Landbay will offer Connect a semi-exclusive product range, but it has a difference this time.
Landbay will be piloting the first ever AVM tool on their portal, with a range of 7 – 5 year fixed products.
To begin with, there will be criteria restrictions regarding application and property types that are acceptable as we ease this into the wider market.
These are:
- Remortgage applications only
- Max net 70% LTV
- Max property value of £750k (max net loan of £525,000)
- Standard let properties only (No HMO / MUFB)
- No New Build properties (any property constructed or substantially converted in this or previous year)
- No Self-built / developed properties
- Lease must be greater than 85 years
- Blocks up to 6 storeys
On the portal, when selecting an AVM product, you will be able to run 1 AVM search per application. This is run post DIP, during FMA stage.
An internal confidence score on both market value and rental income must be passed in order for us to use the AVM instead on an onsite valuation.
If a pass is achieved, a full application can be submitted on that product, otherwise a standard product must be selected.
Please note, our usual criteria will still apply (ie properties above commercial units that are outside criteria) so I would recommend the team are contacting me directly about properties in the short term to minimise risk of an application fail at UW stage.
Underwriters may also need to request additional property information.
Landbay will cover the cost of running the AVM and as such will be monitoring its usage by all firms.
Contact the Connect Packaging Team Today