Pepper Money will now allow borrowers to access the full value of their property’s value with no deposit. The lender said this would be useful to people wanting to consolidate debts and fund home improvements.
It decided to revive this product in response to broker insights and customer demand.
The lender has also launched an ERC-free second charge range to allow customers to borrow without incurring extra costs. This can support those with complex income, an adverse credit history or other specialist requirements.
Further, Pepper Money has amended its automated valuation model (AVM) criteria to include flats and higher-valued properties.
Ryan McGrath, director of secured loans at Pepper Money, said: “We continuously review our product ranges and consider ways to increase choice and certainty for our broker partners and customers.
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“The decision to reintroduce 100% LTVs and products with no early repayment charges and expand our AVM criteria follows insight from brokers that customers are looking for greater flexibility and certainty from their financing when their affordability is under increasing pressure due to the cost-of-living crisis continuing to roll on.”
He added: “At Pepper Money, we are committed to the secured loan market and providing the best possible options for customers at all stages of their homeownership journey and financial positions. With mortgage rates still high and inflation easing slower than expected, we continue to work with brokers to assess cases and deliver the best possible outcomes for customers.”
This week, Pepper Money re-entered the buy-to-let (BTL) market after nearly two years, and near the end of last year, it launched a 100% concessionary mortgage.
