The products are available on its Pepper 36 Light to Pepper 60 range and have no completion fee. The Pepper 36 Light range is suitable for customers that haven’t had a default in the last 36 months and who have never had a county court judgment (CCJ).
The rates track Pepper Money’s variable lender managed rate (LMR) which is currently 1.1 per cent.
Up to 65 per cent loan to value (LTV), the rate is 2.67 per cent. This is a difference of 1.57 per cent on its LMR.
AT 75 per cent LTV, the tracker is priced at 2.88 per cent, at 80 per cent LTV it is 3.21 per cent and at the maximum LTV of 85 per cent the rate is 3.73 per cent.
Pepper Money said it was also repricing the rest of its range in line with the rising rate environment.
Paul Adams, sales director at Pepper Money, said: “We know that choice is important to both brokers and customers. For some, tracker rates have retained popularity as they can provide a more cost effective option than a fixed rate in a rising rate environment, and so we wanted to meet this requirement with the launch of our lifetime tracker mortgages, and to further broaden our range.
“Whatever product is best suited to a customer’s circumstance; brokers can always be certain about Pepper Money’s quick and transparent service. With access to our dedicated case owners, who are just a phone call away to support a smooth application to offer process, we are committed to providing a best in class experience.”