It wants to assist customers who miss out on a high street mortgage
Specialist lender Pepper Money has cut rates on its Pepper 60 and Pepper 48 mortgages for customers who miss out on a high street mortgage due to a low credit score.
Rates have been reduced right across the range and are available from 2.9% for a two-year fixed rate up to 70% LTV on Pepper 60, which is suitable for remortgage customers who haven’t had a default or CCJ in the last 60 months, but may have unsecured missed payments over 12 months ago.
On Pepper 48 Light, for customers who haven’t had a default in the last 48 months and who have never had a CCJ, rates start at 3%. On Pepper 48, for customers that haven’t had a CCJ or default in the last 48 months, rates start at 3.05%.
Across the range, customers have the option of application without incurring a fee. Alternatively, fees start at £395, and the mortgages feature a free valuation, and £500 cashback to help pay towards legal costs.
“Our Pepper 60 and Pepper 48 mortgages have been developed to help customers who just miss out on a high street mortgage. This is often because of a low credit score but can include other factors too such as complex incomes,” Paul Adams (pictured), sales director at Pepper Money, said.
“There are many circumstances in which Pepper Money can help almost prime customers. For example, we allow debt consolidation up to our maximum LTVs, for self-employed customers we only need one year trading, we also generally base affordability on their most recent year’s trading. In addition, we can take working income up to the age of 75 where this is plausible to do so, which can be beneficial for some customers,” Adams added.
