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29 July 2022

According to an analysis by Quick Move Now 30% of property sales collapsed, due to buyers being refused funds by mortgage between April and June 2022. Prestige Financial Solutions has recently completed a complex case for an Affluent Borrower with Pepper Money, following multiple rejections because of the customer’s credit file and employment status.

The broker was working with a self-employed customer who wanted to borrow 65% LTV to remortgage a property valued at nearly £950k in the North East of England. However, the customer was self-employed and needed to use their most recent year’s accounts for affordability, which reduced the available options. In addition, the customer had also recently paid off a number of large credit card balances, which had yet to be recorded on their credit file.

As a result, the application was rejected by multiple mainstream lenders as the outstanding credit card balances that were still showing on the credit file meant the customer was unable to demonstrate sufficient affordability. However, Pepper Money decisions are not restricted by customers’ credit scores and reviews every application on an individual basis, to look beyond the credit file and see the balances had already been paid off. This approach, combined with the ability to accept the latest year’s accounts for self-employed applicants, meant that Pepper Money was able to provide the large loan size the customer required.

Paul Hurt from Prestige Financial Solutions, says:

“After much wasted time and messing around, searching criteria and obtaining multiple DIPs, we approached Pepper Money through the packager, Advance Mortgage Funding. The process was easy and the outcome was excellent, especially as it was such a large deal. We discussed the case with Max Hill, our Regional Development Manager, who confirmed how Pepper Money would approach the it. This gave us the confidence to submit it to them and the service we received, especially from our dedicated Case Owner Abby, was great throughout.”

Ryan Brailsford, Director of Business Development at Pepper Money, says:

“Being an Affluent Borrower doesn’t always mean that you will get a mortgage from a mainstream lender, even at a low LTV. This is especially the case where the loan size is large and the customer is self-employed, needing to use their latest year’s accounts for affordability. However, at Pepper Money, we take an individual approach to underwriting every case, which means we can consider applications that might be rejected by high street lenders. We’re also very proud of our excellent service levels, which means brokers can be confident we will meet the demands of even the most demanding of situations. This case with Prestige Financial Solutions was a great example of a lender and broker working together to identify a great outcome for the customer.”