Pepper Money has announced a number of rate reductions across its slate of residential mortgage loans and has also introduced a new tier of 70% loan to value (LTV) deals for one of them.
This specialist lender is cutting residential mortgage rates by 0.9% in some cases. The rates for its five and two-year fixes are being reduced. Customers whose mortgages fall under the range of loans called Pepper 48 will now see a starting rate of 6.8% and LTV of 70%. This range is for current Pepper Money customers who have not defaulted or had County Court Judgements (CCJs) against them for the past two years.
The starting rates for fixed five-year mortgages under the Pepper 18 range will now be 8.25%, with the LTV being 85%. This range is available to people who have not defaulted on a loan or had CCJs against them during the past year and a half.
Furthermore, Pepper Money has cut rates within the Pepper 18 Light grouping to a starting level of 8.3% and 85% LTV on fixed five-year loans. This range is designed for borrowers with no defaults during the past year and a half and no CCJs ever.
There are also reductions in two-year fixed rates across all these ranges and a new tier of 70% LTV loans within the Pepper 36 range. That is open to people with no defaults or CCJs for three years.
Advisors with the CeMAP qualification will recognise this as good news, with more turning to specialist lenders.