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Pepper to pay full proc fees for new remortgage proposition

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  • 31/01/2023
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Pepper to pay full proc fees for new remortgage proposition
Pepper Money has promised brokers will be paid a full procuration fee for being involved in its new remortgage proposition aimed at existing customers.

Pepper will be offering certain existing customers the opportunity to remortgage onto one of its current products, without having to pay an application or completion fee, while also receiving free standard legal work. Qualifying cases will also be able to utilise an automated valuation model (AVM), rather than an in-person valuation.

Existing customers who are eligible for the new offer will be contacted three months before their current deal expires, to make them aware of the product range available. They are advised that if they wish to proceed, they should speak to their broker.

Pepper explained that brokers will receive a full standard proc fee as part of the process.

 

Making life easier for the borrower

Paul Adams (pictured), sales director at Pepper Money, noted that the lender wanted to make things easier for existing customers, pointing to the fact that many borrowers coming to the end of existing fixed rate deals face the prospect of substantially higher repayment costs.

He continued: “While we cannot change the rising rate environment, we have identified an opportunity to provide customers with exclusive access to a reduced fee remortgage proposition, which features no application or completion fee and free standard legal work.”

Previous research from Pepper has found that around three quarters of people in the UK are nervous about their finances as a result of the cost of living crisis, while data from the Office for National Statistics suggests that around 1.4m will face higher costs when remortgaging this year.

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