FAQs for customers

If you have a mortgage with Pepper Money, here are the answers to some questions we often get asked.

General Admin

  • Why do you want to know about my buildings insurance?

    We do this because it's a condition of your mortgage agreement that you have a valid buildings insurance policy in place at all times. We lend you a sum of money, secured against an asset (your property), so we need to know that that asset is protected.

    If you don't have a valid buildings insurance policy, you will be in breach of the conditions of your mortgage agreement with us.

    If we can't confirm that the right cover is in place, we will manage the risk by taking out a “Lender’s Interest Only” policy at your expense. Please note, this insurance only covers our risk: it doesn't insure you. If you provide us with a copy of a valid insurance schedule in your name we will refund up to a maximum of 24 months’ worth of the premiums we have charged you for this insurance.

    If your property is leasehold it may be the freeholder's responsibility to insure the building. If you're unable to get a copy of the insurance schedule from the freeholder, you can either send us:

    • A copy of the relevant clause in the lease that confirms it's freeholder responsibility to insure the building; or
    • A letter from the freeholder confirming that they are required to insure the building. 
  • How do I send you my financial assessment?
  • Can I rent out my property?

    If you have a residential mortgage (as opposed to a Buy to Let one), and you want to rent out your property, please get in touch with the Customer Services team on 03333 701 102 (lines are open 9am-6pm, Monday to Friday). There's a few things we need to look into before we can approve your request. We consider every Buy to Let request, but we reserve the right to say no.

    If you rent out your property without telling us, or after we've declined your request, you will be in breach of your mortgage conditions, and we reserve the right to take appropriate action.

  • Can I transfer my mortgage to another property?

    No, we don't offer mortgage porting. If you're looking to move house, speak to an Independent Financial Adviser (IFA) to find out about your options.

    To find an IFA local to you, visit unbiased.co.uk

  • Can I switch to another Pepper Money product?

    If you'd like to change to a different mortgage with us you'd need to remortgage - this may incur additional costs and we'd suggest that you should speak to an Independent Financial Adviser (IFA) before you do this.

    To find an IFA local to you, visit unbiased.co.uk

  • Can I borrow more money?

    If you'd like to borrow more money as part of your mortgage with Pepper Money you'd need to remortgage - this may incur additional costs and we'd suggest that you should speak to an Independent Financial Adviser (IFA) before you do this.

    To find an IFA local to you, visit unbiased.co.uk

  • Can I remortgage my property with another lender?

    Yes, you can remortgage your property at any time with any lender you choose. If you do this within the initial term (e.g. in the first 2 years of a 2 year fixed term mortgage) then you'll pay Early Redemption Charges. Most lenders charge these when you pay off a mortgage or change your lender within the initial term.

    You can find details of your ERCs in your mortgage offer, or give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) if you want to find out if you'll need to pay this charge.

  • Can I nominate someone else to act on my behalf?

    Yes, that is possible. Please give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) or send us an email to customerservice@pepper.money. We'll need to send you a form to complete and return - once we have registered your nominated person we will write to you to confirm it’s all set-up.

  • Can I add or remove someone on my mortgage?

    No, it's not possible to add someone to or remove a person from your mortgage.

  • What happens when my initial product term ends?

    At the end of your initial product term your rate will change to the reversion rate that was included in your mortgage offer. You'll also no longer need to pay an Early Redemption Charge if you repay the mortgage after this time.

    We will let you know that you are coming to the end of the initial term by post. 

  • I'm not applying, but you've got some of my personal information as part of someone else's application or mortgage. What do you do with my personal information?

    For the fullest answer to this question, please read How we use non-borrowers' data.

    This explains:

    • Who we are
    • How and why we collect, use and share your information
    • Your rights regarding your information
    • How to contact us
    • Who to contact if you have a complaint.

Payments/Fees

  • What are your fees?
  • How do I make a payment/pay a fee?

