Pepper Money has launched a new ‘consent to follow’ option on its second charge mortgages, designed to speed up the application process. 

This should reduce the time it takes Pepper Money to issue a mortgage offer, as this will now be provided if consent from the first charge lender is the only outstanding item.

This option applies to first change loans from the following lenders: NatWest, Barclays, Santander, HSBC, Lloyds, Nationwide, Pepper Money, Halifax, Kensington Mortgage Company, Leeds Building Society, Clydesdale Bank, Co-operative Bank, Yorkshire Building Society.

The customer’s funds will be released once the consent and deed have been provided.

Pepper Money second charge sales director Ryan McGrath, says: “In the current environment, with so many customers opting for a product transfer over a remortgage, second charge mortgages provide an excellent way to release capital from their home and allow brokers to offer their customers an alternative solution.”

He says Pepper Money has recently reduced rates on its second charge mortgages, and this change to the terms will mean faster turnaround times for brokers and their customers.

“This enhancement means brokers will also have greater certainty earlier in the process, which will reassure their customers, enabling them to raise the funds they need to achieve their financial goals.”