Lender implements rate cuts of up to 98bps
Specialist lender Pepper Money has made significant reductions in interest rates across its entire mortgage product range.
The most substantial rate cut was made on the Pepper 18 Light 5-year fixed rate, applicable to mortgages up to 80% loan-to-value (LTV), with a rate reduction of 98 basis points (bps).
Customers with recent adverse credit histories will also benefit from reduced rates. For the Pepper 6 product, catering to mortgages up to 80% LTV, five-year rates have been slashed by up to 96bps, while the two-year fixed rates have seen a reduction of 81bps.
Pepper Money, which also lowered the rates of more than 300 of its products several weeks ago, has extended rate reductions to its Affordable Homeownership offerings, with cuts of up to 88bps on the five-year fixed rates for Shared Ownership and Right to Buy products up to 75% LTV, as well as First Homes up to 70% LTV.
“This new year has brought positive news for mortgage customers, with the recent decline in swap rates translating to lower pricing on mortgages,” Paul Adams (pictured), sales director at Pepper Money, said. “At Pepper Money, we’ve responded quickly to the changing environment and been able to reduce every rate across our range, with cuts of up to 0.98%.
“Some of the larger reductions are for those customers with smaller deposits of up to 20%, which is great news for brokers as often this group has access to a smaller range of options. We are also continuing to deliver consistently excellent service and underwriter access, making it easy for brokers and their customers to access our new, lower mortgage rates.”
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