Pepper money mortgage, worried something could go wrong.

debtout

Posted this on an old pepper thread but didn't get replies. Here is my  time line of events
: 25.3.22 broker submits application and same day hard search on credit file and pepper money ask for a couple of documents which were promptly provided.
30.3.22 pepper are not happy with one of the documents and they ask for it to be  sent again and this was done today.
Now interestingly our broker has advised us as soon as pepper have reviewed this one last document today, they will then request for property valuation within 24hrs. How does the broker know this , I assume they must have access to a  pepper money online account where they can see what's going?
Also does this mean at this stage, all the underwriting has already been done by pepper money, if all they're now waiting for is this one document so they can instruct valuation?. I am aware that offer is only after the valuation.


Also we're applying for the equity loan first Time buyer government scheme and this was returned to us today, as the agent wanted clarification that our annual salary is indeed over 100k as stated on the application. Apparently this is because this will be a red flag on the application and this has evidently caused more stress. Broker told us that this isn't an issue that our take home is over 100k, but it's still worrying us , as we've waited so long to eventually apply for the mortgage. Also what checks are done as part of equity loan, first time buyer checks?

Sorry the long post , the anxiety is killing... 

ACG

Pepper like all lenders have a process they follow for every application. 
If there is only one document which needs to be ticked off, then the next step once ticked off is to instruct a valuation. The lender would do that at the same time as signing off the document. 

At that point the valuation needs to be carried out and Pepper will call you to do a security call, just answer their questions (2-3) honestly and all will be fine. 

I cant help on the equity loan front. 

Your broker seems to be pretty good. Has the answers to your questions, knows the process or at the very least has checked and kept you in the loop. All sounds good to me. I like Pepper, they have never declined an application of ours so cant fault them. 

debtout

ACG said:

Pepper like all lenders have a process they follow for every application. 
If there is only one document which needs to be ticked off, then the next step once ticked off is to instruct a valuation. The lender would do that at the same time as signing off the document. 

At that point the valuation needs to be carried out and Pepper will call you to do a security call, just answer their questions (2-3) honestly and all will be fine. 

I cant help on the equity loan front. 

Your broker seems to be pretty good. Has the answers to your questions, knows the process or at the very least has checked and kept you in the loop. All sounds good to me. I like Pepper, they have never declined an application of ours so cant fault them. 

Thanks very much, so at this stage am I right to assume that pepper would have already done all the underwriting stuff? 

debtout

ACG said:

Pepper like all lenders have a process they follow for every application. 
If there is only one document which needs to be ticked off, then the next step once ticked off is to instruct a valuation. The lender would do that at the same time as signing off the document. 

At that point the valuation needs to be carried out and Pepper will call you to do a security call, just answer their questions (2-3) honestly and all will be fine. 

I cant help on the equity loan front. 

Your broker seems to be pretty good. Has the answers to your questions, knows the process or at the very least has checked and kept you in the loop. All sounds good to me. I like Pepper, they have never declined an application of ours so cant fault them. 

Thanks very much, so at this stage am I right to assume that pepper would have already done all the underwriting stuff? 

K_S

@debtout I personally haven't heard mention of the 100k threshold as an eligibility criteria for the HTB equity loan.

By a 'red flag' the agent might just have meant that it triggers additional checks to make sure that the applicants are indeed FTBs. I've no clue what these checks are but I imagine it involves cross checking other government (HMRC, LR, etc) and third party data to make sure there aren't any indications that the applicants do or did own property.

debtout

K_S said:

@debtout I personally haven't heard mention of the 100k threshold as an eligibility criteria for the HTB equity loan.

By a 'red flag' the agent might just have meant that it triggers additional checks to make sure that the applicants are indeed FTBs. I've no clue what these checks are but I imagine it involves cross checking other government (HMRC, LR, etc) and third party data to make sure there aren't any indications that the applicants do or did own property.

Oh ok thanks. It did get us worried that maybe high earners aren't eligible lol...

debtout

Actually the email from the HTB states"please confirm earnings are above 100k as this flags on our systems with Homes England as a significant amount so we have been asked to confirm this is correct before proceeding"

HS1234

ACG said:

Pepper like all lenders have a process they follow for every application. 
If there is only one document which needs to be ticked off, then the next step once ticked off is to instruct a valuation. The lender would do that at the same time as signing off the document. 

At that point the valuation needs to be carried out and Pepper will call you to do a security call, just answer their questions (2-3) honestly and all will be fine. 

I cant help on the equity loan front. 

Your broker seems to be pretty good. Has the answers to your questions, knows the process or at the very least has checked and kept you in the loop. All sounds good to me. I like Pepper, they have never declined an application of ours so cant fault them. 

What kind of questions do they ask during the security call? We’re expecting this cal this week but the thought is making me so nervous. 

gotanymetapods

Hi, just curious did you get the mortgage? We have submitted everything to pepper and am anxiously waiting for a response. Everything we had is all good but my p60 last year shows I early less than I usually do so they’ve asked for an explanation. A little sick time and the company gave me too much holiday the year Before so I paid it back caused a wage drop. Can’t bare the anxiety.  Any info would be great !