Pepper Money introduces AVMs
13 September 2021
Pepper Money has introduced the use of automated valuations (AVMs) on some residential remortgages.
The specialist lender will no longer require a valuation inspection on all remortgage applications instead of utilising an AVM where appropriate. The launch of AVMs will be piloted ahead to full market release to hone and ensure their high standard of service levels are maintained.
The introduction of AVMs on some remortgage applications will further enhance Pepper Money’s service proposition, streamlining 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, Sales Director at Pepper Money, says: “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.”
