Great news, we’ll now accept 100% of Bonus, Overtime, Commission and Foster Care income on Prime, Plus and XLTV.
Thank you for your continued support. We’re delivering more enhancements today. All are to help make Pepper loans more affordable, and support you to write additional business, and fulfil the borrowing needs of more customers.
These changes can be applied to pipeline cases. If you want to re-advise on a case you have progressing with us, please message us via Nivo.
100% Bonus, Overtime and Commission
From today, we’ll accept 100% of Bonus, Overtime and Commission income on Prime, Plus and XLTV subject to the following criteria:
Regular Bonus, Overtime and Commission income will be calculated by deducting the guaranteed income (basic, allowances, inner city weighting etc.) and annualising what remains.
- Where more than 4 months (July payslip onwards) into a new tax year, just the 2 most recent payslips will be required.
- Where less than 4 months (April – June payslips) into a new tax year, the latest P60 or March payslip and the 2 most recent payslips will be required.
- If we need a P60 and it shows lower variable income than the 2 most recent payslips, we’ll normally use the lower figure. However, we may consider using more on referral if you provide an acceptable reason for doing so e.g. time in job, pay increase.
- Where there has been a recent change of job, we’ll want at least six-months’ in current role.
- For annual bonuses, we’ll want evidence of at least the last two. We’ll either use an average, or the lower figure if more recent.
Providing you’re confident you’ve satisfied the above requirements we no longer ask you to refer such cases.
100% Foster Care
From today, we’ll accept 100% of Foster Care income on Prime, Plus, and XLTV subject to:
Latest 2 years proof. This can be 2 years’ worth of invoices or annual statements supplied by the local authority/provider.
- We’ll use the average over the 2 years.
- We must be satisfied that the income is consistent and sustainable.
As a reminder, when using Foster Care income, the applicants will not be in receipt of Child Benefit for those children. If the children are under 14 years of age, we’ll deduct this from our affordability calculation as SWAN will have automatically included it.
Lastly
If you have any questions or would like to discuss how Pepper could help your customers, please contact –
Luke Edwards 07542 321177 (North), Claire Blunt 07519 750079 (North), Nicola Culshaw 07519 750084 (North), Ryan McGrath 07354 249284, Matthew Batte 07498 291038