Pepper Money has launched a payout before consent service on its second charge mortgages, allowing lenders to advance funds to borrowers when consent from the first charge lender is the sole outstanding item.
The firm says the move will cut the time from application to completion on a second charge loan by up to 15 days, and follows the launch of its offer before consent service last October.
Pepper Money second charge sales director Ryan McGrath says: “The launch of payout before consent is the latest enhancement to Pepper Money’s second charge mortgage proposition, which continues to go from strength to strength.
“Where a customer’s first charge mortgage is held with one of 21 approved lenders [see below], we’ll be able to reduce the time from application to completion by up to fifteen days, providing even faster access to funding.
“This latest enhancement, which follows rate reductions and the launch of e-signatures earlier this year, will speed up the second charge mortgage process and provide brokers with greater certainty in helping their customers to achieve their financial goals.”
Pepper Money will be able to release funds before receiving consent from the following lenders, if consent is the only outstanding item and the account is not in arrears:
Accord Mortgages
Bank Of Scotland
Barclays
Birmingham Midshires
Clydesdale Bank
Cooperative Bank
Coventry Building Society
Halifax
HSBC
Kensington Mortgage Company
Leeds Building Society
Lloyds
Nationwide
Natwest
Pepper Money
Royal Bank Of Scotland
Santander
Skipton Building Society
TSB
Virgin Money
Yorkshire Building Society
