Future Mortgages will accept Automated Valuation Models through Hometrack for all mortgage and secured loan applications with a loan to value of up to 75 per cent.
Brokers now placing business with Future Mortgages will have access to up to date valuation information, eliminating the delays often associated with obtaining a valuation report.
The new service has been introduced after a comprehensive consultation period with brokers and reflects their requests for a more direct and streamlined approach to valuation services. The acceptance of AVMs is another step in Future Mortgages plans to speed up the application process and enable brokers to offer an improved service to their clients.
Head of secured lending Ian Warrilow says: “The use of AVM’s will help us continue to grow our secured loan business following the successful launch of our new secured loan range. Our criteria allows over one third of our current business to use an AVM. We have deliberately kept the criteria simple, so our brokers know exactly where they stand. Allowing loans of up to £150,000 with a LTV of up to 75% on AVM presents brokers with significant time and cost savings.”