Pepper Money has reduced the rates across its range by up to 1% to give brokers more competitive options for their customers who fall just outside high street lenders’ criteria.
Pepper Money has reduced its two-year fixed mortgage rate prices by up to 1% and its five-year fixed rates by up to 0.74%, meaning its mortgages are now available from 5.59%.
The Pepper48 range – which is suitable for customers who may have had a failed credit score with high street lenders, missed payments on unsecured credit or earn variable income – has also undergone rate cuts.
Pepper48’s two-year fixed rate up to 85% loan to value (LTV) has been cut by 1% and is now 6.69%. The five-year fixed rate up to 75% LTV has been reduced by 0.5% and is now 5.59%.
The specialist lender’s Shared Ownership range has also seen decreases in its rates. The five-year Shared Ownership fixed rate of up to 75% on Pepper48 has been cut by 0.5% to 6.09% and the two-year fixed rate has been reduced by 0.65% to 6.39%.
Paul Adams (pictured), sales director at Pepper Money, said: “Our reduced rates and award-winning service mean that when your customer doesn’t quite fit the high street, you know exactly where to turn. At Pepper Money, we understand the idea of going with a lender that is just off the high street may feel daunting for some brokers and customers, but the reality is that we can deliver competitive pricing and certainty during what can be a stressful time.
“Our underwriters call brokers to discuss every application, providing clarity and confidence that it’s moving towards offer. Plus, a senior underwriter reviews any declines to give every application a potential second chance.”
He continued: “On top of this, brokers have direct, fast access to speak to an underwriter if they need to and, alongside our highly rated BDM support, we also offer a live chat service that enables brokers to connect to a member of our team for help on a range of questions about our products and criteria.”
Last month, Pepper Money announced an increase to the maximum age for second charge mortgages.
Kelly Newlands is senior sub editor at AE3 Media, overseeing the sub editing and SEO for all of its publication titles: YourMoney.com, Mortgage Solutions, Specialist Lending Solutions and YourMortgage.com. She joined the team at AE3 Media at the beginning of 2024 from a role as a senior sub editor at an investment insights firm, where she was part of a sub editing team responsible for editing investment interview content.
Before that, she worked as a marketing executive and sole copywriter for a self-build company, where she created content for blogs and advertorials and worked on publications and website launches.
In her free time, Kelly enjoys reading, writing and keeping active at the gym or on dog walks.
