The system aims to enhance the service to intermediaries and reduce costs at the same time.
This gives an instant valuation of properties with a maximum value of £300,000 and where the LTV will be 70 per cent or less.
Swift has teamed up with Hometrack to provide the service. Intermediaries simply log into the Swift account on the Hometrack website and input their clients’ property details. The report is returned instantly, showing the value and a ‘confidence level’ graded one to seven. Swift will accept a confidence level of four or more on terraced and semi-detached properties and five or more on flats, maisonettes and detached properties.
Swift is also refunding the cost of each valuation on completion of £23 plus VAT, until 30 April. The average savings over a standard valuation or drive-by could be as much as £150 per case.
Bernard Barwick, managing director at Swift, said: “Swift has built its reputation on the service that it offers its intermediaries. The new automated valuation system not only saves time and money but also allows their brokers to have more control and take the application process to a new level of efficiency. We anticipate that they will be able to use ‘Realtime’ for over 60 per cent of cases, based on past business. The savings in terms of money and time will be considerable. Our team is working on more service enhancements for the near future”
David Catt, commercial director at Hometrack, said: “Realtime will give Swift intermediaries a big advantage over those using other lenders where a conventional valuation is required. Swift Group have been quick to spot the advantages it will give to enhance their service and Hometrack are please to be associated with such a forward-looking lender.”
