Your guide to Pepper for intermediaries

With the rising demand for houses in the United Kingdom, a lot of mortgage companies are competing to partner with mortgage brokers or intermediaries. Home loan providers such as commercial banks, credit unions, and mortgage lenders have created intermediary-only platforms to better serve mortgage brokers and their clients. These lenders showcase their tools and products through their easy-access online hubs where intermediaries can register and create accounts. 

In line with this, Pepper for intermediaries has an exclusive website for mortgage brokers in the UK where the latter can view everything that Pepper offers. They call this their ‘dedicated service for intermediaries’. In this online page, mortgage brokers are free to compare mortgage rates and other crucial information regarding Pepper’s property loan products. They can also track the progress of their clients’ mortgage applications and upload all the necessary documentation. 

In this article, Mortgage Introducer will discuss all that you need to learn about Pepper for intermediaries’ mortgage offerings. We will help you get to know this mortgage lender to see if your clients fit their eligibility criteria. You can also review their available home loans and share them with your prospects. 

Introduction to Pepper for intermediaries 

Pepper Money is the trading name of Pepper Money PLC. It is regulated by the Financial Conduct Authority (FCA) and is registered to operate in Cardiff. 

Pepper Money is registered to provide retail banking services in the UK. Here are some of the products that they offer: 

• credit cards 
• savings accounts 
• loans 
• mortgages 

Pepper Money also offers two types of insurance: 

• home insurance 
• life and critical illness insurance 

How does Pepper Money support intermediaries? 

Pepper for intermediaries supports their partner brokers by providing access to their exclusive online platform. Here, you can view Pepper Money’s mortgage products, downloadable files, guides, and other helpful tools to make your clients’ mortgage application straightforward and hassle-free. 

Affordability calculator 

If you want to search for the right mortgage product for your clients, you can use Pepper for intermediaries’ affordability calculator. You can compare their mortgage solutions based on your clients’ income and type of borrowing, as well as: 

• income and type of borrowing 
• initial product interest rate 
• home loan type 
• loan term in months 
• loan term in years 
• estimated property value and/or purchase price 

Here is a video on how to work out your clients’ mortgage affordability: 

Pepper for intermediaries has numerous tools to support mortgage brokers and their clients who wish to apply for property loans. This is why even the top mortgage intermediaries in the UK benefit from working with Pepper Money. 

Mortgage Illustrator 

You can create and print mortgage illustrations for your clients with Pepper for intermediaries’ Mortgage Illustrator. However, Pepper Money will only accept dealings with mortgage brokers who have signed terms of business with them. 

Case Tracker 

Would you like to stay up to date with the progress of your clients’ mortgage application? You can use Pepper for intermediaries’ Case Tracker tool. You can also upload supporting documents on your clients’ behalf. Once you apply (for your clients) to secure a mortgage with Pepper Money, you should receive an email to confirm receipt. 

Pepper will usually provide updates within 48 hours of the case being submitted. 

Pepper Money for intermediaries will also send you an email when your clients’ application reaches key stages in the mortgage application process. The same is true if Pepper requires additional or outstanding information from your clients. 

How to use Pepper’s case tracker 

To use Pepper Moneys’ case tracker, register via their online application system and apply for the mortgage product that fits your clients’ needs and financial capacity. The case tracker is built into Pepper for intermediaries’ online application system. As such, intermediaries can use the same login details to track their clients’ application status. 

You can upload supporting documents via case tracker with only the account that you use to submit your clients’ mortgage application. 

Borrowers with low credit scores 

For borrowers who do not have the expected credit score to get the usual mortgage deals, Pepper Money can help. They will look at a client’s mortgage application on its own merits. They can also assist those who are unable to fulfill their loan payment obligations. 

Many factors can make credit scores ‘bad’ or ‘poor’ in the perspective of banks or mortgage lenders. Borrowers with vague credit histories are most likely to be placed under this category. However, there are other reasons why one’s credit score is low. Some of the most common reasons are:  

• missing payments on a loan 
• failing to pay loan obligations in time 
• being neck-deep in debt 
• having been declared bankrupt or insolvent 
• having been served a County Court Judgement (CCJ) 

Agreement in Principle by Pepper for intermediaries 

A mortgage Agreement in Principle is your clients’ initial step to securing a property loan. This can let you know whether a mortgage lender—such as Pepper Money for intermediaries—can lend the money that your clients need to borrow. Learn more about a mortgage Agreement in Principle after watching this video: 

Pepper for intermediaries will only accept business from mortgage brokers who already have signed agreements with them. If you fit the bill, you can use Pepper’s Agreement in Principle tool. As for your clients, they can apply if they are: 

• residents in the UK who are 18 years old and above 
• residential mortgage clients looking for Pepper Money’s Capital & Interest mortgage products 

Pepper for intermediaries’ Agreement in Principle tool is only available for those who use sterling income or assets only to repay the mortgage. This is also exclusive for residential properties in the UK, except for Northern Ireland. 

