Pepper Money has eased its documentation rules, reducing bank statement requirements for both employed and self-employed applicants from three months to just one.

The specialist lender explained: “Reducing the number of documents applicants are required to present will streamline the application process for brokers, easing the bureaucratic burden so often associated with mortgages and will provide a smoother and quicker customer journey.”

From now on, the following customers only need to provide one month’s bank statement:

• Expenditure and conduct assessment applicants, with personal bank statements

• Employed applicants

• Self-employed applicants

As part of its first charge mortgage offering, Pepper Money has also:

• Removed the need for bank statements when applying for offer extensions

• Eliminated the requirement for an assured shorthold tenancy agreement for rental applicants

Sales director Paul Adams commented: “By simplifying the number of bank statements required for mortgage applicants, we’re helping to alleviate some of that administrative burden, meaning that brokers and administrators can focus on the job at hand.” The lender added that while the requirement has been reduced, there may still be cases where longer periods of documentation are needed for financial checks. Income verification remains fully in place, with credit reference data also used to assess financial history and conduct. 

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Source: Roger Baird, Mortgage Strategy