Pepper Money’s second charge mortgage loans hit £1 billion

It is a key milestone

Pepper Money’s second charge mortgage loans hit £1 billion

Specialist lender Pepper Money has exceeded £1 billion worth of loans on its second charge mortgage book.

Surpassing the £1 billion mark was a key milestone for the lender, which has already successfully closed five securitisations under the Castell securitisation platform, and originated more than £1.8 billion second charge mortgages in total, with £800 million worth of loans having already been redeemed.

Matt Blake, treasurer at Pepper Money, pointed out that second charge lending in 2021 totalled £1.1 billion, according to the Finance and Leasing Association.

“So, breaking through £1 billion on our loan book alone shows just what an important player Pepper Money is in this market,” Blake said.

“With the ongoing cost-of-living squeeze that is motivating more customers to take a more proactive approach to managing their finances, we expect debt consolidation to be a big theme in the coming months, providing brokers with a good opportunity to help their clients take greater control of their monthly expenditure,” he added.