Paradigm Mortgage Services has added a new section of information to its coronavirus support page to capture lenders’ automatic valuation model (AVM) information and LTV restrictions.
The firm’s dedicated support page for the Covid-19 crisis, which launched last week, is open to all intermediaries as well as Paradigm members.
Splitting each lender’s AVM levels across four areas – residential purchase and remortgage, and buy-to-let (BTL) purchase and remortgage – Paradigm announced it is providing information on the maximum LTV allowable by each lender for AVMs, as well as specific notes relating to product availability, maximum loan size and other relevant criteria.
The page also contains a range of resources, with the AVM levels added to Paradigm’s ‘Lender Matrix’ which features the latest details from Paradigm’s panel of lenders in one place.
Paradigm chief executive, Bob Hunt, commented: “With physical valuations off the table, many lenders are, or moving towards, accepting AVMs however the LTV levels for such a policy are different for each product and each lender.
“We’ve therefore created a new ‘Lender Matrix’ to capture this information, in order to help advisers check their own cases against what each lender deems acceptable.
“This is of course a moveable feast with a significant number of changes happening within a short space of time. We therefore urge firms to check into these coronavirus support pages regularly to ensure they have full information prior to attempting to place cases. We will continue to develop valuable resources to support intermediaries during this challenging time for our market.”
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