Brilliant Solutions

Pepper Money Update

Here is the latest update from Pepper Money.  You can access Pepper Money products through our direct to lender mortgage club and get the benefits of payment on completion. You can also use our Fees Free Mortgage Packager

Product Withdrawal Notice

We’re writing to advise you that we’re making improvements across our product range. These changes will be implemented: 

  • Overnight on Tuesday 9th January 

If you do wish to secure one of our existing products, please submit your Decision in Principle to “DIP Illustration Produced” status with your chosen product selected by: 

  • 5pm on Tuesday 9th January

Full Mortgage Applications for this withdrawn range must be submitted with fees paid by:

  • 5pm on Tuesday 16th January

Submit an application >

If you have any queries or need any support, please contact our team who are on hand to help you on 03333 701 101

We are reducing over 400 rates across our Residential & Affordable Homeownership ranges

The sun is out, its fresh… its bouncing, what more could we ask for… Well…

We’re pleased to announce that we’re reducing over 400 rates across our Residential & Affordable Homeownership ranges. The new rates were launched last night ready for today.

Key highlights of what’s changing:
  • Lowest rate available is 5.84% on Pepper 48 Light and Pepper 36 Light 5 yr fixed rates up to 75% LTV
  • Highest reductions of 0.98% on Pepper 18 5 yr fixed rate 80% LTV 
  • Highest reductions across our 80% LTV products
  • Reductions across our Limited Edition 3 yr Fixed rates  
Why:

The range aims take advantage of recent swap movements to improve competitiveness, positioning Pepper as one of the leading specialist lenders for rates and hopefully garnering more volume.   We really want to start 2024 positively.

When will we communicate these changes:

The launch communications will be distributed to brokers this morning, Wednesday 10th January, along with the PCD.

One in two people who miss payments on unsecured credit go on to default

Pepper Money recently launched the seventh edition of our Specialist Lending Study in partnership with YouGov. They surveyed more than 6,000 UK adults, indicative of a demographically representative sample of the British adult population.

In case you missed it, it was uncovered that 15.16 million people have a history of adverse credit – missed credit payments, Defaults, CCJs, unsecured arrears, secured arrears or entered a DMP. 

Key findings highlighting levels of unsecured debt
  • 49% of people who’ve missed one credit payment say have then gone on to miss further credit payments.
  • 45% of people with adverse credit say their use of Buy Now Pay Later credit has increased in the last year. 17% say it has increased a lot.
  • 30% of people with adverse credit have unsecured debt of more than £5,000. 17% have unsecured debt of more than £10,000. 9% have outstanding debts of more than £15,000.
  • 43% say their level of debt has increased in the last year.
  • 36% of people with adverse credit are concerned that their level of debt will impact their ability to get a mortgage in the future.

One way customers can get on top of their debts is by raising capital with a remortgage to pay off the separate balances, consolidating them into additional borrowing secured against their property.

Restructuring finances requires careful consideration of the risks involved, as it may increase the overall amount that is repaid, however, it can also prove to be a vital lifeline for households struggling in the current environment to reduce their monthly costs.

To find out more about how you can support your customers in the challenging economic environment, discover the full insights of the Specialist Lending Study.

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