Rate changes are made across the lender’s two-, three- and five-year product range
Specialist lender Pepper Money has announced a reduction in rates on various mortgage products aimed at supporting customers, especially those individuals with recent adverse credit.
The lender has slashed rates by up to 0.20% across its entire two- and three-year product range, with further cuts of 0.10% on its five-year range.
Earlier this year, Pepper Money’s Specialist Lending Study revealed that more than four in 10, or 43%, of people with adverse credit reported an increase in their debt over the past 12 months, a notable uptick from the 33% recorded in the preceding year.
The study also found that 30% of individuals with adverse credit are grappling with outstanding debts exceeding £5,000, excluding mortgage and student loans. Additionally, nearly one in 10, or 9%, of the respondents find themselves burdened with debts over £15,000.
Aside from those with adverse credit, the changes are also expected to appeal to the self-employed and first-time buyers.
“Following the recent election results and favourable movements in swaps, we’re reducing our rates again to pass this on to customers as quickly as possible,” said Paul Adams (pictured), sales director at Pepper Money.
Adams noted that the rate reductions bring optimism and increased market activity for both broker partners and Pepper Money. He assured brokers that transparency and efficiency would remain priorities as market demand grows.
Pepper Money was recently named the top specialist lender and the highest-ranked lender overall in the latest Mortgage Lender Benchmark survey by Smart Money People. The company plans to support the new, lower rates with continued dedication to award-winning service delivery.
“As part of this commitment, we believe that phone conversations are better than emails, and so our underwriters call a broker after they’ve submitted an application,” Adams said. “This is part of our human approach, helping to provide greater confidence and certainty, with real people at the end of the phone looking to help.
“Plus, any declines are reviewed by a senior underwriter to give every application a potential second chance. These reduced rates, coupled with our award-winning service could make your next customer better with Pepper.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