How long does it take to complete? 

The process for Pepper Money’s Agreement in Principle should take around five to ten minutes to complete. They will ask about your clients, their income, and regular spending. Pepper will also undertake a soft credit search about them. This won’t have an impact on your clients’ credit file. 

The information you share will help Pepper Money decide on an agreement in principle in the amount your client wishes to borrow. If your client then decides to apply for one of Pepper’s mortgages, the bank will require more detailed information about your client’s circumstances. 

A mortgage Agreement in Principle should not be treated as a guarantee that your clients’ mortgage application will automatically be accepted by Pepper. This should serve as a helpful tool that can provide you with an estimate about the amount that Pepper for intermediaries can lend. 

Pepper for intermediaries’ eligibility criteria 

For Pepper Money’s Buy to Let eligibility criteria, we will start off with the age limits. Pepper will accept applications for Buy to Let mortgage so long as your client is 75 years old at the end of their mortgage term. As for the minimum age limit, your clients must be at least 18 years old. 

Here are other requirements set by Pepper for intermediaries for their Buy to Let applicants: 

• must have lived in the UK for at least three years 
• must not exceed a maximum of two applicants 

Pepper for intermediaries will only allow portfolio landlords if they are requesting a remortgage with no additional borrowing. Buy to Let applicants who are first-time landlords and first-time buyers will also be accepted.  

As for property ownership, your clients do not need to be an owner-occupier if they wish to apply for Buy to Let mortgages with Pepper Money. 

Unacceptable mortgage applications 

Pepper for intermediaries will not accept Buy to Let mortgage applications for properties with a house in multiple occupation (HMO) licence and from the following applicants: 

• professional landlords 
• limited companies or trusts 
• landlords where there is evidence of a poor credit history such as county court judgments, defaults, or arrears on any loan 
• landlords who have ever been bankrupt or subject to an Individual Voluntary Arrangement (IVA) 
• landlords who do not have permanent rights to reside in the UK 
• landlords who already have more than eight Buy to Let properties 
• landlords who are residing abroad 

Pepper for intermediaries’ mortgage products and services 

Pepper for intermediaries has many property loan products for various client types. They also accept mortgage applications for both simple and complex cases. Here is a list of their mortgage offerings: 

• Fixed rate mortgage 
• Buy to Let mortgage 
• Offset mortgage 
• First Time Buyers’ mortgage 
• Professional mortgage 

All these are available for new applicants. Pepper Money for intermediaries also accepts product transfers. Their mortgage solutions’ loan-to-value (LTV) ratios can be as high as 90% or as low as 65%. 

Watch this video to understand what LTV is in terms of mortgage deals: 

Find out the latest figures from all the top mortgage lenders such as mortgage rates and their LTV percentages in our guide to current mortgage rates in the UK. You can also visit this weekly for new updates. 

Why work with Pepper for intermediaries 

Working with Pepper for intermediaries is a positive move not only for your career as a mortgage professional but also for your clients. Their wide range of competitive mortgage products and helpful tools are just some of the many benefits that their partner intermediaries can enjoy. 

Overall, if you are searching for the best mortgage lender for your clients, you can try exploring Pepper Money for intermediaries’ services. However, you can still look at other mortgage providers intermediary-only platforms.  

To help you with this, here are other guides to lending companies that you might be interested in: 

• NatWest for intermediaries 
• Barclays for intermediaries 
• HSBC for intermediaries 
• Nationwide for intermediaries 
• Accord for intermediaries 
• Coventry for intermediaries 
• Leeds for intermediaries 
• Skipton for intermediaries 
• Aldermore for intermediaries 
• Precise for intermediaries 

What do you think about this guide to Pepper for intermediaries? Feel free to share your insights in the comments section below.