Pepper Money has launched a shared ownership pilot, with plans to introduce its final proposition to the whole market in the future.
The specialist lender has partnered with TMP The Mortgage People for the pilot.
The partnership will enable Pepper Money to refine its processes for when the proposition is rolled out to the wider broker community.
The launch into shared ownership mortgages is part of Pepper Money’s plans to expand its proposition to support affordable homeownership schemes and help more hopeful homeowners buy their own property.
Kelly McCabe, managing director at TMP The Mortgage People, said: “We have welcomed the opportunity to partner with Pepper Money on its launch into shared ownership mortgages.
“As specialists in this sector, we understand that it requires lenders to take a different approach, and we’re working with Pepper to refine some of its processes to meet the unique demands of this part of the market.
“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 Money, added: “At Pepper Money, we have a clear purpose of promoting greater financial inclusion to a more diverse range of customers.
“So, it was a natural next step to develop a dedicated proposition to provide competitive specialist lending to customers who want to access the property market through affordable home Ownership schemes.
“As with all of our mortgages, our shared ownership proposition will be supported by expert underwriters who take an individual approach to assess every application on its own circumstances and merits.
“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.”