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