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.
Broker Bulletin April 2022 – Rate Change
Forthcoming Rate Change
You will no doubt be aware that the Bank of England recently increased the Base Rate to 0.75%. As a result, Pepper will be increasing the Lender Base Rate to 0.7% with effect from May 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 after Today, April 21st 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 April 21st and an offer has not been produced by April 30th, you will need to do the following on May 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 April 21st, you do not need to do anything and can follow your normal sales process.