The Mortgage Lender (TML) has completed a remortgage case through its Automated Valuation Model (AVM) in five days.
The customer, who holds 44 buy-to-let properties in their portfolio, was seeking to remortgage on one of their properties. Rather than having to perform a physical valuation of the property, TML used the new AVM process, using a computer algorithm to estimate the value of a property at a specific time. This meant the application could be progressed in five days and the tenants in the property did not have to be disturbed for the valuation appointment to be completed.
Working with the mortgage broker and with the support of TML’s portfolio key account manager, Sarah McCawley, underwriter Jo Gee, and Robert Dalziel who signed off the portfolio, the lender was able to offer a 75% LTV of £313,500 on the property.
TML believes is one of a “handful” of specialist lenders who offers an AVM service, coming as part of a series of recent improvements to its broker portal.
“it’s positive to see how our investment in technology is supporting the wider team involved in each case”
Sara Palmer, distribution director at The Mortgage Lender, said: “We only recently launched our new AVM service for buy-to-let and residential deals, and so it’s very pleasing to see this further enhance our offering to our broker partners and end clients.
“Our broker partner was very reliant on us to deliver a decision with certainty and speed, and we were proud to achieve both of these for them.
“We always strive to act as swiftly and efficiently as possible on cases that come to us, and being one of just a handful of specialist lenders who offer AVM as part of the application process, it’s positive to see how our investment in technology is supporting the wider team involved in each case.
“Being able to delegate administrative tasks to tech means our team can focus more on any complexities of a case and progress applications at pace, while not dropping our high quality service we aim to provide.”
Isaac Reich, owner, Springview Finance, added: “Complex cases can often take time to progress with the necessary but time-consuming processes involved. However, the TML team was quick to remedy that via their AVM service.
“From the communication with Sarah through to the underwriting, they were able to reliably and successfully offer our client the loan they needed in just a matter of days.”
