Who are Pepper Money?
We're an award-winning UK mortgage lender, backed by a global financial institution.
We help people who may have been knocked back by high street lenders or are getting back on their feet financially after a major life event. Because the cases we handle can be complicated, we only do business through mortgage brokers.
If you've got an interesting case that involves 1 or more of these things, we may be able to help:
- Previous financial difficulties
- Accidental missed payments
- Complex income
- Young credit history
How do I register and how long does it take?
You can register using our online form, it's quick and easy so should only take a few minutes.
Once you've submitted the registration form you'll receive an email to verify your account - please click on the link within this email, otherwise, you won't be able to log in.
If you're the first person within your company to register with us we'll also need to verify your company. In most situations we'll be able to do this within minutes of the registration, however, there may be times this will take longer.
Do you lend in Scotland or Northern Ireland?
At the moment, we don't lend on properties in Scotland or Northern Ireland.
However, if your client is looking to buy in England, Wales or on the Isle of Wight, we can help.
What credit reference agency do you use?
We use Equifax credit reports when assessing a mortgage application.
When and how do you pay proc fees?
We pay proc fees to the mortgage club, network or packager the case was submitted through within 5 working days of the completion.
What do I do if my client fails Electronic Identification?
If your client fails Electronic Identification, we will notify you of any documents required in the Application Portal.
What is the stress rate on your Buy to Let products?
For our 2 year products it is 140% x the highest of:
- pay rate + 2%
- reversion rate + 2%
We stress our 5 year products at 140% x pay rate.
No stress is applied to any of the other properties in an applicants portfolio as long as they can evidence the rental income covers the mortgage payments.
Do you have any calculators for either your Residential or Buy to Let products?
To find out how much your client could borrow on both our Buy to Let and new Limited Company Buy to Let ranges, visit our Buy to let Affordability Calculator page.
We’re currently busy working on our Residential affordability calculator. Keep your eyes peeled, as we’ll be launching soon. While this is in development, please give our experienced BDMs a call on 03333 701 101 to discuss your case. Or to get the most accurate result please submit a DIP - our affordability calculations are built into this process.
Do you have any retention rates?
We don't currently offer any retention rates but continue to strive to keep our rates competitive for all customers.
Do you allow borrowers to transfer the mortgage to another property?
We don't offer mortgage porting but all our remortgages come with free legals using a reputable conveyancing firm.
Can I switch an application onto another product during the application process?
Once the applicant pays the application fee you won't be able to switch the case onto another product without re-submitting the application and paying the associated fees.
Are you able to do further advances?
We don't currently offer further advances.
Do you allow second charge mortgages?
We consider every request for a second charge to be added to a property that we hold the first charge on, on a case by case basis.
Do you have a debt to income ratio?
The simple answer is No.
Do you have any fee free products that include valuations?
We don't currently offer any completely fee-free products but this is something we are considering so watch this space.
How do you treat other properties already in a Buy to Let applicant portfolio?
We don't apply any stress to any of the other properties in an applicants portfolio as long as they can provide evidence that the rental income covers the mortgage payments.
What is the LMR?
The LMR or the Lender Managed Rate is a variable rate of interest which we set. We may use this as the reference for setting the variable interest rate we switch the mortgage to at the end of the initial product fixed rate period.
What is the current LIBOR rate of interest referenced for Pepper Money loans?
0.80%, correct from the 16th December 2019.
Do you use a credit score?
We don’t rely on an automated credit score to make lending decisions, instead our underwriters review your clients credit file and supporting information to make a decision based on their individual circumstances.
Are your DIPs soft searches?
Yes, our DIP uses a soft credit search so it has no impact on the applicant's credit score or any future credit applications.
How long are your DIPs valid for?
Our DIPs are valid for 30 days except where the product is withdrawn. When a product is withdrawn we'll send an email confirming any submission deadlines.
How long are your offers valid for?
Our offers are valid for 90 days from the date the offer was issued. If your client doesn't complete within this timeframe you can apply for an offer extension. For details on this please see the next FAQ.
Can I get an offer extension?
Yes, if your client is unable to complete within the original offer period (90 days from when the offer is issued) we can extend the offer.
In order to do this we will need a new employers reference and to carry out an up-to-date credit search, or for self-employed applicants, we will require the latest month's bank statement. We will also need the valuer to confirm the valuation remains unchanged.
- We can only extend an offer once
- The maximum time the offer can be extended is 30 days
- We can’t extend an offer that has either more than a month or less than a week left before it expires
If your client doesn’t meet the above criteria, then the application will need to be re-submitted
How do I add a second applicant to a case?
You can add a second applicant from the Applicant details stage of the DIP. At the top of the section, you'll have to option to chose the number of applicants. Nothing changes when you select 2, but the application form will ask for the second applicant's details after you've completed the details required on this screen.
Why, when I submit a DIP, am I only seeing 5 Year products?
You may find that you're only given the option of 5 year products due to the affordability of the case in question.
On 2 year rates we apply a stress to ensure the applicant will be able to afford the mortgage if rates rise. However, on our 5 year rates the affordability is calculated at the pay rate.
When will the valuation be instructed?
We will instruct the valuation once we have assessed the case and are happy we can proceed. However, you can instruct the valuation before this point but the valuation fee will not be refunded if after reviewing the case we're unable to proceed.
How do I get an update on a case?
The easiest way to get a case update is by logging in to our application portal and sending us a secure message.
You can also give us a call on 03333 701 101 (lines are open 9am-5.30pm, Monday to Friday).
When do you require the fees to be paid?
We'll collect the application and valuation fee when you submit the application, this means there will be no delays once we're ready to instruct the valuation. If the case doesn't progress to a valuation we'll refund this payment. The application fee is non-refundable.