Here’s a summary of the key points of our Residential mortgages.
UK Mortgage Lending Ltd trading as Pepper Money
Harman House, 1 George Street, Uxbridge, London UB8 1QQ
Our mortgages can be used for first charge on a residential property, subject to manual underwriting assessment after submission of application.
The mortgage must be secured on your primary residential address in England, Wales or on the Isle of Wight.
We will not lend on any property with either ongoing movement or where monitoring is required, where this is identified by either the valuer or where evident in the structural engineer’s report. The property must be of mortgageable condition when the loan completes.
We will instruct the valuation once we have assessed the case and are happy to 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.
Some mortgages offer free valuations – the product details for your mortgage will tell you if this is the case.
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.
We offer residential mortgages on a rate fixed for 2 or 5 years, plus a 2-year variable rate mortgage.
- Minimum Term 2 years
- Maximum Term 35 years
- Minimum Loan Amount £25,001
- Maximum Loan Amount £1,000,000 available to 75% LTV
All our loans must be on either a full Capital and Interest or Interest only basis. Interest only to 60% LTV, supported by an acceptable repayment strategy.
We offer fixed and variable rate mortgages on a capital and interest repayment basis, or an interest-only basis.
A fixed rate mortgage has a fixed interest rate for a set period of time at the beginning of the mortgage. At the expiry of the fixed rate period, the reversion rate, which is the lenders variable rate, will be applied to the mortgage. An Early Repayment Charge will be applicable during the fixed rate period.
A discounted rate mortgage has an initial lower variable interest rate for a set period of time at the beginning of the mortgage. At the expiry of the discounted rate period, the reversion rate, which is the lenders variable rate, will be applied to the mortgage. An Early Repayment Charge will be applicable during the fixed rate period.
A variable rate mortgage has an interest rate that will be variable from inception, for the duration of the agreement.
An interest only mortgage is a mortgage where no capital payments are made during the life of the loan. You will need to arrange for a repayment strategy to be put in place to ensure the capital can be repaid.
Compliance with the conditions of the mortgage contract does not ensure repayment of the total amount of credit.
Total loan amount: £101,310.00 | Fixed Interest rate: 3.20% first 24 months & Variable Interest Rate: 4.70% remaining 216 months | Term of Loan: 240 months | Interest payable: £52,862 | Total amount repayable £154,172.70 | 4.8% APRC
Possible Further Costs
There may be further costs which you may have to pay depending on particular events, or for a particular service provided by us. These are detailed in our Tariff of Fees and Charges which can be viewed on our website.
Payments must be made monthly by Direct Debit for the duration of the term.
You have the right to repay this mortgage early, either fully or partially. However, an Early Repayment Charge may apply if, during your initial period, you:
- Repay the entire mortgage, or
- Make a partial early repayment in excess of 10% of your original mortgage amount. In this case the early repayment charge will be applied to the amount by which the payment exceeds 10% of your original mortgage amount
Full details are contained in your Mortgage Offer document.
Consequences of Non-Compliance
Should you encounter difficulties in making your monthly payments, please contact Pepper Money straight away to explore possible solutions.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.