Right to Buy Mortgage Products

Our mortgages

At Pepper Money, we’re here to support your customers in taking the first steps to home ownership. We understand that not all customers who have the right to buy will be suited to computerised, credit score-based lending. So, if your customer is ready to take the next step from renting their council property, our more sympathetic criteria and individual approach to underwriting could be the answer. We’re here for your customers – to help them succeed and purchase their homes. 

Our product range is structured around your customer’s most recent CCJ or Default. Here’s how your next Right to Buy application could be better with Pepper 

Helping the self-employed

One year’s self-employed trading or most recent year's accounts accepted

No decisions based on credit scores

Suitable for your customers who may miss credit scoring thresholds

Boost Affordability

Multiple income streams and 100% of monthly bonuses, overtime & commission accepted.

Earned income & max term

Earned income is accepted to the age of 75 and we can lend on a maximum mortgage term of 35 years

No debt-to-income ratio

Unsecured credit never affects product tier

No value limits on CCJs & defaults

No value limit on CCJs and defaults; no need for them to be satisfied

We’ve made finding the right product for your customer even easier. You can can either view the product tables below or use our product finder to help narrow down your search.

Right to Buy Mortgage Products Rates & Criteria

Pepper Right to Buy

Product

Term

LTV

Initial Rate

Comp Fee

Reversion Rates (LMR +)

ERC

  • 5 Years
  • 75%
  • 6.19%
  • £0
  • 3.90%
  • 4%,4%,3%,3%,2%
Credit Criteria
CCJs: 0 registered in 48 months
Default: 0 registered in 48 months
CCJ/Default Value: No limit
Secured Missed Payments: 0 in 48 months (No arrears balance in last 6 months)
Bankruptcy/IVA: Discharged > 6 years ago
Reposessions: None in last 6 years
Debt Management Plan: Considered if satisfied over 12 months ago

Product

Term

LTV

Initial Rate

Comp Fee

Reversion Rates (LMR +)

ERC

  • 5 Years
  • 75%
  • 6.49%
  • £0
  • 3.90%
  • 4%,4%,3%,3%,2%
Credit Criteria
CCJs: 0 registered in 36 months
Default: 0 registered in 36 months
CCJ/Default Value: No limit
Secured Missed Payments: 0 in 36 months (No arrears balance in last 6 months)
Bankruptcy/IVA: Discharged > 6 years ago
Reposessions: None in last 6 years
Debt Management Plan: Considered if satisfied over 12 months ago

Product

Term

LTV

Initial Rate

Comp Fee

Reversion Rates (LMR +)

ERC

  • 5 Years
  • 75%
  • 6.69%
  • £0
  • 3.90%
  • 4%,4%,3%,3%,2%
Credit Criteria
CCJs: 0 registered in 24 months
Default: 0 registered in 24 months
CCJ/Default Value: No limit
Secured Missed Payments: 0 in 24 months (No arrears balance in last 6 months)
Bankruptcy/IVA: Discharged > 6 years ago
Reposessions: None in last 6 years
Debt Management Plan: Considered if satisfied over 12 months ago
30

Applicant One

Please complete all fields Total income must be a minimum of £18,000

Applicant Two

Total combined income between both applicants must be a minimum of £18,000

Applicant One

Applicant Two

Welcome

Our Right to Buy Affordability Calculator will help to give you an indication of how much we could lend your client(s). Simply tell us their basic information to get a maximum loan amount or if you know their commitments and expenditure include that to get a more comprehensive result. Either way it's quick and simple to use.

For every calculation we’ll show you the maximum amount your client(s) could borrow on a 5 year product. Simply select the tier they fit - for more information about our tiers please view our Right to Buy Product page.

If you have any questions, pick up the phone and give our sales team a call on 03333 701 101, Option 1, Monday to Friday between 9am and 5.00pm.

We'll use the details you enter on this screen to automatically calculate the loan size required, but please bear in mind this does not take into account any fees. If your client(s) are looking to raise capital or consolidate debts please increase the purchase price for purchases or the loan required value for a remortgage to reflect this. If they don't currently have a mortgage but already own the property and are looking to refinance, please select Remortgage. We allow capital raising for most legal purposes.

We have a maximum loan size of £500,000 for cases up to 100% LSV and 75% LTV on our Right to Buy range.

Select the tier your client(s) falls under. Our tiers are named after how long since their last CCJ or Default was registered. For example, if the last CCJ or Default was registered over 6 months ago but less than 12 months ago, they'd be suitable for our Pepper 6 tier.

You'll also need to consider mortgage, secured and unsecured arrears when selecting a product tier. So, if you're unsure which product to select, visit our Right to Buy Products page to find out more.

We'll use the rest of the information to pick the appropriate product details for the calculation.

Income

We need the total income from your client(s) to be a minimum of £18,000.

All income must be annualised.

For information on allowable income please review our Policy on Income document. Please note applications where income is made up primarily of benefits and maintenance are unacceptable.

*Please enter values to the nearest pound

** Please only input 50% of income identified as quarterly or annual bonus payment in this field. 100% can be used for monthly bonus payment

***Allowable income includes Child Benefit; Child Tax Credits; Working Tax Credits; Pension Credit; and Pension (War Disablement)

Commitments

For Credit or Store Card and Overdrafts please provide the full outstanding balance. Otherwise, please provide the monthly commitment for each of these categories.

If your client(s) intends to clear these balances before completion you can leave these blank.

