We’re pleased to announce that our Standard Limited Edition product range now accepts Automated Valuation Model (AVM) desktop valuations.
The criteria for AVM are:
- Remortgages only. Current mortgage must be a conventional 1st charge mortgage (No bridging or development finance).
- Applicant must have owned the property for a minimum of 6 months.
- Standard houses and bungalows only. AVMs are not available on flats, new builds, HMOs or MUBs.
- Maximum property value £1million.
- Loans up to £500k
- Maximum net LTV 65% for confidence level of 6+; maximum net LTV 60% for confidence level of 5.
- Only available on 2 or 5 year fixed rates with fees up to 7%. AVM’s are not available on Scottish properties.
Once a case has been submitted to our underwriters, if the case meets the above criteria, we will proceed without the requirement of a full valuation.
For more information, view our updated product guide here.