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    • myalphabetgirls
    • By myalphabetgirls 2nd Sep 18, 6:28 PM
    • 600Posts
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    myalphabetgirls
    Pepper money? Anyone have any experience good or bad please
    • #1
    • 2nd Sep 18, 6:28 PM
    Pepper money? Anyone have any experience good or bad please 2nd Sep 18 at 6:28 PM
    Just wondering if anyone has any experience, good for or bad, of Pepper money for UK market.

    When googling only negatives are apparent. Iím certain thatís not a true reflection of a company as most people I think only tend to review if theyíve had a bad experience.

    Anyone?
    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
Page 1
    • ACG
    • By ACG 2nd Sep 18, 6:42 PM
    • 17,504 Posts
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    ACG
    • #2
    • 2nd Sep 18, 6:42 PM
    • #2
    • 2nd Sep 18, 6:42 PM
    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).
    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.
    • myalphabetgirls
    • By myalphabetgirls 2nd Sep 18, 6:51 PM
    • 600 Posts
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    myalphabetgirls
    • #3
    • 2nd Sep 18, 6:51 PM
    • #3
    • 2nd Sep 18, 6:51 PM
    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).
    Originally posted by ACG
    This is one of the things worrying me. Can u ask you do the times you use them go through to completion?

    Unenviably weíve 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.
    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
    • By ACG 2nd Sep 18, 6:55 PM
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    ACG
    • #4
    • 2nd Sep 18, 6:55 PM
    • #4
    • 2nd Sep 18, 6:55 PM
    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).
    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.
    • myalphabetgirls
    • By myalphabetgirls 2nd Sep 18, 7:04 PM
    • 600 Posts
    • 8,792 Thanks
    myalphabetgirls
    • #5
    • 2nd Sep 18, 7:04 PM
    • #5
    • 2nd Sep 18, 7:04 PM
    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).
    Originally posted by ACG
    Thank you. Itís 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 donít 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?
    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
    • amnblog
    • By amnblog 2nd Sep 18, 7:30 PM
    • 10,739 Posts
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    amnblog
    • #6
    • 2nd Sep 18, 7:30 PM
    • #6
    • 2nd Sep 18, 7:30 PM
    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.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • By ACG 2nd Sep 18, 7:31 PM
    • 17,504 Posts
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    ACG
    • #7
    • 2nd Sep 18, 7:31 PM
    • #7
    • 2nd Sep 18, 7:31 PM
    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.
    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.
    • myalphabetgirls
    • By myalphabetgirls 3rd Sep 18, 8:41 AM
    • 600 Posts
    • 8,792 Thanks
    myalphabetgirls
    • #8
    • 3rd Sep 18, 8:41 AM
    • #8
    • 3rd Sep 18, 8:41 AM
    [QUOTE=ACG;74739782

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

    It doesnít 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.

    Iíve 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 isnít 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 thereís nothing I can do to change it.

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

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

    Weíve 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? Weíve 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.
    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
    • myalphabetgirls
    • By myalphabetgirls 15th Sep 18, 9:19 AM
    • 600 Posts
    • 8,792 Thanks
    myalphabetgirls
    • #9
    • 15th Sep 18, 9:19 AM
    • #9
    • 15th Sep 18, 9:19 AM
    Just thought Iíd 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 Iím 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.
    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
    • By ACG 15th Sep 18, 9:47 AM
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    • 9,321 Thanks
    ACG
    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.
    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.
    • myalphabetgirls
    • By myalphabetgirls 15th Sep 18, 4:48 PM
    • 600 Posts
    • 8,792 Thanks
    myalphabetgirls
    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.
    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
    • ErinKay
    • By ErinKay 16th Sep 18, 3:06 PM
    • 2 Posts
    • 0 Thanks
    ErinKay
    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.
    • Yorkiepuddin
    • By Yorkiepuddin 16th Sep 18, 7:59 PM
    • 6 Posts
    • 3 Thanks
    Yorkiepuddin
    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.
    • JasonHand
    • By JasonHand 17th Sep 18, 9:04 AM
    • 58 Posts
    • 23 Thanks
    JasonHand
    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
    • By ACG 17th Sep 18, 9:40 AM
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    • 9,321 Thanks
    ACG
    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?
    Originally posted by JasonHand
    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.
    • JasonHand
    • By JasonHand 17th Sep 18, 10:02 AM
    • 58 Posts
    • 23 Thanks
    JasonHand
    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.
    Originally posted by ACG
    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.
    • myalphabetgirls
    • By myalphabetgirls 21st Sep 18, 8:03 AM
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    myalphabetgirls
    Thank you Jason for your messsge. Morale support is welcome!

    Very excited to see the Ďalmost mortgageí response above.

    Iím very apprehensive only because if this fails I donít 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. Weíve 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
    • By ACG 21st Sep 18, 9:19 AM
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    • 9,321 Thanks
    ACG
    If Pepoer need explanation for adverse we have a valid back story.
    Originally posted by myalphabetgirls
    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.
    • JasonHand
    • By JasonHand 21st Sep 18, 10:22 AM
    • 58 Posts
    • 23 Thanks
    JasonHand
    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
    • By ACG 21st Sep 18, 10:30 AM
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    • 9,321 Thanks
    ACG
    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.
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