Pepper money? Anyone have any experience good or bad please

ACG

I think it is taking them 5 working days to assess surveys so you will probably find you get an answer monday/tuesday.

LMCLMC

Thanks ACG Update on the valuation situation: the broker has now reported pepper stating that there is an internal error and they can't get the valuation just yet! What does this mean?

Regarding the offer we have made, have you any experience of the valuers matching the offer price in a situation like this? My next door neighbour has sold numerous houses and she says that every time they buy one, the valuer matches the offer price to the penny. Every single time. Thoughts from anyone would be appreciated x

LMCLMC

Another question if I may

Myself and the hubby are wondering what the valuers are told when they go to value? (We are FTB). Do they get given the offer price and the deposit amount, or do they get told, 'go value this house and see what it's worth'?

Hope i'm making sense!

Ako26

I believe they are more independent as such and just get asked their vie won how much its worth. The deposit is not hi g to do with the valuer pepper just need to make sure it is actually worth the money they are investing. For us our house was valued over 15k above what our offer was x

LMCLMC

Ok thank you ako.

However, we now have more problems! The valuation has come back at £0 as they're stating it is a non-standard construction Airey house, possibly built from pre-fabricated reinforced concrete. So no mortgage lender will touch it. Any thoughts? Would you run a mile? ACG your input would be appreciated x

ACG

Pepper do not accept non standard construction properties.
I wont comment on other lenders as this thread is about pepper but if you are looking at using pepper, then you must have a mortgage broker - so it is probably worth tasking them with finding a lender who may accept you and the property? (sorry if that sounds a bit blunt, but I dont actually know the answer) It is your brokers job to try and find a way forward.

LMCLMC

Thank you ACG, and you were absolutely right about the Monday / Tuesday time-frame for the valuation.

By the sounds of it, we only had two choices of lender, the first one was 'The Mortgage Lender', but we had to change lender as they wouldn't provide the LTV we needed as the house is ex-local authority. Hence we changed to pepper.

It seems the best plan is to run for the hills, but the broker has asked pepper to try to get more info from the valuer. So I'll see what they come back with and update when I can.

ACG

Good to hear.

LMCLMC

quick update, it is definitely concrete build. our broker has come up with a new lender however so we have lowered our offer with the owners and are waiting for a reply. if its a no we will walk away.

LMCLMC

Quick update:

Lower offer was accepted. We are awaiting repair certificates and have a full structural survey taking place tomorrow. We also have a new mortgage application in with a lender who will accept the non-standard. So all seems to be going well at the moment.