New offering allows eligible tenants to save over £127,000
Pepper Money has expanded its affordable home ownership offering with new specialist mortgages for customers who use the Right to Buy scheme to acquire a home, aligned with Pepper Money’s commitment to help ‘hopeful homeowners’.
The new Right to Buy mortgages will allow eligible council and housing association tenants buy their home with a discount of up to £127,940 for tenants living in London, and up to £96,010 for those living outside London.
“At Pepper Money, we have a clear purpose to deliver positive societal outcomes and promote greater financial inclusion to a more diverse range of customers,” said Pepper Money sales director Paul Adams. “Our affordable home ownership proposition plays an important role in this, and we are committed to helping even more hopeful homeowners to achieve their dreams with our launch into Right to Buy.”
Pepper Money defines hopeful owners as successful, young adults – whether singles or couples with children – with higher-than-average incomes, who are privately renting and enjoy the city lifestyle.
“The rising cost of living and continued increase in house prices are making it harder for those hopeful homeowners to take their first step onto the property ladder, and Right to Buy can provide an affordable solution for those customers who have the option to take this route,” Adams said. “Our Right to Buy mortgages provide the perfect option for customers whose circumstances mean they are not properly served by the high street because of the way in which they earn their income or their credit history.”
The Right to Buy specialist mortgage is the latest of a series of product launches by Pepper Money under its affordable home ownership proposition. It previously launched mortgages that specifically supported customers hoping to get a foot up the property ladder through the government’s Help to Buy and Shared Ownership schemes. It also offered a remortgage option for customers with existing Help to Buy mortgages.
Each affordable home ownership proposition promises inclusive criteria and products curated to meet the specific requirements of individual schemes such as Right to Buy and Help to Buy. Broker partners will also be supported by dedicated Pepper Money teams and processes.
