Mortgages for people with adverse credit
When they decided to buy a larger home to accommodate their growing family and Alison's…
Pepper Money is a leading second charge mortgage provider for homeowners in England, Wales and Scotland. Our aim is to provide you with a homeowner loan that meets your individual and personal circumstances.
With our homeowner loan calculator, you can find out what your repayments might look like each month, and how much you could end up paying.
We have the answers we often get asked by potential applicants, if you’re in the process of applying for a loan, or you have a loan with us, we have all you need to know.
At Pepper Money, we understand that not everyone has a perfect credit history or receives income, in the same way, each month. We understand that unexpected life events and financial mistakes happen.
Our lending decisions aren’t solely based on a credit score. Our human approach to underwriting allows us to reach a fairer outcome for a broad range of customers.
We have the answers we often get asked by potential applicants, if you’re in the process of applying for a mortgage, or you have a mortgage with us, we have all you need to know.
Life can be complex, and the needs of your customers can be too. As a specialist mortgage lender, we’re here for you, to help them succeed.
We provide mortgages to first-time buyers, home movers, and landlords who are often overlooked by high street lenders.
Our mortgage criteria is designed to help your customers with unique circumstances who would benefit from a more human underwriting approach.
Our mortgage calculators will help to give you an indication of how much we could lend your customers and it’s super quick and really simple to use.
Find all the material you need for your next specialist Residential, Affordable Home Ownership or Buy to Let Mortgage application.
Our dedicated team work with a range of approved specialist partners to offer second charge mortgages to customers.
We take a more human approach to underwriting, to build a truer picture and reach a fairer outcome. We design products that are easy to understand and simple to place. We strive to make each interaction you have with us easier than the one before. And we share valuable insight and expertise that give you an edge and build your reputation.
That’s why you’ll always find us with our doors and our minds wide open. Ready to challenge convention, read between the lines and see the story behind the numbers. We will find a place for your case with a path to success for your client and your business.
61-year-old, Carol, wanted to buy her ex-husbands share of their home and let the property out to tenants
Carol also wanted to raise enough capital to put towards a new home to live in
She needed a lender that would lend to a first-time landlord
She was a day rate contractor and had failed a credit score with two high street banks
There were several details that made this case interesting. Carol had already failed a credit score with two high street banks, with no easily identifiable reason why on her credit record.
In order to release enough equity to put down a deposit on her new home, and have additional funds to buy Lee’s share of the house, she needed an 80% LTV mortgage.
However, many let to buy lenders restrict capital raising for use as the deposit on the ongoing residential purchase.
Not only did she need a lender that would allow capital raising for other purposes, but also one that would lend to a first-time landlord.
For her residential purchase, as the term took her beyond her state retirement age, she needed a lender that would consider her employment income beyond her state retirement age, as well as her pension income.
In addition, she wanted one lender that was able to offer the let to buy remortgage and the ongoing residential purchase.
Mortgage Adviser, Luke Atkinson of The Mortgage Hut, knew this was a case for a specialist lender.
Our underwriters were able to offer Carol the let to buy remortgage that she needed to put down a deposit to purchase a new home and buy her ex-husband’s share of the house. We were also able to offer her a mortgage on her new home.
The let to buy mortgage was a 5 year fixed rate, with a rental calculation of 140% x the pay rate.
For the onward residential purchase, our underwriters considered Carol’s occupation and were happy that this would be sustainable beyond her state retirement age.
In addition, as Carol was already drawing a public sector pension, we used 100% of this income for the affordability calculation. This enabled her to demonstrate the affordability she needed to buy the home she wanted and retain ownership of her ex-marital property as an investment.
When they decided to buy a larger home to accommodate their growing family and Alison's…
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