Pepper Money has introduced ‘Consent to Follow’ on its second charge mortgages. This move will allow the lender to promptly issue a mortgage offer when acquiring Consent from the primary charge lender remains the sole pending item.
The inception of ‘Consent to Follow’ is poised to considerably hasten the application procedure, thus slashing the time Pepper Money necessitates to release a second charge mortgage offer.
The firm has confirmed its capacity to present a mortgage offer, contingent on acquiring Consent solely from a comprehensive list of lenders: NatWest, Barclays, Santander, HSBC, Lloyds, Nationwide, Pepper Money, Halifax, Kensington Mortgage Company, Leeds Building Society, Clydesdale Bank, Co-operative Bank, and Yorkshire Building Society. Following the reception of the Consent and Deed, the customer’s funds will subsequently be disbursed.
Ryan McGrath, second charge sales director at Pepper Money, said: “In the current environment, with so many customers opting for a Product Transfer over a remortgage, second charge mortgages provide an excellent way to release capital from their home and allow brokers to offer their customers an alternative solution.
“At Pepper Money, we’ve reduced the rates on our second charge mortgages. Our broker partners and their customers will now benefit from even faster turnaround times. This enhancement will speed up the application journey with the launch of Consent to Follow. This also means brokers will have greater certainty earlier in the process, which will reassure their customers, enabling them to raise the funds they need to achieve their financial goals.”
