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Pepper rolls out shared ownership mortgages for impaired credit buyers
Pepper Money has rolled out its shared ownership mortgage range to the whole market following a successful pilot that began in September.
The range is available on the Pepper 36 product tier. Lending is offered up to 75 per cent loan to value. Borrowers with county court judgements and defaults registered 36 months ago are eligible to apply.
Rates for tier 36 deals start from 3.15 per cent.
The launch into shared ownership mortgages is part of Pepper Money’s growing affordable home ownership proposition and follows the launch into Help to Buy last month.
Paul Adams (pictured), sales director at Pepper Money, said: “At Pepper Money, our primary objective is to promote greater financial inclusion to a diverse range of customers. In line with this, we have been working hard on developing a dedicated proposition to provide competitive specialist lending to customers looking to access the property market through affordable home ownership schemes.”
Adams said the pilot programme with The Mortgage People (TMP) had allowed the lender to refine its processes and ensure the launch of the range did not impact on its service levels across the company.
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He added: “As with all of our mortgages, our shared ownership proposition will be supported by expert underwriters who take an individual approach to assessing every application on its own circumstances and merits.”