Pepper Money launches summer special promotion

Pepper Money has launched a limited edition summer special, with rate reductions across nearly all residential and buy-to-let products.

The summer special means that rates on Pepper 18, for clients who have adverse credit in the last two years but no defaults, CCJs, mortgage or secured loan missed payments and arrears in the last 18 months, are available from 3.56%.

Paul Adams (pictured), sales director at Pepper Money, said: “We’re always reviewing our products to ensure they provide excellent value and we’re really pleased that we’ve been able to identify this opportunity to launch a limited edition summer special.

“With rates for borrowers who have had credit problems within the last two years available from 3.56%, we are demonstrating to brokers and their clients that affordable mortgages can still be accessible to customers with adverse credit.”

Rates have been cut by up to 0.15% on most products, including Pepper Money’s DMP range for customers in active debt management plans.

Rates on Pepper 12, for clients with a clean record in the last 12 months, are available from 3.59%.

In addition, rates on Pepper six, which is available for clients who have had zero defaults or CCJs in the last six months and zero mortgage or secured loan missed payments and arrears in the last 12 months, start at 3.93%.

Clients with an active DMP can access rates from 3.63% and Pepper’s buy-to-let products start at 3.48%.

Jane Benjamin, director of mortgages at Sesame and PMS, added: “Growing numbers of defaults and CCJs mean that more customers are looking for a mortgage with recent incidents of adverse credit on their record.

“It’s therefore good to see more lenders taking a pragmatic underwriting approach for borrowers in these circumstances, as well as offering rates in this part of the market that are increasingly competitive.”