Pepper Money will introduce the use of automated valuations (AVMs) on residential remortgages “where appropriate.”
The lender says this will streaming the remortgage process, resulting in a much faster assessment for offer.
Sales director Paul Adams also points out that doing this also has an environmental benefit, because “every AVM reduces the need for a physical journey and its associated carbon footprint.”
Brokers will instruct a full valuation where necessary.
Adams adds: “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.”
