Initiative set to shorten the process duration by as much as 15 days
Pepper Money has introduced a new feature for its second charge mortgages, named Payout Before Consent, which allows the lender to release funds to customers when awaiting consent from the primary mortgage lender is the sole remaining requirement.
This initiative builds on the firm’s previous introduction of Offer Before Consent, aiming to significantly expedite the mortgage application process.
By implementing Payout Before Consent, Pepper Money expects to shorten the period between application and completion by as much as 15 days.
If consent is the only outstanding item and the account is not in arrears, the specialist lender will be able to release funds before receiving consent from the following lenders: 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, and Yorkshire Building Society.
“The launch of Payout Before Consent is the latest enhancement to Pepper Money’s second charge mortgage proposition, which continues to go from strength to strength,” said Ryan McGrath (pictured), second charge sales director at Pepper Money. “Where a customer’s first charge mortgage is held with one of the 21 approved lenders, we’ll be able to reduce the time from application to completion by up to 15 days, providing even faster access to funding.”
This latest enhancement, which follows rate reductions and the launch of e-signatures earlier this year, will speed up the second charge mortgage process and provide brokers with greater certainty in helping their customers to achieve their financial goals.
“Consistently delivering outstanding service is a core focus for us at Pepper Money,” said McGrath. “We work with a closed panel of intermediary partners with whom we build close working relationships to ensure the best possible customer results.”
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