"Many lenders are, or moving towards, accepting AVMs however the LTV levels for such a policy are different for each product and each lender."
Splitting each lender’s AVM levels across four areas – residential purchase and remortgage, and buy-to-let purchase and remortgage – Paradigm is providing information on the maximum LTV allowable by each lender for AVMs, plus specific notes relating to product availability, maximum loan size and other relevant criteria.
The AVM levels have been added to Paradigm’s ‘Lender Matrix’ which features the latest details from Paradigm’s panel of lenders.
The information is updated at the end of every day, allowing advisers to track all the changes and see how each lender is dealing with both advisers and their clients in relation to Covid-19.
Paradigm has also posted a new video update from its chie executive, Bob Hunt, to the Coronavirus support page which covers a range of topics including changes in the market, CPD, compliance support and operational changes.
The video also discusses the value of protection, the importance of speaking to clients about the cover they have in place and the value-added services that may be included in their policy.
Paradigm's page is open to all intermediaries, not just members of Paradigm, and can be accessed by visiting: www.paradigmmortgages.com/DA/News/COVID-19.
Bob Hunt, chief executive of Paradigm Mortgage Services, 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.”
