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People in our industry talk about ‘specialist lending’. And sure, technically that’s what we do, but ‘specialist’ isn’t how we see ourselves. Ditch the industry chat and our business is simple — it’s just lending for real life.
Ours is a world of individuals – everyone is unique. We help people with unique circumstances into the homes of their dreams. Supporting the self-employed, the entrepreneurs and the buy-to-letters – that’s real life lending.
Pepper Money believe in challenging the accepted. They take a more human approach to underwriting, to build a truer picture and reach a fairer outcome for your customers.
They pride themselves on their ability to look beyond the numbers on a credit score and their specialist team of skilled, mandated underwriters review each case on its own merits.
Their ever-improving range of tools such as Residential & Buy to Let affordability calculators provide a guide of the maximum amount your customer may be able to borrow. Plus, you can identify the right product and documents required for your customer in seconds with their Product Finder and Document Finder.
With broad criteria, competitive pricing and a positive lending attitude, they help you to help more of your customers. From first time buyers and the recently self-employed to those with adverse credit or complex incomes.
Residential
Real life is complicated, but lending doesn’t have to be. Our range of mortgages are designed for those with complex circumstances; for the entrepreneurs, the creatives, the self-employed and those on commission and bonuses.
We can help the first-timers and the re-mortgagers too. That’s more cases, and potentially more business for you – including Shared Ownership, Interest Only and Large Loans.
Self-employed
- Income based on latest year’s accounts (No averaging)
- Profit before tax plus salary used for affordability, for Ltd Company directors with over 25% shareholding
- Minimum of 12 months trading up to 90% LTV
- Most recent years certified accounts OR Tax Calculation (SA302) with Tax Year Overview acceptable as income evidence
Complex Incomes
- Overtime, employment bonus, and commission at 100% (75% for loans over £1m)
- Shift allowance considered up to 50%
- Multiple incomes considered up to 100% (75% of additional incomes considered for loans over £1m)
- Investment incomes considered up to 50%
- CIS contractors are treated as employed, employed criteria applies
Contractors
- Existing Contractors – must have been contracting for 12 months
- New Contractors must have been contracting for a min of 3 months (similar experience in similar role for min of 12 month period)
- Income calculation of up to max of weekly rate x 48
- Current contract must be for a minimum of 6 months, less than 6 months considered on a case by case basis
Credit Impairment
- Allow up to 2 missed payments on each unsecured commitment in the past 6 months
- Arrears under £500 ignored, CCJs under £300 ignored
- Up to 4 missed payments in 24 on secured loans (0 missed payments in 12 months)
- Up to 3 CCJs and 4 defaults in the last 36 months (0 in 6 months)
- Defaults on utilities and telecommunications not considered as adverse credit
- Debt Management Plans accepted
- Previous Bankruptcy and IVA considered – 12 months post discharge
Buy to Let
Make more landlords happy. Our brilliant BTL range features competitive interest rates, helpful fixed-rate deals and generous LTVs. We offer lending on Corporate lets, Student lets and Holiday & short term lets, as well as HMO & MUBs. What’s not to love?
Landlord
- Available to Individuals & Limited Companies
- Max age 80 at application and 95 at the end of the term
- Communications and utilities arrears and defaults not treated as impaired credit
- No minimum income
Portfolio Lending
- No limit on number of properties considered - £5m maximum lending with TML
- Portfolio Multi-Loan product
- Re-mortgage within 6 months of purchase can be considered
- Specialist Portfolio Underwriting team
Expat
- LTV – 75% max
- Available to : Individuals and Ltd Co
Never mind the orthodox
- Mainstream just isn’t us.
- We don’t use credit score cascading or faceless, inflexible processes.
- Yawn. Our understanding underwriters would rather work with you to come up with real answers to real issues.
- And that’s why we call it lending for real life.
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