Prestige expands its use of AVMs over surveyor concerns

Secured lender Prestige Finance has expanded its use of automated valuation models on the back of concerns over the increasing pressure on surveyors.

AVMs are now accepted up to 65 per cent LTV on all standard plans up to a maximum loan size of £50,000.

In addition it has made a number of other changes to its criteria including reducing its credit score to allow historic arrears, County Court Judgements and defaults on loans up to 75 per cent LTV.

It has also increased its LTV to 80 per cent, loans from £75,000 to £200,000 are now available up to 75 per cent LTV.

Prestige director Simon Stern says the new critieria has been designed to assist both brokers and their clients.

He says: ”We have moved quickly to increase our use of AVM’s to speed up the lending process in the wake of concerns over the pressure on surveyors.

”This is yet another sign that we are constantly looking to evolve as a business. The quality of the cases we are seeing, along with the appetite and support of our parent and introducers, make this next step in our journey that much more significant.”