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 Updates – 11th July
Please find below a notification of repricing of all fixed rate products in our Standard and Limited Company Buy to Let ranges.
Changes are as follows
Flat Fee Products Withdrawn
Percentage Fee increased across the ranges
Initial Rates increase across the range
Updated Product Code Directory attached with products to be updated highlighted in orange.
Launch timelines are as follows:
Launch to market at 9am on Monday 11th July
Brokers will need to have completed a Decision in Principle and progressed it to the “DIP Illustration Produced“ stage with their chosen product selected, by 5.30pm Sunday 10th July
All Full Mortgage Applications (FMAs) for our current product range should be fully submitted, with fees paid, by 5.30pm, Thursday 14th July
Broker Bulletin July 2022 – Lender Base Rate Change.
Following a review, Pepper will be increasing the Lender Base Rate to 1.20% with effect from August 1st, 2022.
How does this affect Sales I have made or will make?
1. If your customer has already received a Mortgage Offer from us, then you need do nothing. Where applicable, we will write to the applicants advising them of the pending Lender Base Rate change.
2. If you have produced a Mortgage Illustration (ESIS) on our system from 20th July then you need do nothing, the ESIS will have the correct Lender Base Rate
If you have produced a Mortgage Illustration (ESIS) on a VARIABLE or DISCOUNTED product prior to July 20th and an offer has not been produced by July 31st, you will need to do the following on August 1st;
- Go to the quote screen in our SWAN system and REQUOTE;
- Then SELECT your product;
- For cases already sent to Pepper, e-mail your newly selected ESIS to [email protected] quoting the application number in the subject line, as well as sending the new ESIS to your applicants.
- For cases that you have not sent to Pepper you will need to send the ESIS directly to your applicants.
5. If you have made any sales or produced a quote since 20th July, you do not need to do anything and can follow your normal sales process.