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), Ian Praed (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.
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.
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
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
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
Ian Praed, 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
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.
Every month, Mortgage Introducer is producing a series of articles on a theme affecting mortgage professionals across the UK. All coverage through the month can be found here
Residential completions dip annually as rising mortgage rates and affordability pressures continue to weigh on the market
Metro Bank, Pepper Money and Skipton Group respond to the first-time buyer Your First Home scheme and shared ownership changes in the Autumn Budget
Shared ownership income caps rise for the first time in a decade, widening access for households earning up to £110,000 in London
Shared Ownership, Right to Buy and First Homes borrowers get a longer term to ease monthly costs
The name does the product no favours, but the case for second-charge lending has never been stronger, says Pepper Money's Rob Barnard
Nearly half of Scottish non-homeowners believe they will never purchase, but Pepper Money's Rob Barnard says the solutions exist
Lenders report a tighter quarter for mortgage demand and secured credit as unsecured defaults continue to climb
Pepper Money's new white paper reveals who shared ownership income caps are shutting out — and what the Budget could change
Nearly half of adverse credit borrowers planning to buy within 18 months say a broker is essential to securing a mortgage
