Vida introduces AVMs to mortgage application process 

Vida Homeloans has announced the integration of an automated valuation model (AVM) into its mortgage application process.

In collaboration with Rightmove, Vida has invested in valuation technology to improve the efficiency of its residential and buy-to-let application processes and deliver faster decisions for brokers and their clients. 

The AVM uses property data, market trends and algorithms to instantly estimate a property’s value and will be used for valuations up to a maximum of £500,000 and/or 75% LTV for purchase and remortgage applications. Where a property cannot be valued through an AVM, a physical valuation will still be instructed.

The lender's parent company, Vida Bank, obtained its banking licence in November 2024. 

Vida’s chief operating officer, Tommy Wight (pictured), commented: “We’re always looking for smarter ways to improve our service. Introducing AVMs helps us speed up decisions and provide greater certainty for our brokers and their clients. 

"By leveraging technology and partnering with industry leaders like Rightmove, we’re able to keep improving efficiency and stay responsive to what the market needs, whilst continuing to use human-underwriting to assess each case individually. This is another major step forward for Vida Homeloans, with Property Decisioning forming a core part of our investment in a multi-year Mortgage Transformation Programme. ”