Automated Mortgage Valuations – AVMs

To support customers, TSB is introducing desktop valuations in addition to Automated Mortgage Valuations (AVM’s) whilst it’s not possible for valuers to travel or gain access to properties.

From today more properties will be valued remotely, without an internal or external inspection. This means some customers will get their valuation faster and avoid delays caused by the Covid-19 outbreak.

Applications not eligible for an AVM, where an internal valuation has already been requested, will remain on hold.

A summary:

  • AVM’s continue to support Residential mortgage lending up to 80%. Failed AVMs or properties that exceed max AVM value will be supported by desktop valuations where possible.
  • Desktop valuations apply to the following, subject to property risk criteria:
    • Residential House Purchase lending up to 75% LTV
    • Residential like for like Remortgage lending up to 80% LTV
    • Residential capital raise Remortgage lending up to 60% LTV.
    • BTL like for like Remortgage lending up to 75% LTV.
  • Applications which cannot be valued by AVM or desktop will be upgraded to internal valuations and placed on hold, including:
    • >£2m value property
    • >£500k loan amount
    • All flats
    • New build
    • Non-standard construction
    • Shared ownership/equity schemes
    • Unencumbered
    • Larger than one acre site

Please contact your National Account Manager if you have any questions.