Precise introduces bridging AVM
Precise Mortgages has enhanced its bridging lending process with the introduction of an Automated Valuation Model, shortening valuations timescales to minutes instead of days.
"The introduction of AVM will also streamline processes for all our underwriters, with improvements in completion times across a number of other cases."
If the bridging loans fits Precise's criteria, the customer will have the choice to use the AVM instead of a physical valuation for a £99 fee.
An AVM will be optional provided the case is a standard bridge with a max purchase price/property value of £500,000. It should also be a maximum loan to value of 50% and have an AVM confidence level of A, B, or C.
Alan Cleary, Managing Director of Precise Mortgages, said: “Before we launched AVMs we checked how much of our existing bridging lending would have been eligible and, based on the prior 12 months of applications, we found that over 16% would have passed. Now that we have launched AVMs I anticipate that number to rise to 20-25%.
“This is a genuine win-win situation as customers with cases that qualify will be able to save time and money. The introduction of AVM will also streamline processes for all our underwriters, with improvements in completion times across a number of other cases.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Buy-to-let
Buy-to-let market 'in transition' as landlords turn to refinancing
MPowered Mortgages
MPowered closes to new business amid potential sale
FCA
FCA bans and fines adviser £100,000
Budget
Reeves lays groundwork for tax rises in surprise pre-Budget speech
Bank Of England
Interest rates held at 4% in narrow 5-4 vote
Budget
What taxes could be raised in the Autumn Budget?
