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First Homes Mortgage Products
Our mortgages
Pepper Money can help your customer take their first step on the path to homeownership. First Homes is a government scheme designed to help Hopeful Homeowners purchase a new build home for 30% to 50% less than the full market value, up to a maximum allowable property value of £250,000 (£420,000 in London) after the discount has been applied. It is our aim to help more Hopeful Homeowners find their way to the home they deserve. Whatever their personal situation, it’ll always be a familiar one to us.
Our product range is structured around your customer’s most recent CCJ or Default. Here’s how your next First Homes application could be better with Pepper
No credit score
Suitable for your customers who may miss credit scoring thresholds.
Boosting Affordability
Multiple income streams and 100% of monthly bonuses, overtime & commission accepted.
Helping the Self-Employed
One year’s self-employed trading or most recent year’s accounts accepted
No debt-to-income ratio
Unsecured credit never affects product tier.
Missed payments
Recent unsecured missed payments accepted.
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.
First Homes Mortgage Products Rates & Criteria
- For Intermediary use only
- July 2024
- LMR = 5.86% (As of 13th August 2024)
- For Intermediary use only
- July 2024
- LMR = 5.86% (As of 13th August 2024)
Pepper
First Homes
Product
Term
LTV
Loan to Purchase Price
Initial Rate
Product Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 70%
- 95%
- 6.59%
- £250
- 3.75%
- 4%,4%,3%,3%,2%
- 2 Years
- 70%
- 95%
- 7.04%
- £250
- 3.75%
- 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
Loan to Purchase Price
Initial Rate
Product Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 70%
- 95%
- 6.69%
- £250
- 3.75%
- 4%,4%,3%,3%,2%
- 2 Years
- 70%
- 95%
- 7.04%
- £250
- 3.75%
- 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
Loan to Purchase Price
Initial Rate
Product Fee
Reversion Rates (LMR +)
ERC
- 5 Years
- 70%
- 95%
- 6.99%
- £250
- 3.75%
- 4%,4%,3%,3%,2%
- 2 Years
- 70%
- 95%
- 7.19%
- £250
- 3.75%
- 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
Welcome
Our First home Mortgage calculator will help to give you an indication of how much we could lend your customer(s). Simply tell us their basic information to get a maximum loan amount or if you know their commitments and expenditure include that to get a more comprehensive result. Either way it's quick and simple to use.
For every calculation we’ll show you the maximum amount your customer(s) could borrow on both a 2 and 5 year product. Simply select the tier they fit - for more information about our tiers please view our First Homes product page.
If you have any questions, pick up the phone and give our sales team a call on 03333 701 101, Option 1, Monday to Friday between 9am and 5.00pm.
We'll use the details you enter on this screen to automatically calculate the loan size required, but please bear in mind this does not take into account any fees. If your client(s) are looking to raise capital or consolidate debts please increase the purchase price for purchases or the loan required value for a remortgage to reflect this. If they don't currently have a mortgage but already own the property and are looking to refinance, please select Remortgage. We allow capital raising for most legal purposes.
We have a maximum loan size of £500,000 for cases up to 95% LtPP and 70% LTV on our First Homes product range.
Select the tier your client(s) falls under. Our tiers are named after how long since their last CCJ or Default was registered. For example, if the last CCJ or Default was registered over 6 months ago but less than 12 months ago, they'd be suitable for our Pepper 6 tier.
You'll also need to consider mortgage, secured and unsecured arrears when selecting a product tier. So, if you're unsure which product to select, visit our First Homes Products page to find out more.
We'll use the rest of the information to pick the appropriate product details for the calculation.
Income
We need the total income from your client(s) to be a minimum of £18,000.
All income must be annualised.
For information on allowable income please review our Policy on Income document. Please note applications where income is made up primarily of benefits and maintenance are unacceptable.
*Please enter values to the nearest pound
** Please only input 50% of income identified as quarterly or annual bonus payment in this field. 100% can be used for monthly bonus payment
***Allowable income includes Child Benefit; Child Tax Credits; Working Tax Credits; Pension Credit; and Pension (War Disablement)
Commitments
For Credit or Store Card and Overdrafts please provide the full outstanding balance. Otherwise, please provide the monthly commitment for each of these categories.
If your client(s) intends to clear these balances before completion you can leave these blank.
*Please enter values to the nearest pound
Expenditure
This is the last screen before we're able to tell you the final result.
Please provide a monthly figure for each of these categories.
*Please enter values to the nearest pound
Pepper 24
For clients who haven't had a CCJ or default in the last 24 months.
0 in 24 months
0 in 24 months (No arrears balance in last 6 months)
Fixed term - None in the last 6 months
Revolving credit - Missed payments considered
We will ignore 2 individual defaults (per application) up to and including £200 each where these defaults relate to utilities, communications or mail order providers
Pepper 36
For clients who haven't had a CCJ or default in the last 36 months.
0 in 36 months
0 in 36 months (No arrears balance in last 6 months)
Fixed term - None in the last 6 months
Revolving credit - Missed payments considered
Pepper 48
For clients who haven't had a CCJ or default in the last 48 months.
0 in 48 months
0 in 48 months (No arrears balance in last 6 months)
Fixed term - None in the last 6 months
Revolving credit - Missed payments considered
Monthly secured and unsecured commitments
To get a quick assessment of the maximum we could lend, enter an estimate of your client's monthly secured and unsecured commitments. Please include the total monthly figure for; mortgage or secured loans, unsecured loans, credit or store cards, overdrafts, school fees, maintenance payments and student loans.
Please only include commitments that will remain after completion i.e. if consolidating debts don’t include them in this section. Also, please
ensure for joint applications that you only include joint
commitments once. If they don't have any commitments, you can leave this figure blank.
*Please enter values to the nearest pound
Important notice
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.
If you'd like to submit this, or any other case, you'll need to have registered 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.
Unfortunately, due to your LTV, we do not have a suitable product for you
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 |
30 Month Fixed: | £175,000.00 |
5 Year Fixed: | £200,000.00 |
Basic Information | |||
---|---|---|---|
Number of Applicants: | Number of Children: | ||
Property Full Market Value: | Discounted Purchase Price: | ||
Required loan amount: | Property Type: | ||
Term: | Years | Product: |
Income Applicant One | Income Applicant Two | ||
---|---|---|---|
Primary Annual Income | Primary Annual Income | ||
Secondary Annual Income | Secondary Annual Income | ||
Annual Overtime | Annual Overtime | ||
Annual Bonus or Commission | Annual Bonus or Commission | ||
Car Allowance | Car Allowance | ||
Maintenance Income (calculated at 50%) | Maintenance Income (calculated at 50%) | ||
Rental Income (calculated at 50%) | Rental Income (calculated at 50%) | ||
Allowable Income | Allowable Income | ||
Total | Total |
Commitments Applicant One | Commitments Applicant Two | ||
---|---|---|---|
Mortgages or secured loans | Mortgages or secured loans | ||
Unsecured loans or hire purchase | Unsecured loans or hire purchase | ||
Credit or store cards Balance | Credit or store cards Balance | ||
Overdraft arrangements Balance | Overdraft arrangements Balance | ||
School fees | School fees | ||
Maintenance | Maintenance | ||
Student loans | Student loans | ||
Other | Other | ||
Total monthly commitments | 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
First Homes Criteria
![](https://www.pepper.money/wp-content/uploads/pmFH-key-criteria-1.7.png)
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 First Homes Intermediary tool kit has all the information you need