*Please enter values to the nearest pound

Expenditure

This is the last screen before we're able to tell you the final result.

Please provide a monthly figure for each of these categories.

*Please enter values to the nearest pound

Pepper 24

For clients who haven't had a CCJ or default in the last 24 months.

CCJs/Defaults

0 in 24 months

Mortgage/Secured Arrears

0 in 24 months (No arrears balance in last 6 months)

Unsecured Arrears

Fixed term - None in the last 6 months

Revolving credit - Missed payments considered

We will ignore 2 individual defaults (per application) up to and including £200 each where these defaults relate to utilities, communications or mail order providers

Pepper 36

For clients who haven't had a CCJ or default in the last 36 months.

CCJs/Defaults

0 in 36 months

Mortgage/Secured Arrears

0 in 36 months (No arrears balance in last 6 months)

Unsecured Arrears

Fixed term - None in the last 6 months

Revolving credit - Missed payments considered

Pepper 48

For clients who haven't had a CCJ or default in the last 48 months.

CCJs/Defaults

0 in 48 months

Mortgage/Secured Arrears

0 in 48 months (No arrears balance in last 6 months)

Unsecured Arrears

Fixed term - None in the last 6 months

Revolving credit - Missed payments considered

Monthly secured and unsecured commitments

To get a quick assessment of the maximum we could lend, enter an estimate of your client's monthly secured and unsecured commitments. Please include the total monthly figure for; mortgage or secured loans, unsecured loans, credit or store cards, overdrafts, school fees, maintenance payments and student loans.

Please only include commitments that will remain after completion i.e. if consolidating debts don’t include them in this section. Also, please ensure for joint applications that you only include joint commitments once. If they don't have any commitments, you can leave this figure blank.

*Please enter values to the nearest pound

Important notice

These results are indicative and are meant to be used as a guide only. Should you wish to submit a DIP, it'll be subject to our full lending criteria, a credit check and an underwriter review which could result in a different value.

Please note by changing the loan amount figure you may change the loan to value. This may change the interest rate charged. If you're going to change any details we strongly recommend you start a new calculation to ensure it is as accurate as possible.

If you'd like to submit this, or any other case, you'll need to have registered with us. it's a quick and simple process and shouldn't take more than 5 minutes.

If you've already registered, please Login and complete our online application form.

Unfortunately, due to your LTV, we do not have a suitable product for you

Final results

We’re currently reviewing all applications to ensure the income is sustainable in current market conditions. Based on the information provided please find details below on what your client(s) could borrow with us.

Indicative maximum available subject to a DIP
2 Year Fixed: £150,000.00
30 Month Fixed: £175,000.00
5 Year Fixed: £200,000.00
Basic Information
Number of Applicants: Number of Children:
Property Full Market Value: Discounted Purchase Price:
Required loan amount: Repayment Type:
Term: Years Product:
Income Applicant One Income Applicant Two
Primary Annual Income Primary Annual Income
Secondary Annual Income Secondary Annual Income
Annual Overtime Annual Overtime
Annual Bonus or Commission Annual Bonus or Commission
Car Allowance Car Allowance
Maintenance Income (calculated at 50%) Maintenance Income (calculated at 50%)
Rental Income (calculated at 50%) Rental Income (calculated at 50%)
Allowable Income Allowable Income
Total Total
Commitments Applicant One Commitments Applicant Two
Mortgages or secured loans Mortgages or secured loans
Unsecured loans or hire purchase Unsecured loans or hire purchase
Credit or store cards Balance Credit or store cards Balance
Overdraft arrangements Balance Overdraft arrangements Balance
School fees School fees
Maintenance Maintenance
Student loans Student loans
Other Other
Total monthly commitments Total monthly commitments
Expenditure
Housekeeping
Utilities
Telephone
Council tax
Buildings insurance
Ground rent
Leasehold service charges
Essential travel
Clothing
Personal goods
Household goods
Basic recreation
Total

Important notice

Based on the information entered, an underwriter will carry out a full review at Decision in Principle. Please complete the DIP to confirm the maximum loan amount available.

These results are indicative and are meant to be used as a guide only. Should you wish to submit a DIP, it'll be subject to our full lending criteria, a credit check and an underwriter review which could result in a different value.

Please note by changing the loan amount figure you may change the loan to value. This may change the interest rate charged. If you're going to change any details we strongly recommend you start a new calculation to ensure it is as accurate as possible.

Before submitting business to us, you’ll need to register with us. It’s a quick and simple process and shouldn’t take more than 5 minutes.”

If you've already registered, please Login and complete our online application form.

If you have any questions, call our team on 03333 701 101 option 1, Monday to Friday between 9am and 5pm.

Fill in your details below and we will email the results to you

Your results have successfully been emailed. Please check your inbox.

Login/Register to submit a dip

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v2.2.2

Pepper Right to Buy Criteria

Key Criteria

Applicants Property Value
Minimum Age 21 years Minimum £70,000
Maximum Age 80 years at end of term.
The term cannot extend beyond applicants stated retirement age.
Maximum allowable stated retirement age of 75
Term
Self-Employed Must have been in their current business for a minimum of 12 months and able to supply 1 year’s trading accounts Minimum 5 years and 1 month
Maximum 35 Years
Loan Size
Minimum £25,001
Maximum Up to £500,000 available to 75% LTV

Need help with your mortgage case?

To discuss a case, or find out more about our products, call our experienced team. Ready to submit? Log into the application portal to get started, or register if it’s your first case with Pepper Money.