Vida Homeloans, the specialist lender, has announced the integration of an Automated Valuation Model (AVM) into its mortgage application process, demonstrating another key milestone in Vida’s Mortgage Transformation Roadmap since it’s parent company, Vida Bank, obtained a banking licence in November 2024.
In collaboration with Rightmove, Vida has invested in advanced valuation technology to improve the efficiency of the Buy-to-Let and Residential 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 £500k 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.
Vida’s Chief Operating Officer, Tommy Wight 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. ”
Brokers can contact the V-Hub to discuss any case or criteria, where they'll have direct access to specialist experts and underwriters.
