Pepper credit criteria

sadie1502

Hi all.
I know Pepper are new to the Irish market and I'm just wondering if any of you good folk know what their credit lending criteria is. Are there any sites with this information? Or is it a case of I have to contact a broker to find this out? Has anyone dealt with them in the last few months?

Thanks a mill

Eric Cartman

they market themselves to people in difficulty. I would imagine the interest rates are a nightmare. I would probably go anywhere else first.

beanian

Eric Cartman wrote: »

they market themselves to people in difficulty. I would imagine the interest rates are a nightmare. I would probably go anywhere else first.

Wrong. Their interest rate is 4% currently so cheaper then BOI & KBC. They are not solely a sub-prime lender. I'm in the process of getting my letter of loan offer from them. They are more flexible in terms of income for self-employed people, hence why I choose to apply to them.

Stheno

beanian wrote: »

Wrong. Their interest rate is 4% currently so cheaper then BOI & KBC. They are not solely a sub-prime lender. I'm in the process of getting my letter of loan offer from them. They are more flexible in terms of income for self-employed people, hence why I choose to apply to them.

How do you apply to them? There is nothing on their site that I can see

Eric Cartman

beanian wrote: »

Wrong. Their interest rate is 4% currently so cheaper then BOI & KBC. They are not solely a sub-prime lender. I'm in the process of getting my letter of loan offer from them. They are more flexible in terms of income for self-employed people, hence why I choose to apply to them.

is that any kind of temporary offer or introductory thing, their entire site seems to suggest that they are sub-prime central.

Stheno

Eric Cartman wrote: »

is that any kind of temporary offer or introductory thing, their entire site seems to suggest that they are sub-prime central.

I thought so too they don't even seem to have basic stuff like a mortgage calculator

sadie1502

This is why I'm interested self employed. Can I ask what broker you went through and we're they fast how was the whole process?

Eric Cartman

"The split mortgage will be made available to Pepper’s 3,500 sub-prime mortgage customers"

http://www.irishtimes.com/business/financial-services/pepper-plans-to-offer-split-mortgages-1.1491077



"We’ve been ‘home-loan helping’ the self employed, full time employed, small business owners and a growing number of the so-called ‘Unloanables’ since 2001."
https://www.pepper.com.au/about


These people are indeed a sub-prime lender. Im self employed and like it or not, Ive accepted I'm a 'sub-prime' candidate for a mortgage.

to anyone considering, read the fine print, double check any rate is for the entirety of the mortgage (obviously rates can vary with the market but the overhead shouldn't)

You don't get a company like this existing for the good of the people, they're making money somehow , its just a case of finding out how that is.

Barely Hedged

Eric Cartman wrote: »

You don't get a company like this existing for the good of the people, they're making money somehow , its just a case of finding out how that is.

By funding themselves at a rate much lower than 4%, which is considered a "bargain" in Ireland

VincePP

Eric Cartman wrote: »

they market themselves to people in difficulty. I would imagine the interest rates are a nightmare. I would probably go anywhere else first.

No, they don't and they also have to comply with central bank regulations.

They will however look at those who are not standard paye workers - kbc used to be the bank that targeted them.

They have three products - the best one is competitive against most other banks at 3.75% - 4% depending on how much deposit you have.

The next one is about 0.5% higher and would be for those who may have had minor previous issues that have good explanation and can show at least 12 months good record - something other banks won't look at.

And then they have their third group - at 1%-2% above their standard rates for those with previously bad records and who can now show ability to pay.

They don't do short term offers or cashbacks and only deal via brokers.

beanian

beanian wrote: »

Wrong. Their interest rate is 4% currently so cheaper then BOI & KBC. They are not solely a sub-prime lender. I'm in the process of getting my letter of loan offer from them. They are more flexible in terms of income for self-employed people, hence why I choose to apply to them.

KBC's rates are lower than 4% even more so if you take their current account for an extra 0.2% off.

jimmycrackcorm

Eric Cartman wrote: »

they market themselves to people in difficulty. I would imagine the interest rates are a nightmare. I would probably go anywhere else first.

Having been swallowed by the changeover from Danske to Pepper, I'd also advise to stay away. I had a disruption in my normal credit cards payments because of the banking changeover and got a legal red card - pay it all off in one go attitude without even a simple question as to why a payment was missed.

Totally obnoxious company - shoot first, ask questions later.

Graham

Stheno wrote: »

How do you apply to them? There is nothing on their site that I can see

From their website:

Our products are currently available only through brokers who have been accredited................

Arbiter of Good Taste

jimmycrackcorm wrote: »

Having been swallowed by the changeover from Danske to Pepper, I'd also advise to stay away. I had a disruption in my normal credit cards payments because of the banking changeover and got a legal red card - pay it all off in one go attitude without even a simple question as to why a payment was missed.

Totally obnoxious company - shoot first, ask questions later.

Agree. I know someone who has been involved with them. They are ruthless.

VincePP

Braelyn Numerous Garden wrote: »

KBC's rates are lower than 4% even more so if you take their current account for an extra 0.2% off.

I can assure you KBC rates are not lower than 4% unless you take a short term fixed rate or special offer.

Read up on KBC and how they treat current customers and you'll think differently.

KBC standard variable 4.25%, once you are with them, any new lower offers don't apply to you.

VincePP

VincePP wrote: »

I can assure you KBC rates are not lower than 4% unless you take a short term fixed rate or special offer.

Read up on KBC and how they treat current customers and you'll think differently.

KBC standard variable 4.25%, once you are with them, any new lower offers don't apply to you.

As I am a new customer its the new customer rates that matters (all first time buyers are going to be new customers). I will be looking for approval with KBC in the next while, I have no interest in fixed rates and they are offering me a variable rate of 3.3% (APR 3.37%) provided I open a current account with them too. No other bank is close to that rate.

