The AVM eligibility criteria includes:
- up to 50% LTV
- houses up to £1m in Greater London and £500,000 elsewhere
- flats up to £600,000 in Greater London and £250,000 elsewhere
Where the LTV is over 50% – and a more comprehensive valuation is required – desktop valuations will be used.
Yasin Patel, joint managing director at ASFL, said: “Introducing AVM and desktop valuations demonstrates how we’re investing in the right technology to deliver for our clients.
- New bridging lender Albatross Capital launches during Covid-19 crisis
- Some specialist brokers are utilising live chat platforms or extending opening hours
- Aldermore resumes physical valuations for BTL in England
“It also allows us to prioritise the safety of our colleagues, brokers and clients as we start to consider how we’ll operate in a world of social distancing.
“We’ll use [an] AVM with an LTV of up to 50% but, above that, we acknowledge the need for expertise and will start to use desktop valuations so we’re still able to benefit from the expertise of surveyors.”
The use of joint legal representation allows one lawyer to act on behalf of both the lender and borrower, which may help to improve efficiency of transactions.
“Joint representation makes the negotiation, documentation and drawdown process simpler and can save the client both time and money,” added Yasin.
“The world we are operating in is changing drastically and we are future-proofing the business to enable us to deliver today and tomorrow.”
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