It becomes the first non-mainstream lender to offer the government scheme for first-time buyers
Pepper Money has become the first specialist lender to launch a dedicated proposition to support the First Homes scheme, which offers new build properties for a discount of at least 30% on the open market value.
The government scheme, designed for first-time buyers, also allows local authorities the discretion to set deeper minimum discounts of either 40% or 50% through local planning policy.
By launching First Homes and expanding its Affordable Home Ownership range, Pepper Money provides an opportunity for hopeful homeowners whose circumstances fall outside of mainstream criteria to avail of the scheme, which previously had only been supported by mainstream lenders.
“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,” stated Paul Adams, sales director at Pepper Money. “Our Affordable Home Ownership proposition plays a vital role in this, and we are committed to helping even more hopeful homeowners to achieve their dreams.
“The rising cost-of-living continues to make it harder for hopeful homeowners to take their first step onto the property ladder. But schemes like First Homes, which offers significant discounts on open market values, could make the dream of home ownership more achievable.
Adams, in an article announcing the launch, added that Pepper Money’s First Homes mortgages were supported by its transparent criteria, individual underwriting, and consistently excellent service.
“They provide the perfect option for customers whose circumstances mean they are not properly served by the high street,” he said.
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