Vida Homeloans has announced the integration of an automated valuation model (AVM) into its mortgage application process.

The move comes after the firm’s parent company, Vida Bank, obtained its banking licence in November 2024.

In collaboration with Rightmove, Vida has invested in valuation technology to improve the efficiency of its buy-to-let and residential application processes and deliver quicker decisions for brokers and their clients.

The AVM uses property data, market trends and algorithms to estimate a property’s value and will be used for valuations up to a maximum of £500,000 or 75% LTV for purchase and remortgage applications.

Where a property cannot be valued through an AVM, a physical valuation will still be instructed.

Chief operating officer at Vida, Tommy Wright, said: "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.

"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."

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