Pepper Money has announced that standard bank statement requirements for employed and self-employed applicants have been reduced to just one month, simplifying the application process for brokers and customers.
Pepper 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 and provide a smoother and quicker customer journey.
As part of the enhancement to its 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.
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.
Paul Adams (pictured), 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.”
