Pepper Money

Simplyhoping

Hi,
Our broker has recently submitted an application to Pepper Money.
They’ve contacted our accountant to get a reference.
I’m just wondering whether anyone has had this happen and whether this is a good sign?

ukri

It’s how the process works. Not a good or bad sign I suppose.

Simplyhoping

Ukri, thank you for your reply.

ACG

If they have looked at your application and are requesting more paperwork, that means they are not declining your application. 
If the reference stacks up, it would seem quite promising. 

Simplyhoping

That’s great...thanks ACG

Simplyhoping

All of our documents are satisfactory and a valuation has been instructed. So I’m hoping, as the property is a new build, this should go through ok. Is this normally the last hurdle?

ACG

They usually only instruct the valuation when they are 99% happy. 
If they only want a reference and you are comfortable that will be forthcoming and say what you expect it to say then yes the last step is the val and you will be fine (assuming it comes back ok). If it does not come back ok, then it gives you the opportunity to renegotiate or worst case scenario - you are good for the money, it is just the property that is not so would just be a case of finding a new place. 

Simplyhoping

Thanks so much for your reply ACG. A huge help and allow me to sleep a little better. The reference was absolutely fine from the accountant. So fingers crossed!

trenewth

I dealt with Pepper Money on my last mortgage. The paperwork is endless. They require their own solicitor (which we had to pay for) and it took six months for our purchase to go through due to their endless checking and delays. That being said, they gave us a mortgage at a decent rate and my then wife was self employed. We exchanged one day before our mortgage offer ran out. Squeaky bum time as Sir Alex Ferguson put it.

ACG

trenewth said:

 They require their own solicitor (which we had to pay for) 

Thats not quite true. 

They have a panel of firms who they will accept. The panel is not the biggest, but there must be 100+ firms on there I would guess. 

If you do not want to use one of those firms then yes, you will also need to pay for Peppers solicitors. 

Simplyhoping

Thanks for your posts everyone.
It looks like our solicitor isn’t on their panel. 

Do you have any idea how much this will cost to pay for Pepper’s solicitors?
We would change our solicitor but they’ve already done the searches so we’re tied now I think.