This will give homeowner loan borrowers “greater choice and flexibility”, Pepper Money said.
The five-year fixed rate no-ERC offering is available as part of Pepper Money’s XLTV and Plus ranges, available at maximum loan to values (LTVs) of 100% and 80% respectively.
The lender has also launched five-year fixed low-ERC deals as part of its XLTV (100% max LTV), Plus (80% max LTV), and Prime (85% max LTV) ranges, with fees as low as 1% during the fixed rate period.
Pepper Money said no and low ERCs allow customers to borrow what they need today and give them flexibility to consolidate loans incurring only a small ERC or no ERC.
Ryan McGrath (pictured), Pepper Money’s director of secured loans, said: “We are always on the lookout for ways we can adapt our product ranges to increase choice and flexibility for our customers and broker partners.
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“By expanding our proposition, we can meet the needs of more customers giving them greater certainty over their financial futures, as well as increased flexibility at a time when monthly affordability can be strained.
“We are proud to lead the secured loans market by providing the best possible options for customers at all stages of their homeownership journeys. While interest rates are edging down, we continue to work with our broker partners to find the right products and best outcomes for as many customers as possible.”
