"We’ll be able to reduce the time from application to completion by up to fifteen days, providing even faster access to funding."
- Ryan McGrath, second charge sales director at Pepper Money
Pepper Money has launched Payout Before Consent on its second charge mortgages, enabling the lender to advance funds to a customer when consent from the first charge lender is the only outstanding item.
Following the success of Offer Before Consent, the launch of Payout Before Consent will further accelerate the application process, reducing the time from application to completion by up to 15 days.
Pepper Money will be able to release funds before receiving consent from 21 lenders, if consent is the only outstanding item and the account is not in arrears.
The lenders include Accord Mortgages, Bank Of Scotland, Barclays, Birmingham Midshires, Clydesdale Bank, Co-operative Bank, Coventry Building Society, Halifax, HSBC, Kensington, Leeds Building Society, Lloyds, Nationwide, NatWest, Royal Bank Of Scotland, Santander, Skipton Building Society, TSB, Virgin Money, and Yorkshire Building Society.
Ryan McGrath, second charge sales director at Pepper Money, said: “The launch of Payout Before Consent is the latest enhancement to Pepper Money’s second charge mortgage proposition, which continues to go from strength to strength. Where a customer’s first charge mortgage is held with one of 21 approved lenders, we’ll be able to reduce the time from application to completion by up to fifteen days, providing even faster access to funding.
"This latest enhancement, which follows rate reductions and the launch of e-signatures earlier this year, will speed up the second charge mortgage process and provide brokers with greater certainty in helping their customers to achieve their financial goals.
"Consistently delivering outstanding service is a core focus for us at Pepper Money. We work with a closed panel of intermediary partners with whom we build close working relationships to ensure the best possible customer results.”
