Abbey introduces changes to Automated Valuations

Improvements to Automated Valuations

We launched Automated Valuations (AVMs) on Remortgage¹ Solution cases back at the start of December. It has been a great success, and so far well over 6000 remortgage customers have benefited from AVMs that are received by EDCS just a matter of seconds after the RO have transmitted the case. This has meant that we have had examples of offers being issued the day after the case was transmitted.

From 14 th March this service is being extended even further, with the maximum LTV for AVMs on Remortgage¹ Solution cases increasing from 60% to 75%. This is great news, and means that even more remortgage customers will benefit from a super-speedy service!

¹ Remortgage Solution includes a free valuation up to a property value of £2.5m and standard legal fees paid. If your client takes Remortgage Solution and redeems their mortgage on or before 02.04.09, the benefit must be repaid (maximum £200 for legal work).

For full details of all the other changes in our range please read your Intermediary Rate Bulletin (Issue 5) & the your Buy to Let Intermediary Rate Bulletin (Issue 3).