In This Article
About Pepper Money
Pepper Money is a specialist mortgage lender that launched into the UK market in 2017.
They are a subsidiary of an Australian company called Pepper Group Limited.
Pepper Money offer a range of specialist mortgages, including residential and buy to let mortgages, exclusively through intermediaries, which means you would need to work with a mortgage advisor in order to access their products.
They believe in taking a more human approach to underwriting, to build a truer picture and reach a fairer outcome for you.
Their mortgage underwriters will review each case on its own merits, using their broad criteria to create a positive lending experience.
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Pepper Money Mortgages
Pepper Money aim to help more customers, from first time buyers, recently self-employed customers and those with adverse credit or complex incomes.
Their main target market are credit impaired customers, who may have encountered challenges in the past preventing them from accessing finance from high street lenders.
Some of the benefits of their mortgages include:
- No credit scoring
- Transparent range based on adverse credit
- No debt-to-income ratio
Residential mortgages
In addition to helping individuals who have a low credit score Pepper Moneys range of residential mortgages could also help:
- Customers with defaults & CCJs
- Self-employed individuals that have only been trading for one year
- Contractors
- Those looking for Interest only mortgages
- Limited company directors who require boosted affordability
- Shared ownership mortgages
- Second charge mortgages
Buy to Let mortgages
Pepper Money offer a range of buy to let mortgages to first time landlords through to portfolio landlords. Their buy to let mortgage features include:
- Reduced background affordability for portfolio landlords
- Limited company buy to let products
- The ability to use the market rental as advised by the valuer rather than rent received from the tenant for affordability.
How Cheap are Pepper Moneys’ rates?
Pepper Money aim to offer competitive rates to the target market they aim to serve, which may be higher than other lenders.
When looking at how competitive Pepper money is you need to consider all aspects of the mortgage product and your situation.
Many people just look at the initial rate when deciding if a lender has a cheap rate. However, an expert mortgage advisor will review the total cost over the initial term, including all fees and your future plans. Aspects that will be reviewed are early repayment charges, whether the product is portable, can you overpay, will a product transfer be available at the end of your initial rate and so on.
Pepper Money only offer their products via mortgage intermediaries. Therefore, if you are considering a mortgage with them you should speak to a mortgage advisor who can help you compare your options with them and the rest of the market.
Can I change my rate with Pepper Money?
If you are already a customer of Pepper money and looking to switch your rate at the end of your initial product term. Unfortunately, Pepper Money do not offer product transfers. Your rate will change to the reversion rate that was included in your mortgage offer.
If you are looking to change your rate within your initial product term you may need to pay an early redemption charge.
You can remortgage to Pepper Money, but this will be treated as a new mortgage as if you are a new customer, and your application will require underwriting and a new valuation. As Pepper Money offers mortgages to underserved customers who mainstream lenders do not, generally their rates are higher than can be obtained in the market. You should investigate if you can remortgage to a more competitive rate and an independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with your current lender.
How quickly can I get a mortgage offer with Pepper Money?
Pepper Money take a more human approach to their underwriting and therefore this can take longer than the high street banks. The average time from application to offer is around four weeks for them as a result. However, a mortgage offer may take longer for more complex deals.
Pepper Money declined to offer me a mortgage; what now?
If you’ve been declined a mortgage from Pepper Money, you should speak to the mortgage advisor that submitted the application and find out the reason for the decline.
Pepper Money offer a relaxed approach to those that do not have a perfect credit report. However, other lenders could still help you. If your current broker has stated that you cannot get a mortgage, I would suggest speaking to a new advisor.
I NEED ADVICE work with experienced advisors that may be able to recommend a new lender that can, regardless of your financial situation.
You may want to check your credit profile in advance, you can get a free trial to view your credit profile with Check My File.
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Conclusion
Pepper Money is a specialist mortgage lender that was launched in 2017 in the UK.
They offer a range of specialist mortgages, including residential and buy-to-let mortgages.
You need to work with a mortgage advisor to access their products.
They focus on taking a more human approach to underwriting to create a positive lending experience.
They cater to individuals who may struggle to get a mortgage with the main high street banks.
When considering if Pepper Money is competitive, you need to look at the total cost over the initial term, including all fees and your future plans.
Pepper Money only offers their mortgages via mortgage advisors. Therefore, you will be unable to get a mortgage direct.
Should you want to speak to an expert mortgage advisor, please click ‘Get Advice’ and complete the contact box, I NEED ADVICE will then match you with a mortgage advisor who understands your situation and can review the whole market and recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
