Pepper Homeloans

TSandTav

Has anyone got a mortgage with Pepper Mortgages ? Are they lending to areas outside the cities ?

Our situation is as follows ,we didn't intend getting a mortgage for a few years but the house we are currently renting is going up for sale .Purchase Price is 145000 we have deposit. We have a joint income of just over 60000. Our outgoings are 666 euro per month. I am a teacher , my husband is self employed. Our rent is 450 for the past 4 years and we save 450 a month for the past 2 years. My credit rating is fine my husbands is not .He went in to arrears on a loan but paid paid it back in full in January 2014. We have been advised that we will not get a mortgage and would be best waiting until credit report is clear . Any advice?

Rackstar

Maybe a home choice loan?

http://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/home_choice_loan.html

elainep13

My partner had a credit card cancelled due to missed payments, it was on his credit history, (cleared in 2013). We got a mortgage approval with AIB(where he had the problem with the credit card) a few months ago. He had to write a letter to them about it. Now the amount involved was only 1.5k so a small debt.

Angel2016

TSandTav wrote: »

Has anyone got a mortgage with Pepper Mortgages ? Are they lending to areas outside the cities ?

Our situation is as follows ,we didn't intend getting a mortgage for a few years but the house we are currently renting is going up for sale .Purchase Price is 145000 we have deposit. We have a joint income of just over 60000. Our outgoings are 666 euro per month. I am a teacher , my husband is self employed. Our rent is 450 for the past 4 years and we save 450 a month for the past 2 years. My credit rating is fine my husbands is not .He went in to arrears on a loan but paid paid it back in full in January 2014. We have been advised that we will not get a mortgage and would be best waiting until credit report is clear . Any advice?

The bad debt history last for 2 years from the date it's fully paid off, so if it was Jan 2014 we are now well over 2 years it still shows on the report from the ICB but the standard way to do it is to look at a persons repayment history for the past two years and anything before that should not be considered but some lenders will go back 5 years.
If the loan is finished get a letter from the bank stating that and that all payments are up to date run a report on yourselves on ICB.ie and you will see exactly what lenders see.

TSandTav

Thank you ,yes i have the ICB reports on both of us mine is fine but my husbands clearly shows the missed payments . We are applying with AIB today , this is same place the defaulted loan was. I have already approached a mortgage broker but they felt that i would be better waiting until the credit report was clear. As i said we didnt intend getting a mortgage for a few years and we were under the impression that the landlord wouldnt be selling for at least another year. So while our current accounts etc are ok they could still be better for the purpose of a mortgage . We also went on holidays and bought a new car ( all things we wouldnt have done had we thought we would be in this situation now ).

I dont think Homechoice take people with a poor credit rating . Pepper Mortgages seem to keep coming into my mind but im not sure how they operate I know it could be a great risk. Has anyone got loan approval with them ?

Angel2016

The ICB report never gets to be clear it just goes back down the scale and most banks look at the previous 2 years history of payments, brokers will always tell you to get the credit report clear and come back to them.

I have never heard of Pepper Homeloans I just googled them and they look above board best of luck with the application.

Smiley012

Pepper Homeloans gave us approval, and I had a missed credit card payment from 2012 which meant that I was declined by KBC, and Ulster Bank wouldn't even consider me.

I actually got approval with BoI too eventually, it just depends on the underwriter's understanding of the situation around any missed payments / bad debt.

Angel2016

Smiley012 wrote: »

Pepper Homeloans gave us approval, and I had a missed credit card payment from 2012 which meant that I was declined by KBC, and Ulster Bank wouldn't even consider me.

I actually got approval with BoI too eventually, it just depends on the underwriter's understanding of the situation around any missed payments / bad debt.

That's interesting to know

TSandTav

Pepper are only giving mortgages in certain areas of the country I'm afraid . So no good for us . I have applied with AIB . How long did it take to get approval with Bank of Ireland ?

Angel2016

TSandTav wrote: »

Pepper are only giving mortgages in certain areas of the country I'm afraid . So no good for us . I have applied with AIB . How long did it take to get approval with Bank of Ireland ?

Certain areas of the country like in Dublin or the country ?
That's really odd isn't it

TSandTav

Yes I think the cities and larger towns . Definitely not in my area . The broker I spoke to yesterday was very positive about our situation but once I said where we wanted to buy it was a no go .

