Products will be available for residential purchase and remortgage purposes.
Pepper Flex was launched in response to demand from customers for more inclusive products, and through the proposition, brokers can access the lender’s rates without having to remember product codes or processes. Rates and fees will be tailored to the borrower’s circumstances.
Pepper will accept borrowers who have started a new job, are still in their probationary period and married but are applying on a sole basis.
It will also consider borrowers who have missed a payment on a fixed-term unsecured credit agreement in the last six months, and people who have taken out a payday loan in the last 12 months.
Pepper Flex has no new tiers, product codes or screens for brokers to assess, just an adjustment to the completion fee to match the additional flexibility.
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Paul Adams, sales director at Pepper Money, said: “At Pepper Money, we’re enormously proud of our extensive and inclusive criteria. Pepper Flex means that we can say yes to a mortgage for more customers, whether they recently missed an unsecured credit payment, changed jobs, used a payday loan in the last year or are married but prefer to take a mortgage in a sole name. We simply adjust the completion fee to fairly reflect the additional flexibility required. Brokers can secure the most competitive rates intuitively, without the need for additional forms, products, or screenings for their customers.
“We know that not everyone meets the strict requirements of high street lenders, and with more and more individuals facing challenges that might put a blip on their credit files or employment circumstances, our products are increasingly sought-after.
“This latest move to our proposition is in direct response to customer demand, and means we are able to meet the needs of more customers and help them take that next step on their homeownership journey, without compromising on the high-quality service that brokers know to expect from Pepper.”
