Pepper Money completed a £500,000 second charge mortgage for high net worth (HNW) customers who required funds as a matter of urgency.

The HNW customers, a couple with two children, needed £500,000 to settle a boundary dispute on a property before it went to court, which could have potentially resulted in much higher costs.

UNREALISTIC

The couple currently has an existing low fixed-rate mortgage with Early Repayment Charges (ERCs), so remortgaging was not a realistic option for them. They contacted Pure Property Finance via an enquiry on a price comparison website and worked with sales manager Mark Hughes on finding a solution.

Hughes contacted Pepper Money because of the lender’s flexibility in considering the customers’ complex income, as well are the ability to make overpayments with no ERCs.

Hughes said: “The challenges in this case were the high loan amount and purpose of the loan, as some lenders wanted the settlement to happen before a DIP was granted.

“Pepper was able to progress the case, with the settlement letter being sent just before the loan moved to offer, and the whole process was made straightforward by our BDM, Matthew Batte.”

“It goes to show what can be achieved when lenders and brokers work together for the benefit of the customer”

Ryan McGrath, second charge sales director at Pepper Money, added: “We’re seeing increasing demand for large loan second charge mortgages, and these cases are often from customers with complex incomes.

“However, complex income doesn’t have to mean a complex application and we can make even large loans straightforward. I’d like to say a big thank you to Matthew Batte and our underwriting team for getting this across the line so quickly, and thanks to Mark at Pure Property Finance, for working with us so effectively.

“It goes to show what can be achieved when lenders and brokers work together for the benefit of the customer.”