Angel2016

TSandTav wrote: »

Yes I think the cities and larger towns . Definitely not in my area . The broker I spoke to yesterday was very positive about our situation but once I said where we wanted to buy it was a no go .

Right I don't like the sound of that, I used a broker in Clondalking called <mod snip > they are brilliant maybe call them.

athtrasna

Mod note

As per the forum charter, naming companies in recommendations/complaints is not permitted.

Angel2016

athtrasna wrote: »

Mod note

As per the forum charter, naming companies in recommendations/complaints is not permitted.

I'll mail them

REFLINE1

Smiley012 wrote: »

Pepper Homeloans gave us approval, and I had a missed credit card payment from 2012 which meant that I was declined by KBC, and Ulster Bank wouldn't even consider me.

I actually got approval with BoI too eventually, it just depends on the underwriter's understanding of the situation around any missed payments / bad debt.

interested in this comment as ive a similar situation. (1 late payment on a personal loan in 2012, loan cleared in 2013 payment was only a few weeks late) I was told by a broker and my bank manger that this shouldn't be a big issue in a
an application as have had 4-5 other loans on ICB with no issues. plan on applying early next year.

TSandTav

Got approved today with AIB , so after all the worrying and stress there was a positive result

SMF17

Hi Guys - relatively new to boards so probably bringing up an old (ish) thread!
We applied to Pepper Mortgages and got approval in principle. 
I have a squeaky clean credit rating but my partner does not - its for a credit card which has since been paid in full. It is still showing on his ICB report but due to be wiped in 2018. 
Our combined earnings - 70400.00 with monthly out goings 485.00 
Has anyone been approved in principle with Pepper and in the end declined? and how long did the process take with them?

Nastygal2511

SMF17 wrote: »

Hi Guys - relatively new to boards so probably bringing up an old (ish) thread!
We applied to Pepper Mortgages and got approval in principle. 
I have a squeaky clean credit rating but my partner does not - its for a credit card which has since been paid in full. It is still showing on his ICB report but due to be wiped in 2018. 
Our combined earnings - 70400.00 with monthly out goings 485.00 
Has anyone been approved in principle with Pepper and in the end declined? and how long did the process take with them?

Did you end up going with pepper? We have approval in principal at the moment.

SMF17

Nastygal2511 wrote: »

Did you end up going with pepper? We have approval in principal at the moment.

Yes we did - we got our keys last Friday and are now home owners! Pepper work differently to other banks, they might ask for a doc that a bank wouldn't look for until the end say. You need to keep on top of them and make sure your solicitor is too otherwise it can drag out. All in all I found them very nice to deal with.

AIB told us to wait another year and save a little more, so basically a no. Got approval with Pepper that same week and a week later AIB were ringing to see if we were interested in a mortgage.

Stail Asail

SMF17 wrote: »

Hi Guys - relatively new to boards so probably bringing up an old (ish) thread!
We applied to Pepper Mortgages and got approval in principle. 
I have a squeaky clean credit rating but my partner does not - its for a credit card which has since been paid in full. It is still showing on his ICB report but due to be wiped in 2018. 
Our combined earnings - 70400.00 with monthly out goings 485.00 
Has anyone been approved in principle with Pepper and in the end declined? and how long did the process take with them?

Could I advise you to apply to the banks anyway, similar situation to yourself and we got approved by two banks. The broker told us we hadn't a hope. We wrote a letter to our own bank explaining the situation and got approved, second bank we just applied and chanced our arm and got approved.

The_Conductor

Stail Asail wrote: »

Could I advise you to apply to the banks anyway, similar situation to yourself and we got approved by two banks. The broker told us we hadn't a hope. We wrote a letter to our own bank explaining the situation and got approved, second bank we just applied and chanced our arm and got approved.

There is a record of every enquiry made put on your credit record.
If you apply to one prospective lender- successfully- any subsequent loan applications- will see this application on your record- and it will stand to you.

Nastygal2511

The_Conductor wrote: »

Stail Asail wrote: »

Could I advise you to apply to the banks anyway, similar situation to yourself and we got approved by two banks. The broker told us we hadn't a hope. We wrote a letter to our own bank explaining the situation and got approved, second bank we just applied and chanced our arm and got approved.

There is a record of every enquiry made put on your credit record.
If you apply to one prospective lender- successfully- any subsequent loan applications- will see this application on your record- and it will stand to you.

I am going to have a few applications done up and send them off on Monday. Would you recommended some sort of cover note?

