Pepper Money has announced a raft of proposition enhancements, including a return to 100% LTV mortgage lending.
Pepper has reintroduced 100% LTV across its secured loan product range and introduced a new secured loan product with no early repayment charges.
Pepper customers are now able to borrow the full value of their property equity with no deposit required. Based on historic Pepper data, the product will likely be most valuable to those wanting to consolidate debts and fund home improvements.
Pepper has also introduced a range of products with no early repayment charges, in order to provide customers with greater flexibility to increase borrowing but not impact their first mortgage rate.
Products without early repayment charges enable customers to borrow what they need now and adjust their financial plan later without incurring extra costs.
Customers may include those with complex income, previous adverse credit history, or those with other specialist requirements.
Amongst the latest upgrades are enhancements to its Pepper's automated valuation model (AVM) criteria, providing greater certainty for brokers and customers as well as faster access to capital. The increased use of AVMs now covers flats and higher-valued properties.
Ryan McGrath (pictured), director of secured loans, commented: “We continuously review our product ranges and consider ways to increase choice and certainty for our broker partners and customers.
“The decision to reintroduce 100% LTVs and products with no early repayment charges and expand our AVM criteria follows insight from brokers that customers are looking for greater flexibility and certainty from their financing when their affordability is under increasing pressure due to the cost-of-living crisis continuing to roll on.
“At Pepper Money we are committed to the secured loan market and providing the best possible options for customers at all stages of their home ownership journey and financial positions, with mortgage rates still high and inflation easing slower than expected, we continue to work with brokers to assess cases and deliver the best possible outcomes for customers.”
