Specialist lender, Pepper Money, has cut rates on its Pepper 60 and Pepper 48 mortgages for customers who just miss out on a high street mortgage for a whole variety of reasons including a low credit score.
Rates have been cut right across the range and are available from 2.90% for a 2-year fixed rate up to 70% LTV on Pepper 60, which is suitable for remortgage customers who haven’t had a Default or CCJ in the last 60 months but may have unsecured missed payments over 12 months ago.
On Pepper 48 Light, for customers who haven’t had a Default in the last 48 months and who have never had a CCJ, rates start at 3.00% and on Pepper 48 for customers that haven’t had a CCJ or Default in the last 48 months, rates start at 3.05%.
Across the range, customers have the option of application without incurring a fee. Alternatively, fees start at £395 and the mortgages feature a free valuation, and £500 cashback to help pay towards legal costs.
Paul Adams (pictured), sales director at Pepper Money, said: “Our Pepper 60 and Pepper 48 mortgages have been developed to help customers who just miss out on a high street mortgage.
“This is often because of a low credit score but can include other factors too such as complex incomes or level of current debt v’s level of income. There are many circumstances in which Pepper Money can help almost prime customers.
“For example, we allow debt consolidation up to our maximum LTVs, for self-employed customers we only need one year trading, we also generally base affordability on their most recent years trading. In addition, we can take working income up to the age of 75 where this is plausible to do so which can be beneficial for some customers.
“One consistent theme with all of our customers is the need to deliver timely decisions and we continue to lead the market with our service levels.
“Usually, within 24 hours, we are able to assess documents, and undertake an underwriting assessment. And, on average, all calls are answered by our sales team or our case owners in less than one minute. With the introduction of AVM’s, we are also proud of the fact our quickest completion took just five days. There are so many reasons to choose a Pepper mortgage for your almost prime customers.”
