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.
Lender Announcement
Product Withdrawal Notice
To secure one of our existing products, please ensure you have an agreed Decision in Principle submitted to “DIP Illustration Produced” status by 6pm on Wednesday 12th January, with your chosen product selected.
The Full Mortgage Applications for those cases must be submitted with fees paid by midnight on Thursday 20th January.
We regret that we will not be able to honour any cases that miss these deadlines.
Pepper Money enhance product and criteria
Pepper Money is starting the new year with a series of updates across our product range which are now live, including criteria and rate improvements.
These changes address some critical needs that your advisers’ customers’ may have now, including reducing our requirement of current employment from six to three months. Plus, we now only need two bank statements for a residential customer application rather than three.
We now accept Rental Income as an allowable and standalone income stream for professional landlords with 11 properties or more on Limited Company Buy to Let. We’ve increased our maximum loan to £2m with a max LTV of 65% above £1.5m. Our aggregated exposure limit has increased from £3m to £4m.
Our existing Limited Edition products have all been moved into their respective core ranges. We’ve also expanded our Shared Ownership range to Pepper 24 to help first-time buyer customers with more recent financial events.
Please find our updated product and criteria guides attached.
What’s changing in our Residential range?
- Pepper 60 remortgage product is now available from 2.40%, at 55% LTV.
- We have repriced our Pepper 48, 36, and 24 (including Light) Residential products.
- Minimum time with current employer has changed to three months with six months continuous employment.
- Bank statement requirements are reduced to two months from three months.
- We will now ignore 1 individual utility, communication, or mail order account default up to and including £200.00 (Applicable to Pepper 36 & 36 Light products only).
What’s changing in our Buy to Let range?
- Our Buy to Let range now starts at 2.99%, at 75% LTV on our Pepper 60 tier.
- Minimum time with current employer has changed to three months with six months continuous employment.
- We can now accept Gifted Deposits from the same immediate family list as our Residential range.
- We now accept deposits into the SPV, as cash or property transfer, from another Limited Company.
- Bank statements no longer required where the SPV is newly formed. Financials not required for SPVs formed in the last year.
- We have removed the restriction for the main director to be a homeowner, so now no directors need to be homeowners.
- Maximum Loan of £2m with max LTV of 65% above £1.5m. Aggregated Exposure limit has increased from £3m to £4m.
- Allow Rental Income as an allowable and standalone income stream for professional landlords with 11 properties or more.
- 2 individual utility, communication, or mail order account defaults up to and including £200.00 each ignored (Applicable to Pepper 24 & 24 Light products downwards, but excluding Bankruptcy range products
For any pipeline cases which have already received a DIP on the previous range, the deadline for FMA submission is set as close of business on 20th January 2022.
We’ve made a host of exciting updates!
We’re delighted to have strengthened our existing products with new rates and criteria enhancements across our product ranges.
Our Pepper 60 Residential remortgage product is now available from 2.40%, at 55% LTV. Pepper 60 Buy to Let product now starts at 2.99%, at 75% LTV.
Our Residential criteria update sees minimum current employment reduced from 6 months to 3 months and continuous employment requirement reduced from 12 months to 6 months.
We’ve introduced tracker rates, which are now available for the first time on 2-year options from Pepper 60 through to Pepper 24 product tiers.
We now accept Rental Income as an allowable and standalone income stream for professional landlords with 11 properties or more on Limited Company Buy to Let. Our Maximum Loan has increased to £2m, and Aggregated Exposure Limit has risen to £4m.
There’s a new addition to Affordable Home Ownership, with the expansion of Shared Ownership. Available on Pepper 24, at 95% Loan to Share, for customers with financial events registered as recently as 24 months ago.
With award-winning service standards and a mission to help more people succeed, we’re proud to continue evolving our product ranges to support intermediaries.