Specialist mortgage lender Pepper Money has announced changes to its loan application process that will see mortgage advisors permitted to carry out their own valuations.
Pepper Money is stating that it has introduced this change as part of its plans to give advisors a far greater amount of control over the process of securing mortgage loans on behalf of their clients. The move will let them instruct a valuation for a client at any stage during the process of applying for a mortgage, once the application for that client has undergone assessment by the lender.
After Pepper Money carries out this assessment, it instructs a valuation automatically, but now advisors will have the option of instructing it themselves at an earlier point in proceedings if they want to make the process quicker.
Pepper Money Sales Director Paul Adams told Mortgage Introducer that there was little reason for advisors to let clients wait any longer than necessary for valuations when they were sure an application was likely to be approved. He added that:
“This is an important tool for brokers as it means they can give their customers an advantage in a competitive market where time is of the essence.”
Adams concluded by saying that the company was fully focused on making the mortgage process as rapid as possible for both advisors and customers.
Slow service from lenders is a frequent source of frustration for advisors who have a CeMAP qualification, so they likely will welcome this decision by Pepper Money.
