Pepper Money has introduced the use of automated valuations (AVMs) on its residential remortgages.
The specialist lender said that the move, which will be piloted ahead of a full market release, would mean it will no longer require a valuation inspection on remortgage applications, instead utilising an AVM where appropriate.
The introduction of AVMs on remortgage applications would streamline Pepper’s remortgage process for a number of its customers, reducing the timeline and providing the opportunity for a fully packaged remortgage application to be assessed for offer within a couple of days.
In circumstances where an application does not qualify for an AVM, the lender confirmed that brokers will still have the choice to instruct a full valuation.
Pepper sales director, Paul Adams, commented: “Whilst we are consistently delivering swift turnaround times with service levels that set the standard in our market, we know that internal valuations can cause delays for some customers, and are not always necessary, particularly on remortgage applications.
“We are streamlining the process and making AVMs available to residential remortgage customers, where the LTV and loan size allows. Not only will this benefit customers, it also has an environmental benefit as every AVM reduces the need for a physical journey and its associated carbon footprint.
“We will continue to monitor and refine our service proposition to ensure we remain ahead of the pack and can confidently demonstrate that service is better with Pepper.”
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