It offers self-employed borrowers lower fixed rates with added flexibility to switch
Non-bank lender Pepper Money has launched a new Prime Alt Doc Rate Relief Package aimed at providing financial relief for self-employed borrowers.
The offer, now available to borrowers, is designed to help small and medium-sized enterprises (SMEs) manage debt and secure more favourable mortgage rates.
The package allows self-employed borrowers to lock in a fixed mortgage rate for two or three years at a lower rate than current variable options. It also offers flexibility by allowing borrowers to switch to a variable rate without incurring break fees.
“Our latest prime alt doc fixed rate offer allows small businesses to lock in certainty with no break fees and focus on their ambitions instead,” said Barry Saoud (pictured), general manager for mortgages and commercial at Pepper Money. “Unlike traditional fixed rates, we’ve removed the handcuffs, so this is a safe bet each way for the client.”
The lender also emphasised its broad range of income verification options, allowing self-employed clients to submit various forms of financial documentation, including business bank statements, BAS statements, and accountant letters. Pepper Money’s servicing buffer of 2% applies across all loan products.
“Brokers can use our debt consolidation option to help their SME clients pay off high-interest liabilities like credit cards and car loans in one fell swoop, which can be a huge relief for borrowers,” Saoud added.
With more than 40% of its clients being self-employed, Pepper Money said its focus is on providing flexible finance solutions for small business owners amid ongoing financial challenges.
“We continue to innovate and adapt our products to meet the evolving needs of our customers,” Saoud stated. “Our goal is to empower brokers and their clients with the financial tools and support they need to succeed.”
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