K-net enables 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, with AVMs available free of charge to packagers – enabling them to add value to the service they provide to their broker clients. They are available 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%.
Kensington is also continuing to offer free valuations on all direct cases for Simple and Extra Choices and is working with its packager partners to develop a series of incentives tailored for their broker clients.
The launch of AVMs and e-IDs is another example of Kensington’s commitment to technology as part of its online offering, K-net. And comes less than two weeks after Kensington announced the launch of K-link –an integration programme that allows packagers to link into Kensington’s eCommerce system, providing their brokers with binding decisions and KFIs direct from the lender.
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.
“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.”
