Lenders use Automated Valuations to avoid the need for a surveyor
There have recently been many changes in lender mortgage criteria to adapt to the impact of the recent coronavirus social distancing measures
Many changes are based around the inability to use physical mortgage valuations and lenders are now making use of AVMs to help them to continue to provide suitable mortgages
An AVM (Automated Valuation Modelling) is when lenders use an assessment of a property type, construction, location and previous valuation to establish current value.
Some lenders are also allowing applications as normal and if an AVM is not possible, they are simply assessing the other aspects of the case then putting things on hold until the surveyor can visit
Lenders have been quick to change criteria on assessing values and income types in line with the impact of coronavirus and they continue to keep us updated on changes so we can keep clients informed and up to date of their options