Pepper Money has completed a £500,000 second charge mortgage with Pure Property Finance for high net worth (HNW) customers in need of funds quickly.
The funds were required by a couple to settle a boundary dispute on their property before it went to court, avoiding potentially higher costs.
The couple already held a low fixed-rate mortgage with early repayment charges (ERCs), making remortgaging an impractical option.
They contacted Pure Property Finance through a price comparison website and worked with sales manager Mark Hughes (pictured) to find a solution.
Hughes selected Pepper Money for its flexibility in assessing the couple’s complex income and its allowance for overpayments without ERCs.
Hughes said: “The challenges in this case were the high loan amount and purpose of the loan, as some lenders wanted the settlement to happen before a DIP was granted.
“Pepper was able to progress the case, with the settlement letter being sent just before the loan moved to offer, and the whole process was made straightforward by our BDM, Matthew Batte.”
Ryan McGrath, second charge sales director at Pepper Money, said: “We’re seeing increasing demand for large loan second charge mortgages, and these cases are often from customers with complex incomes.
“However, complex income doesn’t have to mean a complex application and we can make even large loans straightforward.
“I’d like to say a big thank you to Matthew Batte and our underwriting team for getting this across the line so quickly, and thanks to Mark at Pure Property Finance, for working with us so effectively.
“It goes to show what can be achieved when lenders and brokers work together for the benefit of the customer.”
