This allows customers to access a cheaper mortgage rate compared to a traditional high LTV rate, which can be a significant hurdle for first-time buyers.
Borrow up to 100% Loan to Purchase Price. No deposit required, up to a maximum LTV of 75% of full market value.
Emma and Will are proud parents to their two-year-old son, Liam. Navigating the early years of parenthood and maternity leave had previously made it challenging for them to demonstrate sufficient affordability for a mortgage. They’d been happily renting their beloved home for the past three years but felt ready to transition into homeownership.
Emma works in sales, where her role allows her to earn monthly commissions that contribute significantly to their household income. Meanwhile, Will balances two jobs to provide for their young family.
Due to changes in the BTL market and the tax implications for him, their landlord was looking to make a quick sale as he was struggling to achieve the desired income from the property. The landlord offered to sell to the existing tenants, with a reduction of £50,000 on the purchase price.
Emma and Will were recommended to a broker, Lina, who had previously assumed Pepper only catered to adverse credit cases, but after finding us on her sourcing system, she decided to give us a call straight away. She was immediately connected with a dedicated underwriter, and together, they explored how we could best support Emma and Will’s unique situation.
Emma and Will needed a lender who took a human approach to underwriting, particularly when assessing their income. With Pepper, they could borrow up to 100% of the discounted purchase price through our Concessionary Purchase offering. Our approach to variable income allowed Emma to include 100% of her monthly commission in her affordability assessment. Crucially, we were also able to accept 100% of both of Will’s income sources, including any monthly overtime, significantly boosting their maximum borrowing figure.
“We’re delighted to have become homeowners whilst staying in our current property. Pepper and Lina were a great help to us, ensuring we could boost our affordability, accepting concessionary purchase, and borrow as much as possible, helping us to achieve homeownership. Pepper were reassuring at every stage and worked quickly to help us with a quick turnaround.”
Emma and Will
BUSINESS DEVELOPMENT
There’s a range of support available to our intermediaries, including our experienced team of BDMs, and direct access to a Case Owner that helps make lending decisions.
Key Criteria
100% Concessionary Purchase available
100% of monthly bonuses, overtime, and commission accepted
Multiple income streams accepted
Service
Supported by:
No painstaking paperwork
Direct access to underwriters
Less time consuming process
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Case study summary
- The landlord offered to sell the property at a discount to Emma and Will, which meant that they didn’t need to worry that they’d been unable to raise a deposit while renting.
- They both earn complex income so needed a lender who could accept this. Pepper were able to accept 100% of Emma’s commission and Will’s second income, including his overtime.
- Self-employed purchase – recent year’s accounts accepted/net profit + partner with benefits accepted
CASE STUDIES
A little further reading
on how you can help your just-off-high-street customers
A Pepper Money case study – Interest Only
A Pepper Money case study – Self Employed
A Pepper Money case study – Self Employed
A Pepper Money case study – Self Employed
A Pepper Money case study – Self Employed
