New customers:
Will my Second Charge application number change?
There will be no change to existing application numbers.
Will my mortgage interest rate increase?
Changes to interest rates may arise if there are changes to the criteria of your application, such as a change to the loan amount or property valuation. In these instances, any subsequent differences to interest rates will be clearly communicated to you.
Will I need to re-apply if my application has not been approved?
No, customers’ applications will be processed as normal, and you will not be required to re-apply.
Will there be any delays to my application?
There will be no changes to the application process and the duration of processing applications will not be impacted.
Existing customers:
Are Pepper Money Limited and Optimum Credit Limited now UK Mortgage Lending Limited?
Following our recent integration with Optimum Credit Limited, the re-named organisation that now provides both First and Second Charge mortgages is UK Mortgage Lending Limited, trading as Pepper Money. Customers will see no impact and will continue to receive the same great mortgages with the same great service from our re-named organisation.
Pepper Money Limited will continue alongside the new combined organisation as part of the wider Pepper Group, and over time we will move the mortgages our customers have with Pepper Money Limited to UK Mortgage Lending Limited. Customers are not required to do anything, and we will write to those affected near the time to explain the administrative change.
Does this change impact me if I took my mortgage out before the merger?
Pepper Money Limited will continue alongside the new combined organisation as part of the wider Pepper Group. As your mortgage was originated before the merger, for now Pepper Money Limited remains the legal and regulated entity that provides that mortgage. Over time we will move your mortgage with Pepper Money Limited to UK Mortgage Lending Limited, we will write to you near the time to explain the administrative change. You will not be required to do anything and will continue to receive the same great service you have always received.
Will my loan number change?
There will be no change to existing first or second charge loan numbers.
Will my mortgage interest rate increase?
Your mortgage interest rates will remain the same unless a rate change takes place, in which case we will notify you in line with your current mortgage Terms & Conditions.
Will I need to change the information on my Direct Debit?
No, you will not be required to change or alter your direct debit.
For first-charge customers, Pepper Money will continue to appear on your bank statements and for second-charge customers, the name on your statement will change to Pepper Money.
Why is Pepper Money showing on my credit report?
In January 2022 Optimum Credit changed its trading name to Pepper Money, and as a result some credit agencies have updated their historic credit file reports to reflect that name change. No additional credit search has been performed and this name change does not impact your credit rating.
First and Second Charge Intermediaries:
Are Pepper Money Limited and Optimum Credit Limited now UK Mortgage Lending Limited?
Following our recent integration with Optimum Credit Limited, the re-named organisation that now provides both First and Second Charge mortgages is UK Mortgage Lending Limited, trading as Pepper Money. Customers will see no impact and will continue to receive the same great mortgages with the same great service from our re-named organisation.
Pepper Money Limited will continue alongside the new combined organisation as part of the wider Pepper Group, and over time we will move the mortgages our customers have with Pepper Money Limited to UK Mortgage Lending Limited. Customers are not required to do anything, and we will write to those affected near the time to explain the administrative change.
Will my client’s application or loan number change?
There will be no change to existing application or loan numbers.
Will my client’s mortgage interest rate increase?
Your customers’ mortgage interest rates will remain the same unless a rate change takes place, in which case we will notify them in line with their current mortgage Terms & Conditions.
Changes to their interest rates may also arise if there are changes to the criteria of your customers’ application, such as a change to the loan amount or property valuation. In these instances, any subsequent differences to interest rates will be clearly communicated to yourself as their appointed intermediary.
Will my client have to re-apply if their application has not been approved?
No, customers’ applications will be processed as normal, and they will not be required to re-apply.
Will there be any delays to my client’s application?
There will be no changes to the application process and the duration of processing applications will not be impacted.
Will my client need to change the information on their Direct Debit?
No, none of our customers will be required to change or alter their direct debit
For first-charge customers, Pepper Money will continue to appear on their bank statements and for second-charge customers the name on their statement will change to Pepper Money.
If I am a registered intermediary of Pepper Money, can I submit second-charge applications (or vice versa)?
In the immediate future, our first charge and second charge mortgage process and application systems will remain separate. Therefore, brokers will be required to register respectively to submit an application.