Secured Loans From Pepper Money Reviews
Discover whether Pepper Money locan rates are a fit for you. Hundreds of secured homeowner products & high acceptance rates!
- Special “broker-only lenders” not featured on the comparison sites with great terms
- Intelligent lending technology & no upfront fees
- Great for clearing other loans/credit cards/existing car credit
- New lender panel for 2021
- High loan-to-value (LTV) with some lenders
- Homeowners could borrow from £10k – £850k
- Keep your existing mortgage with no worries
- Swift & Easy Secured Homeowner Loans – Pre-approval Without Credit Checks
- Sympathetic To Past Credit Issues: We Have Lenders That Accept Virtually All Types Of Credit.Prime, Light, & Heavy Adverse All Considered.
Pre-Decision In Principle Application Form:
A Video Introduction To Pepper Money Services
Overview of Pepper Money For Poor Credit Secured Loans
The Pepper Group originated in Australia, then expanded to open the European HQ for Pepper Money in London in 2012.
Pepper is an intermediary only lender so you will need to work with a mortgage broker or financial advisor to access their range of residential and commercial second mortgage products.
Many of the products offered by Pepper are tailored to unique credit scenarios, where homeowners and landlords are affected by:
- Complex incomes, such as Directors with 25% shareholdings
- Homeowners with a non-established credit profile
- Anyone who is affected by any type of adverse credit
- And those who have recently ventured into self-employment, thus making it more difficult to access finance through a secured loan
Pepper Offer Residential Second Mortgages to Suit Individual Needs
That means, unlike banks and building societies, when your broker or advisor submits your case to the Pepper Team, your application gets a manual review and is manually underwritten instead of using automated credit scoring systems.
Pepper Loans Affordability and Eligibility Criteria
- The minimum age is 21 years old, with an upper age limit for the end of the loan term being 75 years old.
- The maximum number of applicants per application is two. For married couples, and those in Civil Partnerships, the application must be in joint names.
Credit Profiles Considered
- No CCJs or account defaults in the past six months
- No higher than two in the past 7 to 12 months and no more than three in the past 18 months.
- Mortgage arrears are accepted as long as there are no more than two and between 13 and 18 months prior to your application. Arrears in the past six months to a year won’t be considered.
- Defaults on unsecured loans including mail order, utilities and telecoms can be ignored up to the value of £150 per applicant. Note that these do not include missed payments on Debt Management Plans.
- Debt Management Plans are considered, provided it’s been active for at least 12 months. Evidence from your DMP provider of satisfactory payments will be required.
- Property repossessions are only considered if they date back past six years.
What Pepper Can Provide:
- Loans from £25,001 up to £1 Million
- Loans are based on 85% maximum LTV (loan to value) on capital plus interest payments, and 60% max LTV on interest-only repayments. If applying for an interest-only second mortgage, a suitable repayment strategy will be required.
- Repayment terms are a minimum of five years, up to a maximum of 35 years. Keep in mind, the upper age limit to have your loan repaid in full is 75 years old.
- Rates on poor credit second mortgages start at 2.88%
What You Need To Apply
- Evidence of three years UK address history
- 3 years of continuous employment history within the UK
- Proof of income is required, and the minimum income requirement for eligibility is £18,000 per applicant
- Employees on renewing short-term contracts can be considered provided there is 12-months work history with the same employer
- Proof of incomes are flexible and can include 3-months payslips, bank statements, and P60s. For those on zero-hour contracts, 2 years payslips or evidence to show you’ve worked for the same employer for the past two years are acceptable.
Temporary and seasonal workers will not be considered. Only employment that lasts year-round will be acceptable.
In addition to your regular salary, other income top-ups can be considered, including:
- Car allowances
- All bonuses, whether paid weekly or monthly, provided they are regular
- For quarterly bonuses, 50% can be used based on 2-years evidence of bonus payments being produced as evidence of regular bonuses
- Any overtime and commissions paid by your employer will be considered on an individual case basis
For Self-Employed Applicants
- You’ll need proof of 12-months continuous employment with at least 6 months in your current position
- Contractors working on a day rate basis can be considered, based on providing a 12-month continuous contracting history in the same field
- A minimum of one year’s accounts must be provided, along with at least the last three month’s business bank statements
- Form SA302 is accepted
Also note that if you’re a Director with 25% or higher shareholdings, your loan will be underwritten as self-employed.
For applicants who are retired, all private pension payments are acceptable, as are State Retirement Pension (SRP) payments.
Your latest annual pension statement should be supplied as well as your last three months bank statements to show pension credit payments each month.
Other Useful Guides:
- Options For Pensioners 65-85
- Zero Hour Contract Finance
- Government Mortgage Schemes
- Leasehold Property Good Or Bad?
- Near Prime Or Sub-Prime Borrowing
- No Credit History Property Purchasing
- How To Get An Application Approved
- How To Repair Your Credit
- Credit Refinancing Post Divorce
- Remortgage Without The Risk
- Funding Lending Scheme Mortgages
Pepper Secured Loan Representative Example:
Borrowing £27,500 over 10 years at a fixed rate of 3.6% would cost £272.48 per month. To total repayable would be £32,697.20. The total cost of finance: £5,197.20.
For a free, no-obligation quotation, using a soft search only, contact the team at 1st UK Mortgages to find out how we can help you access the finance you need and fast. We have a high success rate and take a personal approach to all of our customers. Some of our partner lenders accept unlimited adverse credit entries.