- Employed and self-employed applicants are now required to provide just one month’s bank statement as standard.
- All income sources will continue to be fully verified, and applicants remain subject to comprehensive credit report assessments.
- Pepper Money reaffirms its commitment to simplifying the mortgage application process and delivering an improved experience for brokers.
Market-leading specialist lender Pepper Money has announced a significant update to its lending criteria, reducing the standard bank statement requirement for both employed and self-employed applicants to just one month.
The move is part of the lender’s ongoing efforts to streamline the mortgage application process and create a smoother, more efficient experience for brokers and customers alike.
Pepper Money understands that gathering documentation and managing the administrative requirements for a mortgage application can take up a significant amount of the journey from decision through to completion. Reducing the number of documents applicants are required to present will streamline the application process for brokers, easing the bureaucratic burden so often associated with mortgages and will provide a smoother and quicker customer journey.
The following customer scenarios will now only need a bank statement covering a one-month period:
- Expenditure and conduct assessment (personal bank statements)
- Employed applicants
- Self-employed applicants
As part of this enhancement to their first charge mortgage offering, Pepper Money has removed the requirement to supply bank statements for those needing an offer extension. Plus, the specialist lender has also removed the requirement to provide an Assured Shorthold Tenancy agreement for applications from renters.
Pepper Money is continually adapting and evolving to meet the needs of brokers in today’s housing market, while retaining its commitment to responsible lending practices. While standard bank statement requirements have been reduced, there may be instances where the lender requires documents covering a longer period in order to complete their necessary financial checks. The specialist lender will continue to fully verify income from applicants and can use credit reference data to understand financial history and conduct via credit reports.
These improvements come amid broker demand for simpler and more streamlined application processes for borrowers. Pepper Money prides itself on service and putting the broker and customer at the centre of all product and process enhancements. These changes to bank statement requirements will enhance the broker and customer experience, collecting less documentation, enabling brokers to focus on what matters most: helping buyers realise their homeownership dreams.
Commenting on the announcement, Paul Adams, Sales Director at Pepper Money said: “We understand just how hard mortgage brokers and administrators work to support their customers to complete their home buying journey. By simplifying the number of bank statements required for mortgage applicants, we’re helping to alleviate some of that administrative burden, meaning that brokers and administrators can focus on the job at hand.
“Pepper Money is committed to continually improving our services, and these changes to bank statement requirements follow a host of recently announced service and product enhancements. These include the introduction of Pepper Flex to meet customer and broker demand for more inclusive products, and our re-entry into the Buy to Let market, which includes HMO properties. These changes to bank statement requirements will make a real difference to the mortgage application process and enhance Pepper Money’s efforts to ensure flexibility when accessing finance, supporting customers and brokers throughout the homeownership journey.”
