Pepper Money is adding to its slate of mortgage loans, bringing in a range of help-to-buy (HTB) remortgage loans designed for borrowers who cannot meet the criteria of the big lenders.

This range of loans will enable people who already have an HTB mortgage loan taken out with a different lender to refinance it with Pepper Money. They will also have the option of repaying some – or all, depending on their circumstances – of any HTB equity loans that they may have taken on. Those who choose to pay these off in full will be able to get any residential remortgage loan from the Pepper Money slate if they wish.

The new products introduced by Pepper Money will be ideal for any borrower who has a credit rating issue that makes them ineligible for such a loan from a big lender. Among the factors that can contribute to that are being newly self-employed or having missed some credit repayments in the past.

The lender has stated that the loans can be accessed via Pepper48, so only those who have defaulted on a mortgage or had a county court judgement against them during the past 48 months will be ineligible for them.

Paul Adams from Pepper Money told Mortgage Strategy that:

“When we spot an opportunity to provide a fair, affordable solution for underserved customers, we do everything we can to make that solution available to brokers.”

For advisors with CeMAP training, identifying loans for clients with credit problems is a big issue now.

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