Pepper Money has introduced the automated valuation model (AVM) functionality from Hometrack.

The new service has been implemented following a pilot carried out by the lender.

The AVM speeds up offers for customers, promising mortgage offers within 24 hours of submission.

Pepper money sales director Paul Adams says: “At Pepper Money, we are continually committed to enhancing the service we provide to our brokers, so that they can deliver a better experience to their customers. Expanding our use of AVMs enables us to streamline the application process of residential remortgages where the LTV and loan size allows, making it even easier for customers to access our award-winning specialist mortgages.”

Hometrack VP commercial George Robbins says: “Delivering a faster time to yes for customer mortgage applications is the number one priority for most lenders, and the AVM drives towards just that. Furthermore, in removing the labour of a physical valuation, the AVM also saves lenders money as well as time. We are delighted that Pepper Money has signed up to Hometrack’s AVM services after a successful trial period, and we look forward to supporting them as they expand their journey into automation.”