Vida Homeloans has taken another step forward in its Mortgage Transformation Roadmap with the introduction of Automated Valuation Model (AVM) technology into its mortgage application process.

The specialist lender, which has been pursuing a digitisation strategy since parent company Vida Bank secured a banking licence in November 2024, announced the move as part of a broader drive to enhance speed and certainty for brokers and borrowers.

Developed in partnership with Rightmove, the AVM uses a combination of property data, market analytics and algorithmic modelling to generate real-time estimates of property value. Vida said the tool will be deployed for both residential and buy-to-let applications, up to a maximum of £500,000 or 75% loan-to-value.

Physical valuations will continue to be used where a digital estimate is not possible, but the lender expects the new system to significantly accelerate the process for a wide range of cases.

STEP FORWARD

Tommy Wight, chief operating officer at Vida Homeloans, described the launch as a major milestone for the lender.

“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,” he said.

“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.”

The lender said that brokers will continue to have access to expert support through its V-Hub, which connects intermediaries directly to underwriters and case specialists.