Together improves AVM criteria for personal finance customers


James Briggs Together

Specialist lender Together has enhanced its Automated Valuation Model (AVM) criteria on its personal finance product range.

The move will allow for more transactions to proceed without the cost and time constraints associated with full valuations.

Despite many lenders tightening their criteria, Together has implemented a number of enhancements designed to give certainty earlier on in the application process.

It has increased its maximum LTV acceptable from 70% to 75% for residential first charge applications, and will now accept lower confidence levels, subject to LTV. In addition, the maximum loan size for AVMs has increased from £250k to £500k.

James Briggs, Head of Intermediary Sales for Personal Finance at Together, said:

“Having listened to our packager partners, we were keen to take steps to reduce the time and cost needed on transactions.

Looking to build on our already fast turnaround times, these new rules will assist purchase, re-mortgage and second charge transactions secured on standard construction properties.”

James added that Together has introduced a new stepped LTV approach to the AVM criteria.

He said: “This allows us to be more flexible with our confidence level criteria, and will in particular support clients looking to secure against lower confidence level properties, where at valuation would be mandatory for many of our competitors.”