Pepper Money

Office address: 4 Capital Quarter, Tyndall St, Cardiff CF10 4BZ 
Website: www.pepper.money 
Year established: 2015 
Company type: financial services 
Employees: 300+ 
Expertise: residential mortgages, buy-to-let mortgages, specialist lending, second charge mortgages, shared ownership mortgages 
Parent company: Pepper Group 
CEO and key people: Laurence Morey (CEO), Andrew Voss (CFO), Cindy Monk (COO), Ben Westlake (CIO), Richard Spinks (chief commercial officer), Simon Merry (chief risk officer), Phil Green (marketing director) 
Financing status: private equity-backed   

Pepper Money is a specialist mortgage lender from Cardiff that offers a variety of residential and buy-to-let mortgage products through intermediaries. It serves clients who are overlooked by high street banks, such as the self-employed and those with complex income or credit histories. The company has over 300 employees operating across the country.   

History of Pepper Money 

Pepper Money commenced operations in 2015 as part of the global Pepper Group, focusing on specialist mortgage lending. In 2017, KKR acquired the Pepper Group, strengthening financial backing and market expansion capabilities. The following year, Pepper Money diversified by acquiring Optimum Credit, a leader in second charge mortgages. 

The integration of Pepper Money and Optimum Credit was completed in 2019, enhancing the brand and product suite. Despite the global challenges of 2020, Pepper Money completed two significant securitisations valued at £629 million. In 2022, the company broadened its financial horizons by listing on the Australian Stock Exchange, marking a pivotal moment in its history.   

Products and Services of Pepper Money 

Pepper Money provides an array of mortgage-related products designed to meet its customers' needs. Key offerings include: 

  • residential mortgages: tailored mortgage options for home buyers 

  • right to buy mortgages: assisting tenants to purchase their council homes 

  • help to buy mortgages: supporting first-time buyers with equity loans 

  • shared ownership mortgages: making home ownership accessible through partial buy and rent options 

  • second charge mortgages: offering additional borrowing options secured against existing properties   

Culture at Pepper Money 

Pepper Money promotes a flexible and supportive work environment that enhances both professional growth and personal well-being. The company also upholds this development through a variety of employee benefits including: 

  • work-life balance: hybrid working model and 25 days of holiday plus bank holidays 

  • health and security: private medical insurance through BUPA, life insurance, and comprehensive health programs 

  • financial benefits: competitive salary with bonus schemes and generous pension contributions 

  • professional growth: regular training and development opportunities 

Pepper Money is dedicated to bridging the gender pay gap through a series of targeted initiatives that ensure equity in pay and career advancement opportunities. These efforts are supported by executive-level commitment to creating a balanced and inclusive workplace for all genders, including: 

  • succession planning: incorporating gender considerations 

  • hybrid working model: enhancing work-life balance flexibility 

  • leadership opportunities: creating 'stepping up' chances for women 

  • female leadership visibility: encouraging aspirations among female employees 

  • talent attraction review: regularly revising recruitment strategies 

  • compensation benchmarking: ensuring fair pay across genders 

  • executive support: backing from committees like DE&I and Women in Business 

  • DEI strategy includes focusing on the 5 well-being pillars, supported by educational events, well-being champions, and support programs 

  • partnership with YouGov 

  • community fundraising  

Pepper Money actively pursues an integrated environmental, social, and governance (ESG) strategy that emphasises sustainable practices and community involvement. The company focuses on reducing its environmental impact through several initiatives, such as: 

  • tree planting and carbon offsetting: partnering with Ecologi to plant trees and fund carbon reduction projects globally 

  • automated valuations: reducing the need for physical valuations to lower carbon emissions. 

  • electronic payments: shifting from cheque to electronic payments to cut down on paper usage and associated CO2 emissions. 

  • beehive sponsorships: supporting local biodiversity by sponsoring two beehives, eg Gwenyn Gruffydd and Sunnyfields Apiaries, boosting pollination and food supply chains 

About Pepper Money CEO Laurence Morey and Key People 

Laurence Morey has served as the CEO of Pepper Money since 2018. Prior to this role, Morey was co-global head principal investments at Pepper Financial Services Group, a partner at Oakwood Global Finance, and more. He is a chartered accountant from SAICA and has earned a high diploma in accounting from University of Durban Westville.   

Supporting Morey in leading the company is a team of seasoned executives: 

  • Andrew Voss, as CFO, is responsible for financial oversight and strategy 

  • Cindy Monk, serving as COO, ensures operational efficiencies across the company 

  • Ben Westlake, as the CIO, directs technological advancements and systems integration 

  • Richard Spinks, as chief commercial officer, drives business growth and market positioning 

  • Simon Merry is the chief risk officer that manages risk assessment and compliance 

  • Phil Green, marketing director, spearheads marketing initiatives and brand development   

The Future at Pepper Money 

Pepper Money recently secured new funding lines worth over £1.2 billion in 2023, which notably increased their total warehouse capacity to more than £2.8 billion. This strategic financial increase aims to support their lending growth plans for both first and second charge mortgages.  

In addition to financial expansions, Pepper Money has been actively involved in securitisations, raising more than £2.5 billion since July 2017 through various deals. These financial manoeuvres underline their capability to navigate and grow even during market volatilities, ensuring a steady flow of lending operations. The company's recent activities position them for continued growth, focusing on expanding lending capabilities and enhancing financial inclusion. 

LendInvest expands team with four new BDMs

The move is expected to bolster the lender's market presence nationwide

West One Loans expands residential mortgage team

It has made a total of 11 new hires in its mortgage team over the past two months

Vida and Pepper Money slash rates, launch new products

Vida provides new options for landlords while Pepper Money announces new deals for residential borrowers

Pepper Money goes paperless for second charge applications

It aims to streamline and expedite the application process

UK property transactions see significant growth - HMRC

Industry reacts to current market trends

Are brokers and lenders becoming closer?

Research suggests advisers' approval for lenders is growing

Lenders score high in latest Mortgage Lender Benchmark

Which lenders were voted the best by brokers?

Pepper Money promotes underwriter to regional development manager

He is tasked to support brokers on cases that do not fit mainstream lenders' criteria

Pepper Money hires national key account manager

He previously worked at the firm as a regional development manager

Pepper Money boosts second charge access for the self-employed

Lending criteria changes aim to level the playing field for self-employed customers