Specialist lender Pepper Money has brought out a range of no-fee limited edition residential products to cater for customers with potential credit card debt and low credit scores.
The products are five-year fixed rates in its Pepper 60 range, which are suitable for remortgage customers who haven’t had a default or County Court Judgement (CCJ) in the last 60 months, but may have unsecured missed payments.
The products come with no application fee, a free valuation and a £500 cashback, which can be used to pay legal costs.
Rates start from 3.55 per cent up to 70 per cent loan to value (LTV), and increase to 3.65 per cent at 75 per cent LTV, 3.74 per cent up to 80 per cent LTV and 4.25 per cent at 85 per cent LTV.
The lender has also removed some two-year fixed rates at 65 per cent LTV and replaced them with two-year fixed rates at 70 per cent LTV, with rates starting from 2.9 per cent.
Paul Adams (pictured), sales director at Pepper Money, said that Bank of England data showed credit card debt had reached a record high and for many lenders outstanding debt could impact affordability, even if a customer’s profile was otherwise strong.
He continued that a low credit score could also prevent someone securing a mortgage, even if they had no record of missed payments.
Adams said: “This limited edition Pepper 60 product offers a competitive solution for customers with these circumstances and helps lower the total amount payable over the duration of a fixed rate period. This is yet another way that we are giving brokers better options to help more of their customers succeed with Pepper.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.