Pepper Money has introduced the use of automated valuations (AVMs) on selected residential remortgages through a pilot scheme.
Pepper will no longer require a valuation inspection on all remortgage applications instead of utilising an AVM where appropriate.
The introduction of AVMs is designed to streamline the remortgage process for a number of 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, brokers will still have the choice to instruct a full valuation.
Paul Adams (pictured), sales director at Pepper Money, said: “At Pepper Money, we never rest on our laurels. Instead, we remain committed to continually developing, and enhancing our proposition for brokers and their customers.
“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. So, 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.”
