At LendInvest, we know that there is no ‘one-size-fits-all’ approach to purchasing or remortgaging a home, and we take great pride in offering mortgage solutions to those with complex income streams and with less-than-perfect credit histories.
“That’s why we’ve decided to take a look at our criteria and made the decision not to consider missed payments on utilities ‘adverse’ and open up our approvals to allow for more unique and complex income streams, like taking 100% of basic pay from zero-hour contracts with a 12-month history.”
She added: “Our research revealed that there are many barriers to even applying for a residential mortgage, and we believe that removing these barriers will give more people the opportunity to purchase their own home.
“We’re looking forward to working with mortgage intermediaries across England, Scotland and Wales to provide reliable, informed and clear information and products that can support their clients and their residential mortgage needs.”
