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Pepper Money introduces AVMs to residential remortgages

  • 13/09/2021
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Pepper Money introduces AVMs to residential remortgages
Pepper Money has announced it will no longer require a valuation inspection on all remortgage applications and instead will utilise automated valuations (AVM) where appropriate.
The launch of AVMs will be piloted ahead of full market release to ensure the lender’s service levels is not disrupted.

This is expected to 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, said: “Whilst we deliver swift turnaround times, 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.”

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