Specialist lender Pepper Money has re-entered the buy-to-let (BTL) market with a set of mortgage products aimed at landlords.
The lender is now providing mortgages for both limited companies and individuals with up to 10 properties.
Rates start at 4.99%, with a maximum of £4m total borrowing and a maximum loan size of £2m available up to 65% loan-to-value (LTV).
The range means landlords do not need to show a minimum income, and personal or business bank statements and proof of income are not required.
Instead, lending is based on income from the property as assessed by an independent Royal Institution of Chartered Surveyors (RICS) surveyor.
LTV is up to 80% for properties with an Energy Performance Certificate (EPC) rating of A to C, 75% for a D rating, and 70% for an E.
Landlords can use the product to raise capital, for example to carry out works needed to bring a property up to EPC C ahead of the UK Government’s 2030 deadline.
BTL terms are up to 35 years, and lending is available to borrowers up to age 85.
Paul Adams, sales director at Pepper Money, said: “We’re re-entering the Buy to Let market with a new product offering designed to maximise choice and convenience for residential landlords in the UK.
“We know the market is tough for landlords right now, with an increasingly complex regulatory environment to navigate and rising affordability challenges.
“With no requirement for a minimum income, bank statements, or credit scores, our new Buy to Let offering is designed to support landlords to raise capital for a range of purposes, including consolidating debts to reduce monthly outgoings, or bringing their property’s EPC rating up to a minimum of C ahead of the UK Government’s planned 2030 deadline.”
Adams added: “At Pepper Money we are committed to the specialist lending market and developing a broad range of products and services to support brokers.
“It’s important for us to continue to work collaboratively with brokers so they can deliver competitive rates and quality service to their customers.
“Whether their customers are a first-time landlord, growing their portfolio, or looking to raise capital on an existing property, we could help.”
He said: “We look forward to bolstering Pepper Money’s Buy to Let product range even further with additional enhancements which we hope to launch in quick succession.”
