"As confidence has grown in the UK mortgage market, we are now in a position where we are able to provide many of those mortgages at even lower rates"
Pepper Money has made significant price reductions across its residential mortgage range, with over 50 rates cut by up to 1.04% and more options for borrowers who have experienced a financial blip as recently as 6 months ago.
The biggest reduction is on the Pepper 24 five-year fixed rate up to 80% LTV, which is available to customers who may have experienced defaults, secured missed payments or CCJs in the last 24 months. The rate is now 4.30%, down from 5.34%.
Other notable reductions include the Pepper 24 Light five-year fixed rate, for customers who may have experienced defaults, missed payments and arrears in the last 24 months, but never have had a CCJ. The rate on this product has been cut by 0.94% to 4.25%.
On five-year fixed rates up to 75% LTV, Pepper 18 has been cut by 0.90% to 4.80%, Pepper 12 by 0.85% to 5.40%, and Pepper 18 Light by 0.85% to 4.75%.
Two-year fixed rate reductions up to 75% LTV include Pepper 12, cut by 0.75% to 5.40%, Pepper 12 Light, cut by 0.70% to 5.35%, and Pepper 18, cut by 0.65% to 4.80.
Paul Adams, sales director at Pepper Money, said: “At Pepper Money, we have remained committed to supporting advisers and customers throughout the pandemic, continuing to provide mortgages for a diverse range of circumstances and needs. Our products & criteria are underpinned by efficient, transparent underwriting and up to date service levels.
“As confidence has grown in the UK mortgage market, we are now in a position where we are able to provide many of those mortgages at even lower rates, and so we are passing these savings on to customers with one of the largest product revamps in Pepper Money’s history.”