Stail Asail

What we did was we spoke to the mortgage advisor in detail about the credit issue, they then put a case forth for us with the lending people, it took longer than usual (about a month) but it was approved. It was my other half who had the issue and they wrote a letter explaining what happened, this was at the suggestion of the mortgage advisor.

I would definitely not put in an application without having a meeting with advisor and get their opinion on the matter. We had a genuine reason for appeal for the credit rating and its with the ombudsman now. I don't want to suggest being dishonest but if you can find or have some genuine reason to explain what happened they will listen.

Ours was a car loan, got made redundant and we requested a moratorium of payments for 3 months, they "said" no problem, said being the problem as we got nothing in wiriting. Then we sold the car and cleared the loan after 6 weeks. She got bad credit rating for one missed payment which our understanding was not due.

It helped a lot that I had a perfect record with the bank and savings etc which you have going for you also.

We had a very bad experience with 2 brokers, we found dealing with the mortgage advisors in the banks very easy and straightforward, just our experience, I know a lot of people have great things to say about brokers.

The_Conductor

Nastygal2511 wrote: »

I am going to have a few applications done up and send them off on Monday. Would you recommended some sort of cover note?

Honestly- filling out one of the application forms will give you writers cramp- I'm not sure about other lenders, but the BOI application form is 28 pages long.

All I can really suggest- is if you are not sure whether your credit record is up to date and accurate- get a copy of your report (I think its 15 Euro for a copy) and you are allowed to dispute any of the contents if you believe them to be inaccurate.

I don't suggest writing a covernote- I honestly doubt it would be read- I do suggest making 100% certain your credit report is clean- and disputing any inaccuracies on it.

The application form- is so detailed- it teases out any bits and pieces one way or the other- there is no real merit in doing up a cover note- which they're unlikely to read.

Stail Asail

The_Conductor wrote: »

Honestly- filling out one of the application forms will give you writers cramp- I'm not sure about other lenders, but the BOI application form is 28 pages long.

All I can really suggest- is if you are not sure whether your credit record is up to date and accurate- get a copy of your report (I think its 15 Euro for a copy) and you are allowed to dispute any of the contents if you believe them to be inaccurate.

I don't suggest writing a covernote- I honestly doubt it would be read- I do suggest making 100% certain your credit report is clean- and disputing any inaccuracies on it.

We were told early on by someone in the know that it is near impossible to have your credit rating reveresed by the bank. You need to go through the motions of appeal before going to the ombudsman which is what we have done.

A friend of mine years back, cleared his credit card before going to oz on a 1 year holiday visa, he forgot about the stamp duty which was charged during the year and missed the payment for this, he got a bad credit record for €25 or something. Bank wouldn't reverse but the ombudsman man did after a lengthy drawn out process of 2 years.

tony1980

One of the Mobile Mortgage Advisors called to our house and helped fill out everything and we had our documentation ready, my wife had credit issues from several missed credit card payments two years previous, it was only 500 euro on the card so it was small, we spoke with the advisor about this and she helped us put together a small letter to explain the circumstances why, my credit was perfect which helped.

Within two to three weeks we had full approval with no issues with one of the main lenders so it is possible.

I would talk to an advisor to go through your circumstances, you never know!

Chopper123

SMF17 wrote: »

Yes we did - we got our keys last Friday and are now home owners! Pepper work differently to other banks, they might ask for a doc that a bank wouldn't look for until the end say. You need to keep on top of them and make sure your solicitor is too otherwise it can drag out. All in all I found them very nice to deal with.

AIB told us to wait another year and save a little more, so basically a no. Got approval with Pepper that same week and a week later AIB were ringing to see if we were interested in a mortgage.

Hi im currently appling to pepper for a morgage too, i have a revoked credit card on my credit report my husband is squeeky clean but finding it hard to get approved, what paper work did pepper send you for?
And congrats on those keys ðŸ˜

The_Causeway

I work as an underwriter and having a bad credit rating isn't necessarily a bad thing once you have a valid excuse and it's something minor (being 9 months in arrears on a loan of 2 years because you don't agree with repayments isn't one-this genuinely was given as a reason before!)


Before you apply for a mortgage get an ICB check it's €6. People often think if they change their name to Irish or use married name only that they can hide stuff (which makes it worse when it comes out) but in general we would always ask for the name to be translated or for maiden names etc.

Once you're up front an honest about it I can't see why there would be an issue- might save some people going to a subprime lender!