VincePP

Braelyn Numerous Garden wrote: »

As I am a new customer its the new customer rates that matters (all first time buyers are going to be new customers). I will be looking for approval with KBC in the next while, I have no interest in fixed rates and they are offering me a variable rate of 3.3% (APR 3.37%) provided I open a current account with them too. No other bank is close to that rate.

They were lowest when I took a mortgage out with them too. (16 years ago)

Remember your mortgage is for 20-30 years.

Look at how KBC treat customers once they have them - just be prepared.

Amateurrunner

I agree with VincePP once you sign up you will never get a reduction on that rate. They treat current customers really badly. Also I'm sure to get that rate you're including the current account discount. I've had numerous mistakes on my account since I got my mortgage last year and even when they admit to a mistake it's taken two months to return my money.

I'll give you an example when I signed up I got 3.7% and I would of got 3.9% in AIB but since I've taken out my mortgage AIB have reduced their rates twice so if I went with AIB at the time my payments would be less now. KBC pretended to reduce rates once around Dec but most mortgage customers got no reduction i'm sure that was some marketing ploy to get potential new customers to think that there was potential to have rates reduced after they sign up.

MarkAnthony

As I'm sure there are people very happy with Pepper (no experience of them myself) I've been delighted with KBC. While I agree that mistakes being made and not rectified is treating the customer badly, not reducing the rate is not. If you enter into an agreement with someone it's not bad form if they want to stick to it. There's nothing to stop you shopping around and moving if there's a better deal out there.

I will say that dealing with them for a credit card was a disaster and their current account app is nowhere near as good as AIB's. We took the current account option to get a rate below 4% (not sure why people think they don't do rates below 4%) but we've ended up keeping our AIB accounts for day to day use and maintain a credit card with AIB. We've deals on all accounts to avoid fees so other than a few grand tied up in minimum balances it's not really an issue. Nice to have some money to fall back on anyway.

newacc2015

Go onto askaboutmone.com and research Danske. They are extremely lawsuit happy. They are something like 7 times more likely to bring you to court versus BOI or AIB.

I would choose a lender who will sit down discuss your finance during a difficult situation and be accommodating. Pepper isnt one of them.

There is another lender trying to get a license for mortgages called Frank Money. They are aiming to open for Q3 2016. They are aiming to be the cheapest mortgage lender

OP I have heard other bank like BOI realise that most borrowers in Ireland dont have a perfect FEICO score and are willing to lend if you have a good credit rating in the last 2/3 years

MarkAnthony

Dunno about self employed but BOI wouldn't even consider us as I work PT and the wife is on contract. Pretty sure the Brother in law didn't go with them either and he's about a standard a case as it gets.

No harm in trying them though ofc.

kefir32

Have had first hand experience with Danske/Pepper and have to say it was harrowing. It involved a massive mistake on their part, being trigger happy with the legal route, final straw was to complain to financial services ombudsman who upheld my complaint and instructed them to apologise unconditionally. I have nothing good to say about them and would advise anyone else to stay well clear. Sharks!!!!!!!!!!!

MarkAnthony

MarkAnthony wrote: »

I will say that dealing with them for a credit card was a disaster and their current account app is nowhere near as good as AIB's.

I recently got a credit card with KBC and found the whole process very smooth and easy I have to say.

by the seaside

Hi there

I'm also self-employed, and am considering Pepper. I see that they only deal via brokers. Does anyone have any experience of any of the brokers below or know a better way than just picking one at random:

• Omac Mortgages & Finance
• DSOB Financial Services
• Finance One
• Park Financial Planning
• Irish Mortgage Brokers
• Lets Talk Finance
• MMPI Financial Services Limited
• Moneycare
• Mortgage Horizons Limited
• PIBA Mortgage Services
• Prendergast Maguire Financial Services Ltd
• Sherry FitzGerald Financial Services
• Vision Financial Solutions
• Howth Financial Services Ltd.
• Independent Mortgage Centre
• Murray & Spelman (Financial Services) Limited
• Chrome Capital
• GVM Mullane
• Irish Mortgage Corporation
• First Rate Financial Planning
• Capital Masters
• Ocean

https://www.peppergroup.ie/lending/find-a-broker.html

athtrasna

Mod note
Recommendations by pm only please

by the seaside

athtrasna wrote: »

Mod note
Recommendations by pm only please

Thanks - sorry forgot that rule.

Spins

I too would appreciate any recommendations on any of those brokers by pm.
(Hope this post doesn't infringe on the rules)

lainycool

by the seaside wrote: »

Hi there

I'm also self-employed, and am considering Pepper. I see that they only deal via brokers. Does anyone have any experience of any of the brokers below or know a better way than just picking one at random:

• Omac Mortgages & Finance
• DSOB Financial Services
• Finance One
• Park Financial Planning
• Irish Mortgage Brokers
• Lets Talk Finance
• MMPI Financial Services Limited
• Moneycare
• Mortgage Horizons Limited
• PIBA Mortgage Services
• Prendergast Maguire Financial Services Ltd
• Sherry FitzGerald Financial Services
• Vision Financial Solutions
• Howth Financial Services Ltd.
• Independent Mortgage Centre
• Murray & Spelman (Financial Services) Limited
• Chrome Capital
• GVM Mullane
• Irish Mortgage Corporation
• First Rate Financial Planning
• Capital Masters
• Ocean

https://www.peppergroup.ie/lending/find-a-broker.html

I'll pm you now, I'm self employed and have mortgage approval from Pepper after numerous rejections from other banks!

lainycool

Spins wrote: »

I too would appreciate any recommendations on any of those brokers by pm.
(Hope this post doesn't infringe on the rules)

Pm sent

REFLINE1

Me too please!