Pepper cuts residential and shared ownership mortgage rates by up to 1%

Pepper Money has reduced rates across its range by as much as 1.00% to provide more options for brokers whose clients fall just outside of the criteria for high street lenders.

The specialist lender has reduced prices across its two-year fixed rate mortgages by up to 1.00% and cut the cost of five-year fixed rates by as much as 0.74%. Pepper Money mortgages are now available from 5.59%.

Some of the most notable rate reductions are on the Pepper48 range, which suits customers who may have had a credit score fail with the high street, missed payments on unsecured credit or earn variable income. For example, the two-year fixed rate up to 85% LTV on Pepper48 has been reduced by 1.00% and is now available at 6.69%, while a five-year fixed rate up to 75% LTV has reduced by 0.50% and is now available for 5.59%.

Pepper Money has also cut the rates on its shared ownership range. Highlights include a five-year fixed rate at 75% LTV on Pepper48, which has been reduced by 0.50% to 6.09%, while a two-year fix has been cut by 0.65% to 6.39%.

Paul Adams, 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. 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.”