The AVMs will be supplied by Hometrack and will be available for all mortgage and secured loan applications with a loan to value (LTV) of up to 75 per cent.
The acceptance of AVMs means that brokers will be able to take full advantage of improved processing efficiencies and cost savings when submitting applications. Brokers now placing business with Future Mortgages will have access to up-to-date valuation information, eliminating the delays often associated with obtaining a valuation report.
The service has been introduced after a comprehensive consultation period with brokers and reflects their requests for a more direct and streamlined approach to valuation services. The acceptance of AVMs is another step in Future Mortgages plans to speed up the application process and enable brokers to offer an improved service to their clients.
Ian Warrilow, head of secured lending at Future Mortgages, said: “The use of AVM's will help us continue to grow our secured loan business following the successful launch of our new secured loan range. Our criteria allows over one third of our current business to use an AVM. We have deliberately kept the criteria simple, so our brokers know exactly where they stand. Allowing loans of up to £150,000 with a LTV of up to 75 per cent on AVM presents brokers with significant time and cost savings.”
