10th February 2023

Hometrack AVM – accurate property valuation for confident product sourcing

Mortgage Brain partnered with Hometrack to give mortgage brokers confidence that when using Sourcing Brain to find products, the valuation of a customer’s property was right first time. Having this certainty of the property value earlier in the mortgage journey gives a better success rate when getting to the application stage.

About Hometrack
Hometrack are the leading provider of automated valuation models (AVMs) in the UK. They provide instant and accurate property valuations which have been used by lenders since 2002. In fact, over 80% of the top lenders in the UK now use Hometrack to perform 50 million valuations each year .

The company was founded in 1999 in the UK and made its name through its Automated Valuation Model (AVM). They also provide data solutions for property investors, landlords, housebuilders and housing associations. Hometrack are a founding member of the European AVM Alliance.

The problem
Ask a customer how much their house is worth, and the chances are, their valuation is inaccurate. That can lead to an application being rejected, with the lender disputing the value of the property. The application needs to be resubmitted and the mortgage journey is delayed. In fact, one in five mortgage applications fail at the lender valuation stage .

The solution
Mortgage Brain spotted the opportunity to partner with Hometrack and include its property valuation functionality within Sourcing Brain as a free integration. This means when sourcing a mortgage for a customer, a broker can get a valuation on the property in an instant and be confident it’s correct with no second guessing.

The result
The result is faster and more efficient mortgage applications and a better experience for customers. The process is more streamlined with quicker and more positive decisions, and for the mortgage broker, there is more pre-valuation confidence irrespective of the lender.

Neil Wyatt, Sales and Marketing Director, Mortgage Brain

We’re excited to partner with Hometrack to deliver this latest enhancement to our Sourcing Brain users at no additional cost. The speed and simplicity of Sourcing Brain coupled with the accuracy of valuations through Hometrack’s Broker AVM gives advisers a better chance of finding the perfect product first time around. As the No. 1 mortgage technology providers, Mortgage Brain are focused on making broker processes quicker and more efficient, to ensure a more streamlined journey for their customers.

George Robbins, VP Commercial, Hometrack

Brokers are a critical touchpoint in the mortgage application process for consumers, and embedding Broker AVM in Sourcing Brain as standard will help to ensure Hometrack’s market-leading expertise is made available to them - increasing accuracy and driving efficiency across the board. “The partnership also supports our strategy to enable mortgages to be delivered in minutes, realising our vision for a digitised mortgage journey for each of the core stakeholders: lenders, brokers, and consumers. “This is just the start of a partnership built on innovation, and we look forward to growing together and delivering additive value in the future.

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