K-net has enabled Kensington to instruct an AVM on a property and automatically check the identity of the applicants, eliminating the time required to carry out a physical valuation and chase hard copy documentation. This will create a fast track service for applications and reduce processing time.
AVMs and e-IDs are offered free of charge to brokers, and AVMs free of charge to packagers. They are available on re-mortgage 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.
Ian Giles, director of marketing at Kensington Mortgages, said: “At Kensington we are thoroughly committed to harnessing technology to improve service for our packagers, brokers and ultimately our borrowers, and this has been an exciting month for all of our customers as we have made great strides forward with K-net. Earlier in September we launched K-link to integrate with our packager partners and now we have launched AVMs and e-IDs, all intermediaries will benefit from improved speed and efficiency.”
He added: “The use of AVMs and e-IDs will create a fast track service on mortgage applications, cutting the time between application, offer and completion and helping to streamline the service we provide. With 11 years worth of experience in the market we know how to create a service proposition that fits the needs of our customers and that means developing our offline service standards alongside our online technology.”
Justin Wiggins, IFA at Heliting Financial Services, commented: “This is excellent from the point of view of technology taking over our market place. Anything that reduces the time scale of a mortgage application is a move in the right direction.”
