Standby Servicing

Pepper can provide Standby Servicing on a hot, warm or cold basis depending on individual client needs and objectives. We work with our clients to fully understand their needs and the risks they are trying to manage and mitigate and then develop an individual solution to deliver the right outcome.

Each standby contract will typically have 3 distinct phases - pre invocation, invocation and post invocation servicing.

High level definitions of the 3 standby contract options available are:

Cold Agreement

Pepper will commit to step in and assume the full servicing responsibilities of the incumbent servicer within 90 - 120 days of an agreed invocation event being triggered.

Warm Agreement

Pepper will commit to being able to assume servicing within 60 days of an agreed invocation event being triggered in a warm contract, and preparatory work is therefore significantly more extensive than in a Cold constraint.

Hot Agreement

This contract will essentially provide for a full service team to be on immediate standby, requiring Pepper to be able to take over the servicing activity within 48 hours of an invocation event being triggered.

Pepper provides Standby Servicing contracts in the UK and Ireland, covering residential and Buy-To-Let mortgages as well as consumer and commercial real estate loans.