Insights
For each application you submit to Pepper Money, we’ll perform electronic checks on all personal and business details you provide, using Electronic Identification to verify identity. In some circumstances, we may require additional documentation to validate these details. This isn’t a complete list, but the below may give you an idea of any additional specific items we may need. Don’t worry, we’ll always notify you of any additional documents required.
It’s important to us, and you, to get your clients application processed quickly and effectively. Correctly packaging and keying of information is just one of the many ways that will help your client get one step closer to completion as quickly as possible.
By ensuring that we have all the correct evidence of your client’s income, details of any existing financial commitments, supporting bank statements, legible and correctly certified ID documents, and purpose of borrowing, we’ll be able to move forward quickly and efficiently on your case.
When applications are fully packaged, we can immediately progress them. By supplying all information, you’ll avoid lengthy wait times and being asked to submit further information, freeing you up to spend more time with your clients.
If you have uploaded documents that have not been certified; we’ll assess these. However, we’ll ask you to confirm that the document(s) were true copies of the originals and a true likeness of the applicant (if applicable). The easiest way to do this is by sending us a secure message to confirm.
We’ll ask for the Assured Shorthold Tenancy for Buy to Let remortgage applications, this is to assess the current rental status of the property.
Where the applicant(s) is currently in a rental property, we’ll require evidence of rental payments for the previous 12 months supported by the current Assured Shorthold Tenancy Agreement.
Proof of payments can be provided through bank statements or via a reference from an independent letting or estate agent.
Use this section to provide us with a summary of the application, including any details that will help us make a full assessment. This might include any unique or complex features of the application, how you have calculated their income, transfer of equity details or commentary on recent changes in an applicant’s employment or business performance. You can also take this opportunity to provide the reason for missed payments on revolving credit or historic defaults and CCJs. You can provide us with an application background by either sending us a secure message or uploading a document against this requirement.
If the applicant has a Buy to Let portfolio, we’ll ask that you complete the Buy to Let Portfolio Schedule document.
You can find this via the Resource Downloads page under Useful Templates.
This is something we’ll need for a Let to Buy application where the applicant is mortgaging their existing Residential property onto a Buy to Let mortgage.
The offer that we need relates to the onward purchase of the applicant’s new residential property.
If you have told us that that the capital raising reason is “Other” for a remortgage application, we’ll need confirmation from you what the funds are being used for.
The easiest way to do this is by sending us a secure message once you’ve submitted your application.
We’ll ask for this when it’s a Let to Buy application (the applicant(s) are keeping their current residential).
We’re looking to see that the rental income will cover the mortgage on the property to remain, we’ll need evidence of the achievable rental income; this could be a letter from an estate agent.
If the applicant(s) is not selling their existing residential property, we’ll need confirmation that the property will be let from the applicants existing mortgage company by letter. This is usually called a “Consent to Let” confirmation, or this may be a copy of a BTL mortgage offer.
If you have indicated the property is above or adjacent to commercial premises, we’ll need confirmation of what this is before we would proceed to valuation.
The easiest way to do this is by sending us a secure message once you’ve submitted your application.
If you are applying for one of our Debt Management Plan products, you’ll be asked to provide a DMP Supplementary Information Sheet. This is a breakdown of the creditors covered by the DMP.
A reference from the client(s) DMP provider on headed paper. It will speed up processing if you obtain this before submitting your application.
You’ll need to arrange to have the Debt Management Company provide the information on the second page of the DMP Supplementary Information Sheet, on their own headed paper.
Please remember to send them your client’s consent when doing so.
If the applicant(s) have decided on an Interest Only repayment type on a residential application , we will require some additional information from regarding their repayment strategy at the end of the mortgage term.
The additional information required will depend on their specific repayment strategy and most will require some documentary evidence.
Acceptable types of repayment strategy, and the types of information required are:
Sale of Security/Downsizing – where sale of the security property is the declared repayment strategy for a residential mortgage, Pepper will conduct plausibility checks around whether this amount of equity is likely to be sufficient to cover the purchase of a new property and whether downsizing is a viable option. We require the following detail:
Sale of Other UK Property:
Endowment / ISA (including previous PEP/TESSA)
Stocks and Shares
Pension Fund
Sale of Non UK Property
Applicants who are non-UK citizens will need to provide evidence of indefinite leave to remain in the UK.
