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New lender Pepper UK sets out market intentions

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  • 14/01/2015
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New lender Pepper UK sets out market intentions
Pepper UK, a new specialist lender confirmed its lending intentions and selected rates today, following Mortgage Solutions' pre-Christmas exclusive the lender had begun a six week testing phase of its systems.

The non-bank intermediary-only lender began trialling its residential and buy-to-let near-prime and specialist mortgage range exclusively through Brightstar Financial and Mortgage Advice Bureau advisers on the 19 December, but plans to extend distribution to the rest of the market in Q1.

MAB Group CEO Peter Brodnicki, said: “We are delighted that this new market entrant has chosen MAB to pilot their products to the UK. What makes this even more interesting is that there appears not to be a dilution or recycling of an existing product line but a genuinely fresh approach to specialist lending. The products are very good and a potential game changer in my opinion.”

Brightstar’s chief executive officer, Rob Jupp, said Pepper Homeloans’ launch is a major step forward for the lending industry to recognise and cater for a section of the homebuying and homeowning community that has found it difficult to obtain finance.

“We are delighted to have been chosen by Pepper Homeloans as their exclusive partner for the launch of their lending proposition. Specialist first-charge lending has been an area we have promoted vigorously since launching over three years ago.

“In that time, we have been able to help many brokers and their clients as many major lenders have shied away from anything that was not totally standard lending. With Pepper Homeloans’ arrival, the market now has a very positive additional resource catering precisely for the kinds of clients we have been fighting so hard to help.”

George Patellis, most lately chairman at Euro Credit Risk, has been strategically involved in the Pepper Homeloans launch.

Patellis’ CV includes managing director of Pepper Homeloans Sydney in Australia, MD of Preferred Mortgages and CEO at Tiuta Plc (Tiuta), a regulated mortgage lender.

Pepper CEO Richard Klemmer (pictured) said: “In the year since the Australian asset manager and specialist lender the Pepper Group bought the UK mortgage servicing business Oakwood Global Finance, the newly unified company has been the subject of intense industry speculation regarding its ambitions to originate mortgages in the UK.

“Our loans are designed for customers who may for a variety of reasons be unable to qualify for a mortgage on the high street. These customers may be buy-to-let investors, first time buyers or those who require a more customised approach to lending than is currently offered in the market.

The new lender is offering residential rates from 3.60% and buy-to-let loans with rates starting from 4.35%. The lender said both residential and buy-to-let products will offer the applicant multiple repayment options including fixed rate terms of up to five years.

Klemmer said market conditions and economic indicators are favourable for a new specialist lender.

“The revived securitisation market, the drop in arrears and repossessions, and the intelligence we have gained via Pepper’s vast data from our existing loan servicing portfolios have all given us complete confidence to launch in 2015.”

Pepper Group already lends in Australia, South Korea, Hong Kong and Spain.

 

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