Right to Buy Mortgage Products
Our mortgages
At Pepper Money, we’re here to support your customers in taking the first steps to home ownership. We understand that not all customers who have the right to buy will be suited to computerised, credit score-based lending. So, if your customer is ready to take the next step from renting their council property, our more sympathetic criteria and individual approach to underwriting could be the answer. We’re here for your customers – to help them succeed and purchase their homes.
Our product range is structured around your customer’s most recent CCJ or Default. Here’s how your next Right to Buy application could be better with Pepper
Helping the self-employed
One year’s self-employed trading or most recent year's accounts accepted
No decisions based on credit scores
Suitable for your customers who may miss credit scoring thresholds
Boost Affordability
Multiple income streams and 100% of monthly bonuses, overtime & commission accepted.
Earned income & max term
Earned income is accepted to the age of 75 and we can lend on a maximum mortgage term of 35 years
No debt-to-income ratio
Unsecured credit never affects product tier
No value limits on CCJs & defaults
No value limit on CCJs and defaults; no need for them to be satisfied
We’ve made finding the right product for your customer even easier. You can can either view the product tables below or use our product finder to help narrow down your search.
Right to Buy Mortgage Products Rates & Criteria
- For Intermediary use only
- November 2024
- LMR = 5.60% (As of 14th September 2024)
- For Intermediary use only
- November 2024
- LMR = 5.60% (As of 14th September 2024)
Pepper Right to Buy
Product
Term
LTV
Initial Rate
Comp Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 75%
- 6.34%
- £0
- 3.90%
- 4%,4%,3%,3%,2%
| Credit Criteria | |
|---|---|
| CCJs: | 0 registered in 48 months |
| Default: | 0 registered in 48 months |
| CCJ/Default Value: | No limit |
| Secured Missed Payments: | 0 in 48 months (No arrears balance in last 6 months) |
| Bankruptcy/IVA: | Discharged > 6 years ago |
| Reposessions: | None in last 6 years |
| Debt Management Plan: | Considered if satisfied over 12 months ago |
Product
Term
LTV
Initial Rate
Comp Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 75%
- 6.64%
- £0
- 3.90%
- 4%,4%,3%,3%,2%
| Credit Criteria | |
|---|---|
| CCJs: | 0 registered in 36 months |
| Default: | 0 registered in 36 months |
| CCJ/Default Value: | No limit |
| Secured Missed Payments: | 0 in 36 months (No arrears balance in last 6 months) |
| Bankruptcy/IVA: | Discharged > 6 years ago |
| Reposessions: | None in last 6 years |
| Debt Management Plan: | Considered if satisfied over 12 months ago |
Product
Term
LTV
Initial Rate
Comp Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 75%
- 6.84%
- £0
- 3.90%
- 4%,4%,3%,3%,2%
| Credit Criteria | |
|---|---|
| CCJs: | 0 registered in 24 months |
| Default: | 0 registered in 24 months |
| CCJ/Default Value: | No limit |
| Secured Missed Payments: | 0 in 24 months (No arrears balance in last 6 months) |
| Bankruptcy/IVA: | Discharged > 6 years ago |
| Reposessions: | None in last 6 years |
| Debt Management Plan: | Considered if satisfied over 12 months ago |
Applicant One
Applicant Two
Applicant One
Applicant Two
Final results
We’re currently reviewing all applications to ensure the income is sustainable in current market conditions. Based on the information provided please find details below on what your client(s) could borrow with us.
| Indicative maximum available subject to a DIP | |
|---|---|
| 2 Year Fixed: | £150,000.00 |
| 5 Year Fixed: | £200,000.00 |
| Basic Information | |||
|---|---|---|---|
| Number of Applicants: | Number of Children: | ||
| Property Full Market Value: | Discounted Purchase Price: | ||
| Required loan amount: | Repayment Type: | ||
| Term: | Years | Product: |
| Income Applicant One | |
|---|---|
| Primary Annual Income | |
| Secondary Annual Income | |
| Annual Overtime | |
| Annual Bonus or Commission | |
| Car Allowance | |
| Maintenance Income (calculated at 50%) | |
| Rental Income (calculated at 50%) | |
| Allowable Income | |
| Total | |
| Commitments Applicant One | |
|---|---|
| Mortgages or secured loans | |
| Unsecured loans or hire purchase | |
| Credit or store cards Balance | |
| Overdraft arrangements Balance | |
| School fees | |
| Maintenance | |
| Student loans | |
| Other | |
| Total monthly commitments | |
| Expenditure | |
|---|---|
| Housekeeping | |
| Utilities | |
| Telephone | |
| Council tax | |
| Buildings insurance | |
| Ground rent | |
| Leasehold service charges | |
| Essential travel | |
| Clothing | |
| Personal goods | |
| Household goods | |
| Basic recreation | |
| Total | |
Important notice
Based on the information entered, an underwriter will carry out a full review at Decision in Principle. Please complete the DIP to confirm the maximum loan amount available.
These results are indicative and are meant to be used as a guide only. Should you wish to submit a DIP, it'll be subject to our full lending criteria, a credit check and an underwriter review which could result in a different value.
Please note by changing the loan amount figure you may change the loan to value. This may change the interest rate charged. If you're going to change any details we strongly recommend you start a new calculation to ensure it is as accurate as possible.
Before submitting business to us, you’ll need to register with us. It’s a quick and simple process and shouldn’t take more than 5 minutes.”
If you've already registered, please Login and complete our online application form.
If you have any questions, call our team on 03333 701 101 option 1, Monday to Friday between 9am and 5pm.
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Pepper Right to Buy Criteria
Key Criteria
| Applicants | Property Value | ||
|---|---|---|---|
| Minimum Age | 21 years | Minimum | £70,000 |
| Maximum Age | 80 years at end of term. The term cannot extend beyond applicants stated retirement age. Maximum allowable stated retirement age of 75 | Term | |
| Self-Employed | Must have been in their current business for a minimum of 12 months and able to supply 1 year’s trading accounts | Minimum | 5 years and 1 month |
| Maximum | 35 Years | ||
| Loan Size | |||
| Minimum | £25,001 | ||
| Maximum | Up to £500,000 available to 75% LTV | ||
Need help with your mortgage case?
To discuss a case, or find out more about our products, call our experienced team. Ready to submit? Log into the application portal to get started, or register if it’s your first case with Pepper Money.
Resources
Our Right to Buy Intermediary tool kit has all the information you need