Flexible Mortgage Solutions with Pepper Money
Pepper Money is an innovative lender based in Australia, offering a range of flexible mortgage solutions tailored to those with unique financial circumstances. They specialise in helping individuals who might not meet the standard criteria of traditional banks, such as contractors, self-employed workers, and those with less-than-perfect credit histories. Pepper Money considers more than just your credit score. They evaluate your entire financial picture to offer mortgage solutions that suit your needs. This approach enables them to provide personalised mortgage options addressing their clients’ specific requirements. Whether you’re a contractor with variable income or someone facing credit challenges, Pepper Money aims to provide solutions that match your financial situation.
Why Pepper Money is a Great Option for Contractors
Pepper Money is an excellent option for contractors, making it easier to obtain a mortgage even without a stable savings history. They accept money from non-traditional sources, such as gifts or loans from family, so you don’t need to have saved over time.
Pepper Money specialises in supporting self-employed, casual, and contract workers, including those with poor credit. They also offer loans requiring less paperwork, which is beneficial if your financial records are complex. Their practical and understanding approach to reviewing mortgage applications simplifies the process for contractors seeking the loan they need.
Essential Checklist for Securing a Pepper Money Contractor Mortgage
If Pepper Money seems like a good fit, we at Contractor Mortgage Solutions can assist with your application. Here’s what you need to know:
Contract Requirements
To qualify for a Pepper Money contractor mortgage, you must have at least three months’ experience in your current role and at least six months remaining on your contract.
Income and Currency
Pepper Money only accepts income in pounds sterling and calculates your daily rate based on a 46-week period.
Documentation for limited Contractors
If you work through a limited company, you will need to provide your most recent three months of business bank statements and three months of personal bank statements.
Documentation For Umbrella Contractors
For contractors working under an umbrella firm, you will need to submit your latest three months of personal bank statements and your most recent three months of umbrella payslips.
Documentation for Payee Contractors
3 months bank statements and payslips.
Contracts Gaps and Earnings
Pepper Money is flexible with credit history. They will consider your application as long as you haven’t missed any payments on secured credit in the last 24 months. The minimum yearly income requirement is £18,000, which translates to a daily rate of approximately £78.26.
By meeting these criteria, you can benefit from Pepper Money’s quick processing times and secure the mortgage you need.
Partnering with Pepper Money for Seamless Contractor Mortgages
We work closely with Pepper Money’s senior underwriters to ensure your mortgage application process is as smooth as possible. Securing a Mortgage in Principle (MIP) typically begins with an initial assessment of your financial situation. You’ll need to provide key documents, including proof of income (such as recent contract details and bank statements), ID verification, and proof of address.
Once we have these documents, we submit them directly to Pepper Money’s underwriters. Our established relationship with them ensures your application is reviewed promptly, often resulting in a Mortgage in Principle within 24 hours. Following the MIP, the full mortgage application is submitted. This usually takes about three days, with completion expected within 2 to 4 weeks.
FAQ’S
Are there any restrictions on the types of contracts Pepper Money accepts?
Pepper Money takes an inclusive approach and accepts contracts from various industries, not just traditional sectors like IT or finance. They consider contracts from a wide range of professions, including creative fields, healthcare, and technical services, ensuring contractors from diverse backgrounds have access to their mortgage products.
Does Pepper Money have a minimum income requirement for contractors?
No, Pepper Money does not impose a strict minimum income requirement for contractors. This flexibility allows contractors at various income levels to apply, making their mortgage products accessible to both high and moderate earners. Rather than focusing solely on income, they assess your overall financial profile and contract stability.
What is Pepper Money’s policy on foreign currency income?
Pepper Money requires that all income considered for mortgage approval be in pounds sterling. If you earn income in foreign currencies, you’ll need to convert it to pounds, and only the converted amount will be considered for your mortgage application. This ensures your income is assessed in a stable and predictable currency.
Are there specific contract lengths that Pepper Money prefers?
Pepper Money does not have a preference for specific contract lengths, making their mortgages accessible to contractors on both short-term and long-term contracts. However, they do consider the likelihood of contract renewals and your history with clients as part of their assessment. This flexibility benefits contractors with varying contract durations.
Does Pepper Money consider contractors with past credit issues?
Yes, Pepper Money is known for its flexibility with applicants who have past credit issues. While your credit history will be considered, their underwriters take a holistic view of your financial situation, including your current income stability and ability to repay the mortgage. This approach provides contractors with imperfect credit a chance to secure financing.