    Upon completion of your mortgage you were set up to make payments via direct debit. However, if you're no longer making payments by direct debit and want to make an additional payment or pay a fee, there are a number of ways you can do so:

    To pay by debit card, give our Customer Services team a call on 03333 701 102. Our agents are available Monday to Friday between 9am and 6pm, but you can pay through our automated system outside of these hours.

    By cheque - please make it payable to Pepper Money, including your account number on the reverse of the cheque and send it to:

    Pepper Money Customer Services
    Harman House
    1 George Street
    Uxbridge
    UB8 1QQ.

    To set up a direct debit, standing order or bank transfer give us a call on 03333 701 102 to confirm the account details.

  • Can I repay part of my mortgage?

    Yes. During your initial term you can pay up to 10% of the outstanding balance each year without having to pay an Early Redemption Charge (ERC). If you wish to repay more than 10% of the outstanding balance during your initial term you will be subject to an Early Repayment Charge.

  • When does my Early Repayment Charge (ERC) period end?

    You can find details of your ERCs in your mortgage offer, or give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) if you want to find out if you'll need to pay this charge.

  • How do I change my payment date?

    Please give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) to change your payment date.

  • How do I change my Direct Debit details?

    Please give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) to change your Direct Debit details.

Account updates

  • Where can I get a redemption statement?

    If you're ready to pay off your mortgage in full, or you're planning to remortgage with another lender, you'll need a redemption statement, which covers:

    • your current mortgage balance
    • any interest still left to pay
    • the daily interest rate
    • any fees detailed in our Tariff of Charges.

    Request a redemption statement by:

    • Giving our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday)
    • Sending us an email to customerservice@pepper.money, stating your account number

    All statements will be sent to the correspondence address included on your account.

  • How do I update my contact details?

    Please give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) to update your contact details.

  • How do I find out my mortgage balance?

    Please give our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday) to request your mortgage balance.

  • How do I request a statement?

    You can request a statement by:

    • Giving our Customer Services team a call on 03333 701 102 (lines are open 9am-6pm, Monday to Friday)
    • Sending us an email to customerservice@pepper.money, stating your account number

    All statements will be sent to the correspondence address included on your account

Money worries

  • What can I do if I'm worried about money?

    If you're worried about meeting your mortgage payments now or in future, we're here to help.

    But to help we need you to get in touch, we promise to treat you fairly and listen to your situation. Once you get in touch we can work with you to try to find a suitable solution.

    We’ve found that people don’t always consider checking to see if you’re eligible for any state benefits/tax credits or if they have an insurance policy that may help with payments.

    You can get free, independent and impartial advice from these organisations:

    • National Debt Line: 0808 808 4000
    • Citizens Advice Bureau (CAB): 03444 111 444 (England) or 03444 77 20 20 (Wales)
    • Step Change Debt Charity: 0800 138 1111
    • The Money Advice Service: 0800 138 7777
    • Money Advice in Scotland: 0141 572 0237
    • Civil Legal Advice: 0345 345 4345
    • Shelter Housing Advice: 0808 800 444

    If we can't agree a solution

    This doesn’t always mean we’ll start court proceedings - we may send a Field Agent to see you to discuss your financial circumstances - repossession is always the last resort.

    If repossession is unavoidable, we will:

    • sell the property for the best price we can obtain within a reasonable period of time
    • give you reasonable time to remove your possessions from your home.

    If selling your home does not raise enough money to pay off the mortgage

    Unfortunately, there are times where the sale of your home doesn’t cover the remaining mortgage. In that situation, you will still owe us the amount that is left over.

    We will contact you as soon as we can to tell you what this is and to work with you to arrange a payment plan. If this debt is not repaid it could affect whether you are able to get credit in the future.

    If we cannot arrange a suitable plan we may go to court to get our money back.

Making a complaint

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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Find an IFA

To find an Independent Financial Adviser near you, visit unbiased.co.uk