Pepper Money has minimize bank statement requirements for employed and self-employed candidates to one month from three months.
Paul Adams
The specialist lender says: “Reducing the variety of paperwork candidates are required to current will streamline the appliance course of for brokers, easing the bureaucratic burden so typically related to mortgages and can present a smoother and faster buyer journey.”
The agency confirms that most of these prospects will now solely want a bank statement overlaying a month:
Expenditure and conduct evaluation, private bank statements
Self-employed candidates
As a part of this transfer to its first cost mortgage providing, the enterprise has additionally eliminated the requirement to provide bank statements for provide extensions.
And it has eliminated the requirement to present an assured shorthold tenancy settlement for functions from renters.
Pepper Money gross sales director Paul Adams says: “By simplifying the variety of bank statements required for mortgage candidates, we’re serving to to alleviate a few of that administrative burden, that means that brokers and directors can give attention to the job at hand.”
The lender provides that though it has lowered the interval it requires bank statements, there could also be cases the place it requires paperwork overlaying an extended interval so as to full their obligatory monetary checks.
The enterprise will proceed to totally confirm revenue from candidates and might use credit score reference information to perceive monetary historical past and conduct by way of credit score stories.
