COVID-19 Update

Update 20/04/2020: Clients contacting Pepper Money

If your client anticipates or is currently experiencing financial difficulty, please ask them to send an email, putting their payment date and account number in the subject line, to: customerservice@pepper.money.

If their payment is due in the next 7 days and they have not already heard from us, please ask them to contact us via the social media links on our website. They should not publicly share any personal details on social media. These should only be shared via direct messages.

Please note that these are unprecedented times and we are experiencing extremely high contact volumes. We are attempting to contact everyone as quickly as possible with pending mortgage payment due dates as a priority.

We may issue an SMS to inform your client of an upcoming contact attempt. In the event we are unable to contact them a further SMS may be sent. Please let them know they should not reply or send any personal data via SMS.

 

Update 25/03/2020: Physical Valuations and Postal Update

Following the Government’s announcement last night regarding Covid-19 and the requirement to stay at home. Pepper Money’s valuation partner has cancelled a number of physical valuations that were scheduled this week and also those in the coming weeks. We do not currently accept Automated Valuations, Desk top or Drive by valuations. We are investigating viable alternatives, but in the meantime we will be unable to instruct new valuations until further notice.

In common with many other lenders, physical valuations will now not take place in the next 3 weeks, the initial review period announced by the Government. As a result, there will be a number of customers who will have received a call cancelling their valuation appointment and who will be keen to understand what will happen next.

Our approach

We are keen to support our customers through this uncertain time and propose to communicate with all brokers who have affected cases. Customers will have the choice of either receiving a refund of their fees if they no longer wish to proceed with their application, or instructing Pepper Money to continue with the application, accepting that the physical valuation will not be carried out for at least the next three weeks at which point we propose to review and contact the customer again.

Speak to Pepper Money Broker Support team

The Broker Support team have access to customer applications and can therefore record the customers preference. Broker Support Telephone number: 03333 701 101

Postal services update

In order to protect our people and in line with government advice, we will not be collecting any post from our offices for the foreseeable future please email to lendingenquiries@pepper.money or upload through the broker portal.

Update 24/03/2020: Our Position on Payment Holidays

In these exceptional circumstances we will take a flexible and appropriate approach and determine how best to help our customers. It is therefore a requirement that the root cause of actual or anticipated financial difficulty is discussed with the customer at every contact.

All forbearance options will be considered, and a Payment Holiday will be offered, if it is the most appropriate solution with the impact of this treatment being fully explained to the customer.

Update 20/03/2020: Products and criteria

Following government guidance and as part of our business continuity plan, we are able to continue to deliver business as usual, with every team set up with the technology they need to carry out their roles from home, this includes our operational staff as well as our field and telephony sales team whose contact details can be found here.

We wanted to re-iterate that at Pepper Money we remain committed to our growth plans and have a number of exciting proposition enhancements that are currently planned for later in the year, however we feel at this stage it is important that we protect our service levels so that our brokers can continue to provide clarity and certainty to their clients in an uncertain environment and have therefore made a number of changes to our pricing, criteria and rules.

Please continue to check back here for future updates.

Our latest response to the impact of COVID-19 can be found below:

  • Are you still offering new mortgages?
  • Why have you increased your pricing?

    As with all lenders, Pepper Money regularly monitors the market to ensure its proposition remains competitive and that it is able to confidently deliver a high standard of service to all of its brokers.

    Due to the recent changes in market conditions and our commitment to maintaining a strong and stable business for our intermediaries and customers, we have reviewed our business strategy and risk appetite and as a result have made a number of changes to our product pricing and criteria.

    This is a standard response to balancing volume and service levels, that is set against an extraordinary wider situation and Pepper Money has successfully implemented its business continuity plans, which enable the continued delivery of business as usual.

  • When does this change come into effect?

    These new products will be available from 6pm on Friday 20th March.

    To secure one of our current products you will need to have a Decision in Principle (DIP) accepted with a product selected before 6pm on Friday 20th March.

  • What about Pipeline business?

    All DIPs must be progressed to Full Mortgage Application (FMA) with fees paid by 6pm on Wednesday 25th March.

  • Have you changed your criteria?
  • Have your service levels changed and is it taking longer for you to issue Mortgage Offers?

    Following government guidance and as part of our business continuity plan, we are able to continue to deliver business as usual, with every team set up with the technology they need to carry out their roles from home.

    We feel strongly about protecting our service levels so that our brokers can continue to provide clarity and certainty to their clients in an uncertain environment.

    We are continuing to underwrite cases; issue offers and deliver completions in line with our usual high service standards.

  • What are you doing to protect your staff?

    The health and well-being of our staff, remains one of our top priorities and as such we have successfully implemented our business continuity plan and are able to continue to deliver business as usual, with every team set up with the technology they need to carry out their roles from home.

  • When will I next see my Pepper Money sales rep?

    We have suspended face to face visits and have successfully implemented our business continuity plan which has resulted in our Field and Telephony sales teams working from home.

Should you wish to talk with one of your Relationship team, they can be contacted in the normal way. Full details of who to contact can be found here