Chopper123

The_Causeway wrote: »

I work as an underwriter and having a bad credit rating isn't necessarily a bad thing once you have a valid excuse and it's something minor (being 9 months in arrears on a loan of 2 years because you don't agree with repayments isn't one-this genuinely was given as a reason before!)


Before you apply for a mortgage get an ICB check it's €6. People often think if they change their name to Irish or use married name only that they can hide stuff (which makes it worse when it comes out) but in general we would always ask for the name to be translated or for maiden names etc.

Once you're up front an honest about it I can't see why there would be an issue- might save some people going to a subprime lender!

Hi thanks i had a credit card revoked with 6 missed payments and juat recently finiahed paying it off.. i done the icb check and it came back with thr revoked card on it.. we have our deposit and i will be absolutly devestated if i get declined

The_Causeway

Chopper123 wrote: »

The_Causeway wrote: »

I work as an underwriter and having a bad credit rating isn't necessarily a bad thing once you have a valid excuse and it's something minor (being 9 months in arrears on a loan of 2 years because you don't agree with repayments isn't one-this genuinely was given as a reason before!)


Before you apply for a mortgage get an ICB check it's €6. People often think if they change their name to Irish or use married name only that they can hide stuff (which makes it worse when it comes out) but in general we would always ask for the name to be translated or for maiden names etc.

Once you're up front an honest about it I can't see why there would be an issue- might save some people going to a subprime lender!

Hi thanks i had a credit card revoked with 6 missed payments and juat recently finiahed paying it off.. i done the icb check and it came back with thr revoked card on it.. we have our deposit and i will be absolutly devestated if i get declined

There would have to be a valid reason given and it would also depend on the amount, say it was for 5k and it was written off and sold to an agency then it might be a bigger issue. Once you have your repayment capacity (so let's say your stressed mortgage repayments are 1200pm and your saving in or around that) in order, both in secure employment (if only one is working, the second income is enough to support both), accounts well managed then it would be looked at more favourably. There is much more to approval than having a clean credit check. When you're applying discuss it with the advisor. Good luck with your application!

Chopper123

The_Causeway wrote: »

Chopper123 wrote: »

There would have to be a valid reason given and it would also depend on the amount, say it was for 5k and it was written off and sold to an agency then it might be a bigger issue. Once you have your repayment capacity (so let's say your stressed mortgage repayments are 1200pm and your saving in or around that) in order, both in secure employment (if only one is working, the second income is enough to support both), accounts well managed then it you would be looked at favourably. There is much more to approval than having a clean credit check. When you're applying discuss it with the advisor. Good luck with your application!

We both work full time and earning well, weve been to ebs and i told them i had an existing credit card problem (1500) only.. but paid in full since, but i done my check and it came up with it been revoked.. sure if ebs cant give us the morgage, hopefully pepper will 😢

The_Causeway

Chopper123 wrote: »

The_Causeway wrote: »

We both work full time and earning well, weve been to ebs and i told them i had an existing credit card problem (1500) only.. but paid in full since, but i done my check and it came up with it been revoked.. sure if ebs cant give us the morgage, hopefully pepper will 😢

So they found out after it went to the underwriting / credit team? It's not a very high amount but if you look at it from a risk perspective there will be questions around why the arrears went on so long (6 payments is a lot). I know it was paid in full but that's how it would be viewed when being assessed. I'm not sure about EBS but I have heard Pepper don't look as negatively on a poor credit history. Sorry if I can't be of any more help!

SMF17

Chopper123 wrote: »

The_Causeway wrote: »

We both work full time and earning well, weve been to ebs and i told them i had an existing credit card problem (1500) only.. but paid in full since, but i done my check and it came up with it been revoked.. sure if ebs cant give us the morgage, hopefully pepper will 😢

Hi @The_Causeway

Thanks, delighted it's all over!

My hubby had the EXACT same credit card issue down to amount too. Like suggested already being honest about it from the start was the best thing to do. I got the icb prior and then went to the agency it was sold on to who were able to provide a statement showing it was paid off in full with them. Even if you didnt get that far, Pepper tend to look at previous two years rather than it just being on your icb. It's nerve wrecking but I found them very understanding and helpful.

They will ask you for a written explanation for the missed payments.

Good luck!!

Deimavitiuha

Who have a loan with pepper money did you have any problems? I never heard about them. Does it worth go with them?