It's also introduced a 70% LTV tier, with rates starting from 6.75%
Specialist lender Pepper Money has reduced rates across its residential range by as much as 0.90% and has introduced a 70% loan-to-value (LTV) tier on Pepper 36 products, with rates starting from 6.75%.
The lender has lowered rates across the range of two- and five-year fixes. A new 70% LTV tier and reduced rates on Pepper 48 for existing customers now start at 6.80% on 70% LTV five-year.
Rates on Pepper 48 for existing customers now start at 7.30% on 75% LTV, which has been cut by 0.55%.
Highlights of the reductions include Pepper 18 and Pepper 18 Light five-year fixed rates, which are both cut by 0.90% at 85% LTV. The new rates on these products are 8.25% on Pepper 18 Light and 8.30% on Pepper 18.
Some of the rates which have been reduced by 0.85% include a two-year fix on Pepper 18 Light at 80% LTV, which is now 8%, and two-year fixed rate Pepper 18 at 80% LTV, now 8.05%.
Pepper Money has also cut rates on its debt management plan (DMP) range by as much as 0.30%.
“At Pepper Money, we understand how difficult recent years have been for brokers, with the impact of COVID, many lenders struggling with service, and the rate disruption to the market last year,” remarked Paul Adams, sales director at Pepper Money (pictured).
“Throughout, we have maintained our commitment to delivering a range of specialist mortgages to help customers who don’t meet the criteria of high street lenders, supported by consistently delivering excellent service.
“These rate reductions reflect our growing appetite to increase our lending over the coming months as we build on the rising confidence in the funding markets to help an even greater number of customers achieve their goals.”
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.
