Pepper Money

ACG

The searches can be sent to another firm. 
Speak to your firm and just explain that they are not on Peppers panel and ask if they have anyone they work with who is on panel.

nikkiknowsnow18

Simplyhoping said:

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?

How long did it take for the valuation and Have you been offered / completed yet? 

Willow226

Hi ACG - I wondered if you could give me so guidance on pepper money. My application was submitted today, I was also asked for the valuation fee and my broker has instructed my solicitor. The broker has said that we should hear something tomorrow or the next day from them regarding a decision… however my reading the threads on here I seem to think it will take much longer as the valuation needs to be done before the mortgage offer will be given… is that right? Can I also ask… do you often see a full mortgage offer declined after having a decision in principle from pepper? I am really anxious about this full process

ACG

You should hear back today maybe tomorrow, they are coming back quite quickly.
Assuming all packaged correctly they will instruct the surveyor at the same time. If not, you may need to provide some extra information, but dont worry if that happens. My theory is if they are asking questions they are looking to accept you. I dont think Pepper have ever declined a case of ours (dont hold me to that, but I cant think of any). 

Someone from Pepper will give you a "security call" at some point, again nothing to worry about. They will just ask if you made an application and one or 2 other security questions. 

I like Pepper, they are pretty consistent. 

Willow226

ACG said:

You should hear back today maybe tomorrow, they are coming back quite quickly.
Assuming all packaged correctly they will instruct the surveyor at the same time. If not, you may need to provide some extra information, but dont worry if that happens. My theory is if they are asking questions they are looking to accept you. I dont think Pepper have ever declined a case of ours (dont hold me to that, but I cant think of any). 

Someone from Pepper will give you a "security call" at some point, again nothing to worry about. They will just ask if you made an application and one or 2 other security questions. 

I like Pepper, they are pretty consistent. 

Thank you so much for your reply. So… assuming that all goes well with the application… it will then depend on the valuation of the property. Can you advise on this? Does the valuer see what we plan to pay for the property and agree or disagree with the amount… or are they going in totally blind? My concern is that the property we have asked for is £70,000, it’s a 2 bed property with a corner plot… it needs modernising inside but otherwise structurally sound… I’m worried incase they give a valuation of say 69k… with pepper only giving a minimum amount of 70k I would be gutted! 

ACG

Yes, they see what the purchase price is.
They will either agree with that price (which happens 99% of the time) or they will "down value" which happens rarely. 

If you are buying the property based on its value in its current state, you should be fine. I have never known a property to be down valued by as little as a grand. It is usually £5k or more, but I suppose stranger things have happened. 

Willow226

ACG said:

Yes, they see what the purchase price is.
They will either agree with that price (which happens 99% of the time) or they will "down value" which happens rarely. 

If you are buying the property based on its value in its current state, you should be fine. I have never known a property to be down valued by as little as a grand. It is usually £5k or more, but I suppose stranger things have happened. 

That’s good… I hope they agree then. 

They have queried why I have regular payments from My mum in my account… this is only when I purchase something and she maybe sends me the money back… I also send her £15 a week just to pay for snacks when she looks after my 1 year old daughter! I hope they are ok with that. 

Pepper have instructed valuation so I’m hoping that is arranged sometime soon. 

They have also noticed that the lady that is selling me the property is not the registered owner… she has inherited the property off her mother and apparently her name isn’t showing as the new owner… I’m hoping this can be sorted fairly easily? 

ACG

They have also noticed that the lady that is selling me the property is not the registered owner… she has inherited the property off her mother and apparently her name isn’t showing as the new owner… I’m hoping this can be sorted fairly easily? 

You might want to check this BEFORE you start the legal work or the valuation is carried out. Probate can take a long itme to go through. If the seller has only just started the process you could find your mortgage offer and the searches expire before completion can take place, that means you end up losing that money. 

Maybe ask your solicitors to check this prior to doing any searches or work with the sellers solicitor. 

Willow226

ACG said:

They have also noticed that the lady that is selling me the property is not the registered owner… she has inherited the property off her mother and apparently her name isn’t showing as the new owner… I’m hoping this can be sorted fairly easily? 

You might want to check this BEFORE you start the legal work or the valuation is carried out. Probate can take a long itme to go through. If the seller has only just started the process you could find your mortgage offer and the searches expire before completion can take place, that means you end up losing that money. 

Maybe ask your solicitors to check this prior to doing any searches or work with the sellers solicitor. 

Seller has the ‘grant of probate’ document. She has also tried to contact the solicitor to find out what is going on as she seems to think this has all been sorted. The land registry was being queried by the lender so I have asked her to clarify this 

ACG

Dont worry too much about the land registry too much. So long as probate is going through it will be fine.