Pepper Money rolls out AVMs on remortgages
22 October 2021
Pepper Money has rolled out the use of automated valuations (AVMs) on some residential remortgages, following a successful pilot, during which an offer was able to be issued within 24 hours of receiving the application.
The specialist lender no longer requires an internal valuation inspection on all remortgage applications and will utilise an AVM where appropriate. There are no fees for an AVM, saving the cost of a physical inspection, and there's the benefit to customers of not needing to be present for the valuation.
The rollout of AVMs on residential remortgage applications, where the LTV and loan size allow, will further enhance Pepper Money’s service proposition, streamlining the remortgage process and reducing timelines for many customers. 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 are continually committed to enhancing the service we provide to our brokers as we know this means they can deliver a better experience to their customers. So, we are really proud to streamline our remortgaging process and make AVMs 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 AVMs, 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.”
Becky Welsby, Mortgage Adviser at Fluent Mortgages, says:
“The introduction of AVMs 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. This, coupled with the MyFluent app, where customers can view documents, submit information, and view real time updates on their application, all contribute to a much smoother overall experience for our customers. It’s great to see how both Pepper and Fluent are using technology to improve the mortgage process and customer experience.”
