The facility, which is available on both Kensington Mortgages and Kensington Personal Loans applications, will allow packagers to produce their own AVM on a case.
Earlier this year Kensington launched K-link, the first large scale connectivity programme of its kind, allowing packagers to link into Kensington’s eCommerce system, K-net, to provide their brokers with binding decisions and Key Facts Illustrations (KFIs) direct from the lender. While, in October it launched its fast track mortgage offer, using AVMs, on remortgage applications submitted online for loans up to a maximum of £150,000 on properties worth up to £500,000, and with a maximum loan-to-value of 75 per cent.
Primrose Mortgage Processing was the first packager to combine the K-link and AVMs to produce a full mortgage offer less than 12 working hours from the time of application.
Ian Giles, director of Marketing at Kensington Mortgages, said: “At Kensington we are harnessing technology to make it easier for brokers to do business in the way that they choose. Brokers want the certainty of very fast offers, and this is what we have given them. And in the specialist market the majority of brokers want to use the expertise and experience of a packager, so we have rolled out this AVM technology to our packaging partners, enabling them to instruct and produce an AVM for their customers, streamlining the process even further.”
Talking about the use of AVMs on second charge products, Alison Hutchinson, managing director of Kensington Personal Loans, said: “Our service is built on Kensington’s high standards and focuses on speed of decisions and same-day payment to customers. By enabling our packagers to produce AVMs, we are showing our commitment to that service and to our customers.”
