Pricing starts from 4.6 per cent for a five-year fix purchase mortgage at 65 per cent loan to value (LTV) with a £1,295 fee. The alternative at 75 per cent LTV has a rate of 4.7 per cent.
The corresponding two-year fixes have rates of 5.05 per cent and 5.15 per cent respectively.
Within its fee-free options, the five-year fix at 65 per cent LTV has a rate of 4.84 per cent while the 75 per cent LTV deal is priced at 4.89 per cent.
For buy-to-let purchase and remortgages with a one per cent fee, there is a two-year fix at 60 per cent LTV with a rate of 5.64 per cent. At 75 per cent LTV, this is priced at 5.74 per cent.
The corresponding five-year fixed options have rates of 5.08 per cent and 5.37 per cent respectively.
Rate cuts
Across the rest of its range, rate reductions include cuts of up to 0.05 per cent for its purchase exclusives with a £1,295 fee, while fee-saver products have been lowered by up to 0.08 per cent.
At 60 per cent LTV, Virgin has reduced its remortgage exclusives with a £995 fee by 0.04 per cent.
For buy-to-let borrowers either purchasing or remortgaging, deals with a £2,195 fee have been cut by up to 0.1 per cent.
Pepper Money launches credit repair deals
Pepper Money has released a range of limited edition mortgages for borrowers in their final phase of credit repair before moving onto a mainstream lender.
The three-year fixes are available across the lender’s Pepper 48, 36 and 24 criteria which is for borrowers who have not had any blips in either 48, 36 or 24 months.
Rates start from 7.2 per cent up to 85 per cent LTV. There is a £1,495 completion fee and the range offers free valuations.
Pepper may also consider ignoring defaults of up to £200 on some products where it relates to utilities, communication or mail order providers.
Paul Adams, sales director at Pepper Money, said: “For those customers who have historic defaults, county court judgment (CCJs) or secured missed payments, it can often take up to six years to recover their credit profile to a point where they could qualify for a mortgage from a mainstream lender. However, most fixed rates from specialist lenders are only available for either two or five years.
“The launch of our new limited edition three-year fixed rates provides these customers with a new option to continue to repair their credit and achieve their objectives. We think it will be particularly attractive for customers who picked up a CCJ, defaulted, or had a secured missed payment around three years ago, and by choosing a three-year fixed rate, this will take them to the time that these events would come off their credit file.”
