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.
Easter Opening Hours
We would like to take this opportunity to remind you of our opening hours over the Easter holiday period;
28th March = 9am – 5pm
29th March – 1st April (Good Friday to Easter Monday) = Closed
We will then return to normal hours Tuesday 2nd April 2024.
For commission payments during the Easter period, please see the detail below;
- Commission and Fees due for completions from Thursday 21 and Friday 22 March will be paid as normal on Tuesday 26 March.
- Commission and Fees due for completions from Monday 25 March to Wednesday 27 March will be paid Thursday 28 March. Funds will clear late in the afternoon, rather than first thing.
- Commission and Fees due for completions from Thursday 28 March will be paid Tuesday 2 April. Funds will clear late in the afternoon, rather than first thing. This will also include any completions over the Easter period.
- Commission and Fees due for completions from Tuesday 2 and Wednesday 3 April will be paid as normal on Thursday 4 April
Payout Before Consent.
Thanks for your amazing support throughout February in what was a record month for Pepper.
We’re already quick, but we’re about to get even quicker. From today, we’ll Payout Before Consent across all product ranges.
This change will reduce the time it takes for customers to receive their loan, and you’ll receive your broker and procuration fees sooner. Plus, we think the quicker a loan completes, the more likely it is to complete. So, this change means you’ll see improved conversion, more satisfied customers, and better returns.
The first mortgage lender must be in the list of twenty-one we’ve identified for an application to qualify, and the account must not be in arrears. You’ll need to provide an acceptable Consent or Declined Consent within 30 calendar days of completion or we’ll consider clawing back the procuration fee paid to you. However, we’ve carefully selected the first charge lenders, so we don’t envisage having to clawback often.
For an application to be eligible the first mortgage lender must be listed below:
- ACCORD MORTGAGES
- BANK OF SCOTLAND
- BARCLAYS
- BIRMINGHAM MIDSHIRES
- CLYDESDALE BANK
- COOPERATIVE BANK
- COVENTRY BUILDING SOCIETY
- HALIFAX
- HSBC
- KENSINGTON MORTGAGE COMPANY
- LEEDS BUILDING SOCIETY
- LLOYDS
- NATIONWIDE
- NATWEST
- *PEPPER MONEY
- ROYAL BANK OF SCOTLAND
- SANTANDER
- SKIPTON BUILDING SOCIETY
- TSB
- VIRGIN MONEY
- YORKSHIRE BUILDING SOCIETY
* If the Pepper Money mortgage is a normal UKMLL registered charge, has an LTV of less than 85% and been running for longer than 6 months with a clean payment history, we’ll be able to payout before Consent. If Engage Credit is on the Land Registry, we cannot offer payout before Consent.
If ‘max libs’ confirmation is required, we still need it BEFORE we Offer.
If Consent is declined prior to completion, the case will be declined.
Please find attached some helpful FAQs and our updated Packaging Guides which should answer any questions you may have.
Lastly, we will apply Payout Before Consent to pipeline cases. We’ve already identified those who qualify, and we’ll be moving them through to completion over the next few days. Please resist the temptation to contact us with your cases as you will slow us down on your other cases. Thanks in advance for your understanding on this.