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.
Update on our rates
We will be implementing a product update overnight. We communicated the withdrawal of our current range to brokers yesterday and the cut off for DIPs is 5pm today. The FMA cut off is by midnight on Monday 5th June.
What’s changing:
We’ve repriced our entire range with Residential rates starting from 6.74%, Shared Ownership rates starting from 8.19%, Help to Buy rates starting from 8.19% and Right to Buy rates starting from 8.99%.
Why now?
Following our recent product enhancements and rate reductions, we need to make further changes across our entire range because of movements in the macro environment.
With the recent changes in the swap markets, we’re increasing our rates to align with market volatility and competitor movements. These changes have been put in place due to market fluctuations last week but with the intention being a short-term adjustment until we see greater stability in the swap rate market.
On more positive news, our range remains the same with no changes made to our product offering.
When did we communicate these changes?
Launch communications were sent out Today at 10am. This is just my personal email keeping you in the loop if you did not get the other comms.
Disponer Certificates
We are starting to see a number of Mortgage Deeds being sent to us to complete where the Disponer Certificate is missing or does not have the correct wording. This is delaying completion and causing frustration for your customers.
The need for a Disponer Certificate should be evident to you if you request the Land Registry search directly and you will be advised normally within 24/48 hours of the case being worked by your Pepper team. The wording on a customers Land Registry will be similar to the below:
“No disposition of the registered estate by the proprietor of the registered estate is to be registered without a certificate signed by a conveyancer that the conveyancer is satisfied that the person who executed the document submitted for registration as disponor is the same person as the proprietor.”
A Disponer can only be sought when the Mortgage Deed is being signed therefore any application where it is required will have this as a condition of the Offer.
Where a Disponer Certificate is required for Land Registry you need to ensure the following:
- The Certificate must be written on the Solicitor’s headed paper
- The Solicitor’s signature should be in wet ink and have the full name including position of the Solicitor signing it , It cannot be signed with the firm’s name or signed by a member of the conveyancer’s staff (i.e., PP’d)
- The Solicitor should be a member of the SRA and it helps if their membership number is stated
- It must have the wording as shown in our example below