The specialist lender says: “Reducing the number of documents applicants are required to present will streamline the application process for brokers, easing the bureaucratic burden so often associated with mortgages and will provide a smoother and quicker customer journey.”   

The firm confirms that these types of customers will now only need a bank statement covering a month: 

• Expenditure and conduct assessment, personal bank statements 

• Employed applicants 

• Self-employed applicants 

As part of this move to its first charge mortgage offering, the business has also removed the requirement to supply bank statements for offer extensions.  

And it has removed the requirement to provide an assured shorthold tenancy agreement for applications from renters. 

Pepper Money sales director Paul Adams says: “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.” 

The lender adds that although it has reduced the period it requires bank statements, there may be instances where it requires documents covering a longer period in order to complete their necessary financial checks.

The business will continue to fully verify income from applicants and can use credit reference data to understand financial history and conduct via credit reports.