Pepper money? Anyone have any experience good or bad please

myalphabetgirls · 2 September 2018 at 6:28PM

Just wondering if anyone has any experience, good for or bad, of Pepper money for UK market.

When googling only negatives are apparent. I’m certain that’s not a true reflection of a company as most people I think only tend to review if they’ve had a bad experience.

Anyone?

ACG · 2 September 2018 at 6:42PM

I use them maybe once or twice a month.
They were shockingly bad 12-18 months ago, they got better - much better but they are going through a bit of a rough patch at the minute - to the point where I seem to be having a moan to my account manager there on more or less every case.

Every case goes to offer, it just seems like their underwriters are requesting things days or weeks after when they could have first asked for it - it is just causing unnecessary delays.

But, the main thing to take from this is that every case is going to offer in around 3 weeks (it could very easily be 2 weeks if they stopped making silly mistakes).

myalphabetgirls · 2 September 2018 at 6:51PM

ACG wrote: »

I use them maybe once or twice a month.
They were shockingly bad 12-18 months ago, they got better - much better but they are going through a bit of a rough patch at the minute - to the point where I seem to be having a moan to my account manager there on more or less every case.

Every case goes to offer, it just seems like their underwriters are requesting things days or weeks after when they could have first asked for it - it is just causing unnecessary delays.

But, the main thing to take from this is that every case is going to offer in around 3 weeks (it could very easily be 2 weeks if they stopped making silly mistakes).

This is one of the things worrying me. Can u ask you do the times you use them go through to completion?

Unenviably we’ve been declined by Kensington (no reason given although we fitted criteria) and neither precise or Vida can offer 39 yrs because of me (2nd applicant) age (53) so at this moment our broker is only able to offer us pepper. We have a DIP from them which quite a good rate offered 2 yr fixed at 2.77% over 20 yrs but all the negative reviews online is making me stress before I start.

Can you offer me any other reassurance pretty please.

ACG · 2 September 2018 at 6:55PM

Sorry, yes. When I say they go to offer, I also mean they go on to complete.

We do not use Kensington or Precise in them main. They have a habit of saying yes initially and then no when it matters OR asking for something, then once provided asking for something else (rinse and repeat 10 times over). But both make Pepper look like the best lender in the world (in my opinion).

myalphabetgirls · 2 September 2018 at 7:04PM

ACG wrote: »

Sorry, yes. When I say they go to offer, I also mean they go on to complete.

We do not use Kensington or Precise in them main. They have a habit of saying yes initially and then no when it matters OR asking for something, then once provided asking for something else (rinse and repeat 10 times over). But both make Pepper look like the best lender in the world (in my opinion).

Thank you. It’s a happy relief to read that. Pretty much all reviews online are negative suggesting pepper can withdraw their offer just days before completion 😳 I think I would have a meltdown if that happened (or a divorce lol).

Can I also pick yr brains a bit more then if you don’t mind... is it normal to be asked to produce bank statements, proof of deposit etc at DiP stage? Also have you had them withdraw after a formal offer?

Do you think it will be ok in the end?

amnblog · 2 September 2018 at 7:30PM

Pepper are a Lender servicing the complex market.

A complex market means borrowers with issues. Issues means complications and delays so you can expect more negative press than a mainstream lender will attract.

ACG · 2 September 2018 at 7:31PM

It is good practice to get everything upfront from a brokers perspective. People have a tendency to lie/withhold the truth.

From my point of view I want to know everything (good, bad and ugly) if I am spending a few hours doing research and submitting a DIP then I want to be as sure as I can be it will go to offer (and complete).

I have never had an offer withdrawn by any lender in 5 years that I can think of.

myalphabetgirls · 3 September 2018 at 8:41AM

[QUOTE=ACG;74739782

From my point of view I want to know everything (good, bad and ugly)

It doesn’t help of course that good old google can sow seeds of uncertainty within seconds whereas years ago when I had a mortgage you just waited.

I’ve been off the property ladder for 11 years, both husband and I have had financial issues (with valid back story) which we have almost repaired however it isn’t satisfied judgment day there til 2020 on my credit file that would appear to be preventing us from a non adverse lender. I feel trapped and defeated by it 🙁 and there’s nothing I can do to change it.

I’m anxious to proceed now as I’m 54 so If I wait 2 years I’ll be even less attractive to a mortgage lender I’m guessing. We have a 25% deposit.

Feel a bit reassured that you’ve not had any withdrawn offers (as reviews suggest) I suppoE will have to take a leap of faith.

We’ve been completely honest with our broker. He has Seen up to date equifax files, bank statements and pay slips etc.

Just stressing about what other paperwork they could ask for and why? We’ve been at same address for 11 yrs, on the electoral roll, what else could there be that makes them want more stuff all the way through a transaction.

Sorry to be a pain youve been very helpful so far.

myalphabetgirls · 15 September 2018 at 9:19AM

Just thought I’d update...

Decision in principle received from Pepoer money.

Put an offer on property and accepted 😀 so excited.

Our advisor has put in Full application to Pepoer and we have supplied documents he required. (Bank statements and pay slips (both 3months), p60s, proof of deposit, ID, landlords name and address, letter from creditor confirming satisfaction of ccj, council tax bill.

Solicitors instructed (from their panel)

Our advisor is aware I’m in a total stress about the whole thing and I trust he will hero me informed throughout. He has advised me 3 weeks for an offer.

If this helps anyone then I will update. If only for a timeline for myself.

ACG · 15 September 2018 at 9:47AM

3 weeks sounds about right.
It is not uncommon for people in your "situation" to stress.

Most of what we do is adverse, that typically means customers who have been knocked back by banks or other brokers. So those customers tend to be a little more concerned.

Your broker sounds like they know what they are doing, giving you realistic timeframes etc.

If it is any help, I think some of those issues I mentioned earlier in the thread are being addressed and they are in the process of improving.

myalphabetgirls · 15 September 2018 at 4:48PM

Thank you ACG I appreciate your reassurance.

We’ve bought well below the DIP of £125,000. In fact we are only asking to borrow £112 as the propert we are Hoping to buy is a probate property and they accepted our first offer. We have a 25% deposit.

Pepper money? Anyone have any experience good or bad please

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