Pepper Money - refund of valuation fee

Stephiedoodle182

Hi

In urgent need of advice - we had our mortgage application out in a couple of weeks ago.

Pepper Money have asked for additional bits such as a gifted deposit confirmation letter, proof of rent payments, an oz of blood etc!

We paid our fees on 25th jan but today, they have refunded our valuation fee. According to our broker, the valuation fee is refundable up until the point they do it.

Does this mean we’ve been rejected but haven’t been told yet?

Thanks - freaking out in advance!

amnblog

This is not uncommon and Lenders refund when they have stopped processing the case.

DO NOT PANIC however as most often this is the Lender’s team taking action before the Broker has had a chance to manage it through.

Occasionally, because they cannot get the valuation booked for some reason.

There is every chance your Broker will resolve this next week and get the case back on track.

Certainly in the last few cases I can remember from our case load with a similar situation, the Offer was later produced.

Stephiedoodle182

Thanks so much for coming back to me!

I did wonder if it may be to do with access as the estate agent is Purple Bricks and they have been a nightmare to pin down for surveyor access/additional viewings etc.

Would this being stopped negatively affect our credit rating? I’m just cross that we haven’t heard anything and just woken up to the money back in our account and on a Sunday of all days when we can’t get hold of anybody.

Our credit rating has had issues over the years (the odd missed payment) but nothing serious, never had any CCJs, bankruptcies or IVAs. We have a 22% deposit and more than enough income to cover the repayments. So frustrating!

[Deleted User]

Sometimes the lender doesn't want to hold the valuation fee for too long so they refund it and take it later.
25th Jan to now doesn't seem that long though, I have had cases take weeks and weeks to get to valuation point with pepper and client hasn't been refunded.

So it's not time to panic yet, more info needed from broker tomorrow before you know which direction to go in.
There will be other lenders though even if it doesn't work out

amnblog

Why Pepper if your credit issues relate to a ‘few missed payments’?

Stephiedoodle182

So our mortgage adviser tried other lenders first who wouldn’t likely offer to us. My credit situation is one or two missed catalogue account payments in last two years and husbands was about 3 missed payments on mobile phone contract but our credit scores are lowish (520-560/700).

Our advisor offered pepper and I guess because our situation isn’t particularly dire, we didn’t think we’d have an issue.

[Deleted User]

Credit scores are meaningless. It's the hard data that's important and a few missed payments don't quite sound enough to get you off the high street rates

For instance, I placed someone with 3 defaults and a few missed payments with Barclays recently. Another with a payment arrangement on a loan with Halifax, Accord are fairly good for credit blips as well. Last year I took a case off another broker who got declined by pepper and I stuck it with Halifax.

You've obviously got a decent deposit as pepper need 15% I think.
It might be worth a 2nd opinion from another broker before you are asked to pay yet more fees if a change of lender is needed.

Of course, it all depends on a deeper look at the case to say where you will end up. But the quality of advice you get can vary wildly depending on broker experience and even how much energy they've got that day to faff around 20 lenders rather than just sticking with the easy option.

ACG

It sounds like Pepper have declined you.
That does not mean it can not be overturned but it does not look great.

Pepper for a few missed payments and then on the face of it declining you makes me think your adverse is worse than you think or there are other issues to overcome or your broker is maybe not experienced in complex cases.

Gemsi84

Stephiedoodle182 said:

Thanks so much for coming back to me!

I did wonder if it may be to do with access as the estate agent is Purple Bricks and they have been a nightmare to pin down for surveyor access/additional viewings etc.

Would this being stopped negatively affect our credit rating? I’m just cross that we haven’t heard anything and just woken up to the money back in our account and on a Sunday of all days when we can’t get hold of anybody.

Our credit rating has had issues over the years (the odd missed payment) but nothing serious, never had any CCJs, bankruptcies or IVAs. We have a 22% deposit and more than enough income to cover the repayments. So frustrating!

Our valuation fee has been refunded today too- on a Sunday!!! What happened with yours in the end? 

MovingForwards

@Gemsi84 the OP hasn't been back since February.