"With so many customers opting for a product transfer over a remortgage, second charge mortgages provide an excellent way to release capital from their home"
Pepper Money has launched Consent to Follow on its second charge mortgages, enabling the lender to issue a mortgage offer when consent from the first charge lender is the only outstanding item.
The launch of Consent to Follow will accelerate the application process, reducing the time it takes Pepper Money to issue a second charge mortgage offer.
Pepper will be able to issue a mortgage offer, providing consent from the following lenders is the only outstanding item: NatWest, Barclays, Santander, HSBC, Lloyds, Nationwide, Pepper Money, Halifax, Kensington Mortgage Company, Leeds Building Society, Clydesdale Bank, Co-operative Bank, and Yorkshire Building Society.
The customer’s funds will be released once the consent and deed have been provided.
Ryan McGrath, second charge sales director at Pepper Money, said: “In the current environment, with so many customers opting for a product transfer over a remortgage, second charge mortgages provide an excellent way to release capital from their home and allow brokers to offer their customers an alternative solution.
“At Pepper Money, we’ve reduced the rates on our second charge mortgages. Our broker partners and their customers will now benefit from even faster turnaround times. This enhancement will speed up the application journey with the launch of Consent to Follow. This also means brokers will have greater certainty earlier in the process, which will reassure their customers, enabling them to raise the funds they need to achieve their financial goals.”