For EU nationals, the applicant(s) passport will be sufficient. For Non-EU nationals, we’ll need an appropriately stamped passport or a letter from the Home Office.
If the applicant(s) have had missed payments on revolving credit in the past 12 months, we’ll need an explanation how the event came about.
The easiest way to do this is by sending us a secure message once you’ve submitted your application.
We’ll always need the last 3 months current account bank statements for all applicants on Residential applications. This account should be where the applicant is paid and where their day to day expenditure is transacted. If the applicant(s) has more than one current account, please upload all accounts.
Where an applicant is self-employed, we’ll need the latest full 3 months business bank statements.
We’ll need a copy of consent to let for the existing residence.
We’ll need evidence of 12 months satisfactory mortgage payments for all the applicant(s) mortgages. If the applicant(s) has a BTL portfolio, it will speed up the processing of your application if this is provided before or together with mortgage history.
Where the company has been trading for a sufficient period of time we’ll need to see the latest accounts for the applicant company. If the company has not been trading for long we may request recent company bank statements.
To see what income proofs we’ll need for your application, please see our Policy on Income. The quickest solution is to upload any award letter(s).
We’ll need details of the source of deposit for all purchase applications, we may ask you for proof.
Where the deposit is from savings, generally, the latest savings statement will be acceptable. If the applicant(s) is a first-time buyer, we may ask to see a build-up of funds over a longer period; typically 3 months.
Where the deposit is gifted, we’ll need a gifted deposit letter. This will need to state the amount to be gifted, that the donor will hold no interest in the property; that they will not reside at the property post completion, that the funds are not repayable along with their relationship to the applicant.
We’ll always need two forms of identification for all applicants from the table below, at least one of them needs to be from Table 1.
Please ensure that the documents are certified as a true copy of the original and where applicable, a true likeness of the applicant to avoid any delays.
Valid passport | Valid (old style) full UK driving license |
Valid photo card driving license (ful or provisional) | Recent evidence of entitlement to an acceptable state or local authority funded benefit (inc. council tax benefit), tax credit, pension, educational or other grant |
National Identity Card | Instrument of a court appointment |
Firearms certificate or shotgun license | Current council tax bill, or statement |
Identity card issued by the Electoral Office for Northern Ireland | Non-internet generated bank statements, or credit card statements or utility bills |
To see what income proofs we’ll need for your application, please see our Policy on Income.
We need to verify proof of residency at the applicant(s) current address.
If we cannot verify proof of residency, we’ll ask for you to provide one of the following (this can’t be something you have already provided for proof of identity):
Utility Bill, Bank Statement, Mortgage Statement, Council Tax Bill, Credit Card Statement or a Benefit Award Letter.
We’ll only consider re-mortgage applications where the applicant(s) has been the registered owner for 6 months.
If the applicant(s) are re-mortgaging within 6 months of their last mortgage of the property, we’ll need an explanation as to why.
The easiest way to do this is by sending us a secure message once you’ve submitted your application.
If the applicant has declining profit, we’ll require an explanation as to why this has occurred, we’ll typically only need written confirmation from you.
The easiest way to do this is by sending us a secure message once you’ve submitted your application. If we need further information, we’ll let you know when we review the application.
Where you see this, we may require reports detailed in the valuation, we’ll let you know what is required as quick as we can.
We’ll produce this for you to have signed by the applicant(s) when you fully submit the application. It will be available in the documents section of the application home page.
We’ll produce a Direct Debit Mandate for you to have signed by the applicant(s) when you fully submit the application. It will be available in the documents section of the application home page.
If the applicant(s) are remortgaging within 6 months of their last mortgage we will require a reason for this.
You’ll only see this if you are submitting as a Packager.
You can find this as an appendix to the application summary, this will be made available to you when you fully submit the application.
The application summary will be available in the documents section of the application home page.