Pepper said that its move into shared ownership was a part of its plans to do more to support schemes that promote affordable home ownership, and make it easier for people to get onto the property ladder.
TMP The Mortgage People is a specialist adviser in the shared ownership sector. Pepper said that the partnership meant it would be able to refine its processes so that it can deliver a seamless experience when its shared ownership proposition is rolled out to the wider broker community.
Kelly McCabe, managing director of TMP The Mortgage People, said that the shared ownership sector needs lenders to take a different approach, and that the firm was looking forward to helping Pepper to get its processes right for the “unique demands” of this part of the market.
She continued: “Shared ownership needs a lender like Pepper Money, who can underwrite each case on an individual basis, particularly where customers might earn fluctuating income or income from multiple sources.”
Paul Adams, sales director at Pepper (pictured), said that moving into shared ownership was a natural next step for the lender, emphasising that its underwriters will continue to assess each application “on its own circumstances and merits”.
He added: “Like with any pilot period, we will get to a point where we will assess the progress we have made in line with our expectations and those of our customers. That will then inform the next steps to be taken and the timing of any controlled rollout to the broader intermediary market.
“This will ensure that we are suitably prepared to support customers in achieving their dream of homeownership, which is always a key aspiration for the Pepper Money team.”