Pepper money? Anyone have any experience good or bad please

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  • I am a seller who has lost my buyer because of pepper money. As others have said, they offer the mortgage in principle, then delay week after week asking for more surveys and more questions.
    After 15 weeks, I have got fed up and told the buyer to look elsewhere. My patience has run out.
    I feel quite sorry for the buyer, but suggest he uses a different lender or look elsewhere.
  • We almost have a mortgage with pepper money (completion this week, very excited). DIP came back next day, full application to offer was 3 and a half weeks, would have been quicker but the surveyor messed up adding a week. We are a complex case so there were a few queries along the way but they kept our broker informed always.
    With us we paid the application and valuation fee upfront but were told the valuation would happen last and we would be refunded that part if they were not happy with us financially.
    Once the stress of moving is all done I'll get round to writing a positive review.
    Best of luck.
  • Hi, I'm currently in the process of applying for a mortgage with Pepper. A bit like the OP I have had adverse credit and finally at the beginning of the month I managed to get an AIP for the property we want. We have had an offer accepted from the vendor and we finally put in our full mortgage application in last Tuesday along with 3 months payslips, proof of deposit, p60, 3 months bank statements and a letter from my landlord showing I have always paid my rent in full and on time.

    Now on Friday Pepper asked for some more information. They wanted to know the reason for the adverse credit. Now I fully understand why they want to this and I was very happy to give them the information as there was a very good reason.

    Does anyone know when do Pepper normally ask for this information? Is it right at the start of the underwriting process to get an idea of my "story"? Is it a positive thing?

    I'm guessing there isn't really anything in it but obviously a bit like the OP the whole process is extremely stressful.

    Some good info from Yorkie above regarding the valuation fee. I wasn't aware this would be refundable in the event of them declining me
  • ACG
    ACG Posts: 23,677
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    JasonHand wrote: »
    Now on Friday Pepper asked for some more information. They wanted to know the reason for the adverse credit. Now I fully understand why they want to this and I was very happy to give them the information as there was a very good reason.

    Does anyone know when do Pepper normally ask for this information? Is it right at the start of the underwriting process to get an idea of my "story"? Is it a positive thing?

    In one of my posts earlier on, I mentioned that they have gone downhill a little, this is the reason why. They come back and ask for things that they could have asked for far earlier in the process. They are getting better at this but you are another one caught up with it happening. I have started to just include things on the application I am fairly sure they will ask for now even if they have not asked for it. It SHOULD be a formality from here though.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG wrote: »
    In one of my posts earlier on, I mentioned that they have gone downhill a little, this is the reason why. They come back and ask for things that they could have asked for far earlier in the process. They are getting better at this but you are another one caught up with it happening. I have started to just include things on the application I am fairly sure they will ask for now even if they have not asked for it. It SHOULD be a formality from here though.

    Thanks ever so much for posting ACG, its much appreciated.

    But yep thats what I thought. I would have expected this to have been asked at the time of putting in the application. I certainly understand the need to answer their question however.

    Really hoping it will be a formality from now but as you've said nothing is written in stone.
  • Thank you Jason for your messsge. Morale support is welcome!

    Very excited to see the ‘almost mortgage’ response above.

    I’m very apprehensive only because if this fails I don’t know what we will do. It will be soul destroyng for sure.

    Update: Pepper have asked my advisor for 12 months proof of rent payments and our tenancy agreement. We’ve also paid the funds in account to the solicitors in their panel.

    If Pepoer need explanation for adverse we have a valid back story.

    Just more waiting...
    Love, through the trees, past the sky, beyond the northern lights; and I won't let go. May your soul and spirt fly sweetheart x

    My alphabet-girls are with me every step of the way x
  • ACG
    ACG Posts: 23,677
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    If Pepoer need explanation for adverse we have a valid back story.
    They will.

    It might be worth writing an explanation for adverse letter and explaining why you have it and ask the broker to upload it. They will want it.

    It does not need to be war and peace. A sentence could do the job, ie the reason for the defaults were due to redundancy (if that is the reason) or a paragraph.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG, so do you think Pepper do things in a different order? I only ask because Pepper asked me the reasons for my adverse credit at the end of last week but then yesterday asked for bank statements showing I had succesfully made 12 months of rental payments. I could supply this easily enough btw

    Does this sort of request give us any indication on how far through the application process they are? The lady who works on the submissions team I'm going through seemed to think my application was a done deal.
  • ACG
    ACG Posts: 23,677
    First Anniversary Name Dropper First Post I've helped Parliament
    Forumite
    I would be reading that as the underwriter forget to request something that could have been requested earlier in the process.

    They should be taking an initial look at the case and saying with need x y and z but instead they seem to be asking for x and then later in the process asking for the other bits.

    Thankfully, we use Pepper fairly regularly so we are in a position where we beginning to know what they will ask for even if they unerwriter misses it - so we are starting to reduce the delays they are causing.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Earlier today we picked up the keys to a house, not just any house but our new home.
    Jason and myalphabetgirls - the last document we were asked for was the 12 month bank statement of rental payments, 5 days later the valuation was booked and we were told by our broker the mortgage was effectively done subject to valuation obviously. Couple of days after the valuation was eventually done Pepper underwriter phoned to say hello, and to make sure broker had explained all correctly, valuation was fine and mortgage would be signed off in the next couple of days.
    And it was. Happy days.
    I hope you get some good news shortly.
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