The specialist lender says the move will mean faster decisions for brokers and their clients and is part of a range of updates since its parent company, Vida Bank, gained a banking licence in November. 

It adds that the automated valuation model, installed in collaboration with Rightmove, uses property data, market trends and algorithms to instantly estimate a property’s value and will be used for valuations up to a maximum of £500,000 and, or, 75% loan to value for purchase and remortgage applications.  

The business points out that where a property cannot be valued through an automated valuation model, a physical valuation will still be instructed. 

Vida chief operating officer Tommy Wight says: “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.”