Pepper money? Anyone have any experience good or bad please

Ako26

Keep on at the solicitors they take so much time it's hard. I had a date for completion and it got to the day before and moved becaus eof little things

Happyme7

Ako26
Yeah ive been ringing them every single day and sometimes they can be quite fuuny with me but i think i dnt care at the end of the day im paying them and want it doing as soon as possible! Il get my partner on at them again today lol:rotfl:

Maverick_TF

Update from my side guys, full Mortgage app was completed yesterday so now playing the waiting game to see if we are accepted or not.

I do have a question for all the folk who were accepted by Pepper, and if this is too personal a question then do feel free to ignore, but what was your bank balance situations like when you did your application?

I only ask as I have had a couple of tight months recently due to paying off a holiday on the credit card etc and i don't have a huge amount in my account at the time of application, will this affect the application at all?

My wife is just in a massive panic about everything at the moment as we have paid our upfront fees etc and have our hearts set on the house we have had an offer accepted on, we just really want all this to go through.

In terms of CCJ's etc, again i only have one on file which is paid off and actually drops off my credit file in August 2020.

Any input or feedback would be greatly appreciated.

Thanks guys

MortgageMamma

I do lots of debt consolidation cases with Pepper, and bank balances (unless consistently below the level needed to survive) over the short term aren't an issue generally.

However, if you've constantly got a negative balance in your account, or a very low balance say less than £100 for 3 weeks out of every four the underwriters can be a bit picky. They can also be quite rigid if you constantly exceed your overdraft limit or see a lot of returned DDs

nicrat

Hi guys


First time posting so i hope this is ok!



Just wondering if anyone has ever remortgaged with Pepper Mortgages. I have been offered a fantastic deal from them through a mortgage advisor. I have to pay an upfront fee of £535 for application and valuation. I understand that this is unavoidable, but on reviews i have read, people have commented that their house has been undervalued and lost their valuation fee. Has anyone had any experience in regards to this?

Ako26

Just the normally a couple of hundred pounds.

PEPPER actually valued my home 12k more than we purchased it for.

Rs2019

We are in the process of remortgaging with pepper. They have satisfied all documents etc and we have a valuation booked in for Friday .... I am nervous about it! I asked my broker if there was anything I needed to do and they said no, they just look at the building etc. As far as I know, they then write a report and send it to pepper and as long as it’s ok then the process continues. Fingers crossed 🤞

Kristatg

Hi all,
I have been reading all your stories and wanted to share and get some advice.
I have a poor credit and wanted to buy a home. I found a MA and we spoke and 2 day later he comes back with a MIP through Pepper. I was so excited. Went and found my new house and the offer was accepted. :j I was suggested a solicitor that was on Pepper's solicitors panel. I have paid them to start their searches. I went to see my MA today and supplied all my bank statements, ID, payslips, letters from any benefits that I get. I have also paid them their fee and valuation fee. I am now worried what if I don't get accepted for a mortgage? Also I am putting a 30% deposit down so how can I protect this money as I don't want to pay this and then find out mortgage isnt accepted. Thanks for any advice you can give.

MortgageMamma

nicrat wrote: »

Hi guys


First time posting so i hope this is ok!



Just wondering if anyone has ever remortgaged with Pepper Mortgages. I have been offered a fantastic deal from them through a mortgage advisor. I have to pay an upfront fee of £535 for application and valuation. I understand that this is unavoidable, but on reviews i have read, people have commented that their house has been undervalued and lost their valuation fee. Has anyone had any experience in regards to this?

Your mortgage adviser should be reassuring you about this. When a lender takes a valuation fee, you have the choice to not do the valuation until the initial underwriting is done, so if your case doesn't stack up initially then you get your money back. If your property is undervalued you can challenge it if you can find comparable properties that have SOLD (i.e. not just up for sale, actual sold prices) within say half a mile or so of your home. Its not always successful but it can be done occasionally. A down valuation is a real problem if you are at the top end of the loan to value bracket for that particular lender. i.e. if their maximum allowable loan to value is 85% and the mortgage you need is 95% of the property value then you are snookered.

If your product is a low loan to value say 60% loan to value, and you need 80% loan to value, the lender will just change the product if its within their maximum range.

I know its a time when you will be feeling vulnerable and anxious as £550 is a lot to part with on a what if basis, but just relax and make sure the valuation isn't carried out until the initial underwriting has been done, speak to your adviser about this. They should have told you.

MortgageMamma

Kristatg wrote: »

Hi all,
I have been reading all your stories and wanted to share and get some advice.
I have a poor credit and wanted to buy a home. I found a MA and we spoke and 2 day later he comes back with a MIP through Pepper. I was so excited. Went and found my new house and the offer was accepted. :j I was suggested a solicitor that was on Pepper's solicitors panel. I have paid them to start their searches. I went to see my MA today and supplied all my bank statements, ID, payslips, letters from any benefits that I get. I have also paid them their fee and valuation fee. I am now worried what if I don't get accepted for a mortgage? Also I am putting a 30% deposit down so how can I protect this money as I don't want to pay this and then find out mortgage isnt accepted. Thanks for any advice you can give.

I don't think your mortgage adviser has explained the buying process to you. You don't need to give your mortgage deposit away until you have a formal mortgage offer in place and all the legal processes have been done - this is known as exchange of contracts , the point when you are contractually obliged to buy the property. This link may help fill the gaps your mortgage "adviser" has left. Remember you went to his adviser for advice not just for them to find a product for you and assume you'll find the rest out for yourself!

https://www.moneyadviceservice.org.uk/en/articles/money-timeline-when-buying-property-england-wales--n-ireland