Paul Adams

Pepper Money cuts rates with new summer special promotion




Pepper Money has launched its summer special promotion featuring rate reductions across residential and BTL products.

Rates have been cut by up to 0.15% on most products, including the lender’s DMP range for customers in active debt management plans.

The rates on Pepper 18 — for clients who have had adverse credit in the past two years, but no defaults, CCJs, mortgage or secured loan missed payments and arrears in the past 18 months — are now available from 3.56%.

Pepper 12 — for clients with a clean record in the past 12 months — has rates available from 3.59%, while rates on Pepper 6 — for clients who have had no defaults or CCJs in the past six months and zero mortgage or secured loan missed payments and arrears in the past 12 months — begin at 3.93%.

Pepper’s BTL products start at 3.48% and for clients with an active DMP, rates start from 3.63%.

“With rates for borrowers who have had credit problems within the last two years available from 3.56%, we are demonstrating to brokers and their clients that affordable mortgages can still be accessible to customers with adverse credit,” said Paul Adams, sales director at Pepper Money (pictured above).

Jane Benjamin, director of mortgages at Sesame and PMS, added that it was good to see more lenders take a “pragmatic underwriting approach” in these circumstances.

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