Scarborough launches automated desktop valuations

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Scarborough launches automated desktop valuations

Wed 16th Aug 2006

Scarborough Building Society has announced that it will be launching automated desktop valuations.

It is hoped that this latest move will enhance Scarborough's end-to-end mortgage processing service.

The Automated Valuation Models (AVMs) will be used for standard residential mortgages and loans of 60 per cent loan-to-value (LTV) or below.

Drive-by valuations will also be used for remortgages of between 60 per cent and 70 per cent LTV and full valuations will still apply to loans of 70 per cent or above.

It is thought that the new approach to valuations will make the process of remortgaging quicker and more efficient for customers.

"I am delighted that we are now adding automated and drive-by valuations to our impressive suite of service developments, which will further enhance our offering to our customers and clients," commercial director at Scarborough, Martin Frazer, said.

"We believe that appropriate use of automated valuations provides a real window of opportunity in the contemporary mortgage market."

Scarborough Building Society was established in 1846 and is Britain's 18th largest society with group assets under management of £3 billion.

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