Pepper money second credit check?

slwj89

Hey all!

Just a quickie, I’m a complete worrier!
so we are due to
complete in next couple of weeks, lender has been amazing, really amazing, they done a credit check when we applied.

i was just wondering if anyone has dealt with pepper before and if they do another one before completion?

only reason I ask is because we have a credit card and is minimal balance compared to what is the limit however we have used it a couple of times for fuel/shopping, again small amounts, we pay it all off payday but just worried they will see this as relying on credit?

like I said the limit is high and our balance is tiny.

just wondering if they do actually run ad check again and what they actually look for? 

ACG

Its not so much what the balance is compared to the limit. Its whether it is deemed affordable. 

However if you clear the balance in full every month IF (and I doubt it will) it becomes a problem, just show them statements showing you clear it in full each month. 

But to answer your question, I have never known pepper to do a second credit check. 

slwj89

ACG said:

Its not so much what the balance is compared to the limit. Its whether it is deemed affordable. 

However if you clear the balance in full every month IF (and I doubt it will) it becomes a problem, just show them statements showing you clear it in full each month. 

But to answer your question, I have never known pepper to do a second credit check. 

Hi ACG.

Thank you for your reply, was really helpful, I was wondering if I could pick your brains again...
this purchase is a new build, it is completely finished, signed off etc, handover date to housing assosiation os the 25th october, our offer runs out on the 28th! do you have any experience in how quick pepper release funds? we have been told by our MA advisor not to worry, we have time and the solicitor has said he has already told them we need to complete on The 28th (if we extend again the interest goes up)

HA association will send notice to complete to solicitor on the 25th.
 Any help or advice would be greatly appreciated 

ACG

It will be down to your solicitor, but usually a solicitor will get the money into their bank account a day or 2 before completion. 
The solicitor has to send off a Certificate of title (CoT) to the lender at least 5 working days in advance which confirms what date they want the money sending over. 

So if we assume your solicitor wants the money into their bank account on the 24th, they would need to send the CoT off to pepper no later than monday. 

slwj89

ACG said:

It will be down to your solicitor, but usually a solicitor will get the money into their bank account a day or 2 before completion. 
The solicitor has to send off a Certificate of title (CoT) to the lender at least 5 working days in advance which confirms what date they want the money sending over. 

So if we assume your solicitor wants the money into their bank account on the 24th, they would need to send the CoT off to pepper no later than monday. 

So if the housing association get the keys on the Tuesday (25th) and send notice to solicitor that day, if they send of that day we could complete on the friday?

ACG

oooo sorry, I misread your post. 
I think you need to speak to your broker/solicitor. It could all come together but it is cutting it finer than I thought. It might be worth asking for an extension, speak to your broker and see what they think. 

slwj89

ACG said:

oooo sorry, I misread your post. 
I think you need to speak to your broker/solicitor. It could all come together but it is cutting it finer than I thought. It might be worth asking for an extension, speak to your broker and see what they think. 

So we can’t get another extension without interest rates rising and losing our 2 year fixed rate. Broker seems to think it will be ok, pepper money have been incredible so far, so our only option is to hold tight and pray to god it all goes ok, In your experience, have pepper released funds quite quickly?

ACG

If your solicitor gives Pepper 5 working days to release the money, Pepper will release it. 
Trust your broker is all I can say really. I dont put my name next to something unless I have it nailed down from a lender... Basically if it hits the fan, I can blame someone else.  

You should be fine, but there is going to be an overlap of things - that might be normal in fairness, I dont really get many new builds. I do like Pepper though, if there is a problem they are pretty good and as they are looking at everything in a matter of hours at the moment I think you are with as good a lender as you could ask for. 

slwj89

ACG said:

If your solicitor gives Pepper 5 working days to release the money, Pepper will release it. 
Trust your broker is all I can say really. I dont put my name next to something unless I have it nailed down from a lender... Basically if it hits the fan, I can blame someone else.  

You should be fine, but there is going to be an overlap of things - that might be normal in fairness, I dont really get many new builds. I do like Pepper though, if there is a problem they are pretty good and as they are looking at everything in a matter of hours at the moment I think you are with as good a lender as you could ask for. 

I completely agree, they have been absolutely amazing, got us an extension 4 times now within about 48 hours sometimes less.

we also have the most amazing broker and team at the mortgage hut, would be lost without them.

Solicitor, lenders etc know the score so now we wait and pray that it all comes together!

i will never ever buy another house ever again! 😂