It makes the largest rate cuts on mortgages for customers with recent adverse credit
Specialist lender Pepper Money has reduced rates across its entire range, slashing the price of more than 400 products from 20 to 225 basis points.
The lender made its largest reductions on mortgages for customers with recent adverse credit. Its Pepper 12 DMP has been reduced by a whopping 2.25% to 8.20% on a five-year fixed rate, while the price of Pepper 24 Bankruptcy has been cut by 2.20% to 8.44% on a two-year fixed rate.
The specialist lender’s lowest available rate is now 6.82% on Pepper 48 Light, up to 75% loan-to-value (LTV) on a five-year fix.
The biggest rate cut that the lender had made this year was a 0.95% rate reduction in July.
Alongside rate cuts, Pepper Money has introduced the option of a completion fee of £1,495 for two- and five-year fixed rates on its product ranges from Pepper 6 through to Pepper 48.
It has also removed its limited edition range, as well as two-year tracker and lifetime tracker products.
“At Pepper Money, we have a reputation for providing outstanding service, consistently delivering speed and certainty to brokers and their customers when they need it most,” Paul Adams (pictured), sales director at Pepper Money, commented. “This is particularly important for customers with adverse credit or those looking to take their first step on to the property ladder, especially if they’ve already been let down by another lender.
“However, price is always clearly an important consideration for customers, and we’ve worked hard to make a vast number of significant rate cuts across our range to ensure that our specialist mortgages remain competitively priced and accessible to as many customers as possible.”
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