Pepper Money replaces cheques with electronic payments

Pepper Money is replacing the majority of cheque payments on its second charge mortgage lending with electronic payment methods as part of its commitment to ESG initiatives.

Last year, Pepper Money sent more than 10,000 cheques to customers on the completion of their second charge mortgages and the move to electronic payment of funds could potentially save nearly 300,000g of CO2 emissions annually by cutting down on print and postage.

Customers can send payments via bank transfer as part of Pepper's electronic payment method.

The initiative follows the recent move of Anthony Keeble into the newly created role of director of ESG and sustainability.

Tom Whitney, head of second charge mortgage sales at Pepper Money, said: “At Pepper Money, we understand the role that all lenders must play in helping the drive towards a carbon neutral economy. As part of this, we are not just investigating ways we can encourage more energy efficient home ownership, but we’re also looking at our own processes to see where we can make improvements.

"By moving from cheque payments to electronic payments, we’re able to provide a service that isn’t just more efficient but is also more environmentally friendly.”