Pepper Money has rolled out its use of automated valuations on selected residential remortgages, following a pilot that led to offers being issued within 24 hours of an application being submitted.

The specialist lender says it no longer requires an internal valuation inspection on all remortgage applications and will use automated valuations where appropriate.

It adds that there are no fees for an automated valuation, which saves on the cost of a physical inspection, adding that this move means that customers no longer need to be present at a valuation.

The firm first piloted this feature last month.

The business adds: “In circumstances where an application does not qualify for an automated valuation, brokers will still have the choice to instruct a full valuation.”

Pepper Money sales director Paul Adams says: “We are really proud to streamline our remortgaging process and make automated valuations available for free to residential remortgage customers, where the LTV and loan size allows.

“Brokers have a fantastic remortgage opportunity at the moment, and we are doing everything we can to help them make the most of that opportunity.

“As well as the roll out of automated valuations, we have also introduced a cashback incentive that customers can use towards legal fees, providing greater choice from across our solicitor panel for remortgages.

“We’ve launched more product options and lower rates to enable more brokers to help even more residential remortgage customers.”

Fluent Mortgages mortgage adviser Becky Welsby adds: “The introduction of automated valuations by Pepper Money has proved to be of great benefit in both speed and cost to the customer.

“At Fluent Mortgages, we are highly focused on customer experience, and to be able to have a mortgage offer produced within 24 hours due to the speedy valuation process delivers a fantastic customer experience.”