"Shared ownership needs a lender like Pepper Money, who can underwrite each case on an individual basis"
Pepper has partnered with shared ownership specialists TMP The Mortgage People for the pilot.
Paul Adams, sales director at Pepper Money, said: “At Pepper Money, we have a clear purpose of promoting greater financial inclusion to a more diverse range of customers. So, it was a natural next step to develop a dedicated proposition to provide competitive specialist lending to customers who want to access the property market through affordable home ownership schemes. As with all of our mortgages, our shared ownership proposition will be supported by expert underwriters who take an individual approach to assess every application on its own circumstances and merits.
“Like with any pilot period, we will get to a point where we will assess the progress we have made in line with our expectations and those of our customers. That will then inform the next steps to be taken and the timing of any controlled rollout to the broader intermediary market. This will ensure that we are suitably prepared to support customers in achieving their dream of homeownership, which is always a key aspiration for the Pepper Money team.”
Kelly McCabe, managing director at TMP, commented: “We have welcomed the opportunity to partner with Pepper Money on its launch into shared ownership mortgages. As specialists in this sector, we understand that it requires lenders to take a different approach, and we’re working with Pepper to refine some of its processes to meet the unique demands of this part of the market.
“Shared ownership needs a lender like Pepper Money, who can underwrite each case on an individual basis, particularly where customers might earn fluctuating income or income from multiple sources.”
