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.
Pepper Money launching into the First Homes Scheme
Pepper Money is pleased to be introducing the governments First Home Scheme. This gives first time buyers the chance to purchase a new build property at a significantly discounted rate off of the market value
The scheme is a natural extension of our current Right to Buy and Shared Ownership ranges which helps support hopeful homeowners find their way onto the housing ladder.
We will have our Pepper 24, Pepper 36 and Pepper 48 products to support this scheme.
The update to the system was completed last night so all products are available now. The broker community will be aware that the products are live.
Forthcoming Rate Change
Following a review, Pepper will be increasing the Lender Base Rate to 4.95% with effect from August 1st 2023.
How does this affect Sales I have made or will make?
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.
If you have produced a Mortgage Illustration (ESIS) on our system from 25th 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 25th 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.
If you have made any sales or produced a quote since 25th July, you do not need to do anything and can follow your normal sales process.