At Pepper Money we believe its important to be transparent about how we assess your clients’ applications. Due to the on-going effects of COVID-19, we’ve made some changes to our underwriting requirements.
We don’t accept applicants who are:
- Currently in receipt of Coronavirus Job Retention Scheme (CJRS)
- Currently in receipt of the Self Employment Income Support Scheme
- On a mortgage payment holiday with their current lender
- Applying for a Buy to Let purchase product
- Applying for a Let to buy product
Our requirement for Self-employed applicants is full business accounts:
SA302s will only be accepted in addition to the full business accounts. SA302s are not acceptable proof of income on their own but will be requested where the accounts have been prepared by an accountant who does not appear on our list of accepted qualifications. We may also request them to confirm dividends which do not appear in the business accounts.
In addition we have further requirements to confirm mortgage and rental payments for re-mortgage applicants:
For Residential remortgage applications, we will require you to verify that your customer is not experiencing financial difficulty and is able to meet their monthly repayment. Please supply a copy of the latest bank statement evidencing payment of the last months mortgage payment.
For BTL re-mortgage applications, you’ll need to verify that your customer has been receiving rental payments from their tenants. Please supply a copy of their bank statement evidencing receipt of the rental payment for the last month, in addition to a copy of the AST.
Remember, all applications will continue to be manually underwritten and we will be taking into account the current economic environment. This is likely to lead to an increase in questions and/or evidence requested.
For more information please contact our sales team on 03333 701 101.
