Pepper Money expands access to finance with proposition changes

Pepper Money has made a series of changes to its mortgage and secured loan products to widen access to finance. 

Recent updates include expanding its automated valuation model (AVM) criteria, which now covers flats and higher-value properties. 

This was designed to give brokers and customers more certainty and speed up access to funds.

The lender has also reintroduced 100% loan-to-value (LTV) across its secured loan range, meaning customers can now borrow up to the full value of their property equity without a deposit. 

In addition, Pepper Money has launched a secured loan product with no early repayment charges (ERCs), in a bid to give customers more flexibility to repay or adjust their financial plans later without extra costs. 

These changes follow feedback from brokers about customer demand for increased flexibility and certainty, especially as affordability remains under pressure.

Ryan McGrath, director of secured loans at Pepper Money, said: “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.”

McGrath added: “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.”

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