Pepper money? Anyone have any experience good or bad please

All_is_well

Hello All,

Thanks to all for really helpful and useful step by step detailed guide for their own application.
I had my full application on beginning of feb,and had valuation carried out.
received mortgage offer,have signed and returned copy to pepper.
Solicitors have received mortgage offer but still waiting on deed from pepper.
Hopefully not long from now on.?

Have asked my solicitors to do exchange and completion on same day.they replied as long as vendor is fine-we can do it.
How long from now on ? all the searches came fine.
any suggestions will be appreciated guys.

Ako26

If it helps my searches came back first week Dec and we exchanged and completed in feb

All_is_well

Hi Ako26,
thanks for responding.So, my property search result came back mid April, so expect 4-6 weeks from now on.

Ako26

Sorry Mt property search was Nov early my local searches were beg Dec and completed Feb

Maverick_TF

Hey guys,

it's been a while but wanted to check in and also ask for anyones experience on a few things

So first of all, we were offered a Mortgage much to my relief!!! However it was only a 3 month offer so expires on 16th August 2019.

The problem with this is, the people we are buying from are moving to a new build which won't be ready until December, so they have arranged to stay in an Air BNB from mid September on the fact that our Estate Agents have told them we will be able to get a month extension.

Now, our Mortgage Advisor did say we could probably get an extension but they are never guaranteed and Pepper can't commit to an extension until a week before the offer expires!

Has anybody here had to get an extension from Pepper? If so please let me know as we are having kittens about this, we don't want to force the family out as they have 2 young kids, but at the same time if they had sorted this new build out earlier when we made our offer this wouldn't have been a problem as they originally told us they wanted a new build then said they couldn't commit to the sale so missed out on the initial house they wanted, they then changed their minds after agreeing another £5k on asking price and then finally put a deposit on another new build.

Please tell me Pepper are good with extensions

Ako26

Hey I didn't want to read and run. Iv no experience with extensions but personally I wouldn't risk it.. My thoughts are someone else at pepper may review file an decide no and not to have agreed with the first one.

Sarah_Yorke

Hi Guys!

Sorry! I’m new to all this. We have been trying to arrange a remortgage for some time now. Declined at the last minute by Halifax - I have 2 defaults and am finding it very difficult.

We have applied with Pepper Money. AIP and submitted the full application on the 12th June. On this day they took £590 from our account. £135 application fee and £455 valuation fee. Why was this taken immediately as they haven’t fully approved the application? Surely this won’t be payable if the mortgage is declined? They have requested information since, bank statements, company accounts etc and not heard anything since. It’s 3 weeks this coming Wednesday, should I be worried?

Thanks in advance guys! PANICKING and just want to get the go ahead ASAP.

[Deleted User]

Smaller lenders take more upfront costs as they cant afford to absorb the costs of the application not going through. Big lenders do thousands a day so can offer more for free as making money elsewhere

Check your KFI/ESIS and it will tell you if costs are refundable or not. Usually you can request the valuation be put on hold with the lender if you dont want to risk losing money.

I havent used Pepper for ages but others dont tend to instruct the valuation until the underwriter has a good feel for the case and is confident of it going through minus tidying up some documentation sometimes

ACG

The £135 is a non refundable application fee. If they decline your application you have lost that money.

The valuation fee will get refunded if they declined your application and the valuation has not been carried out.

We submitted a case earlier this year to a different lender and they charged a non refundable application fee of £150. I made a mistake when researching the application and so I refunded the £150 back to the customer as they had been completely honest and it was my mistake. Had it just been one of those things where it was declined due to underwriters discretion, I would not have refunded that fee.

The worrying thing is that it has been taken and you have no idea why or that it would be done. You should have read the illustration and had it explained to you really.

Pepper are pretty good in the main though so I would not worry too much if your broker has done a good job, we have a good relationship with them - infact I am doing some testing on their new system for them tomorrow (sunday! dedication to the job there!).

Sarah_Yorke

Thank you both so much for your feedback. It’s greatly appreciated. I have been (still am) a nervous wreck given the knock-backs we’ve already had. We’ve been trying since March and this is our 3rd application. I was just cautious as they took the valuation on day of application so thought that was a little weird? In your experience ACG do many applications decline after an AIP? They had asked why my husband has a DD for £500 To HM Revenue. This was for a large tax bill last year which we set up an arrangement for. Is this likely to cause problems moving forward? They also asked why there are regular transfers from his account to mine? I explained that he works away and he regularly sends me payments. Is that a problem? Just bizarre that they would ask such a question? Thanks so much for all your help! Sarah