The lender said that the range would support an increasing number of customers who may have failed mainstream credit scores coming out of the pandemic. The range is aimed at those who haven’t had a secured missed payment, County Court Judgment (CCJ), or default in 60 months or an unsecured missed payment in the last 12 months.

The range includes a two-year fixed rate up to 55 per cent LTV at 1.98 per cent as well as a five-year fixed rate up to 65 per cent LTV priced at 2.8 per cent.

The range has options up to 85 per cent LTV, with its two-year fixed rate set at 4.23 per cent and its five-year fixed rate priced at 4.18 per cent.

The products are also available to self-employed customers who have three years’ trading history.

Pepper Money’s lending decisions are assessed by human underwriters rather than relying on credit scoring, so the customer’s individual circumstances are taken into account.

The lender said this human approach to underwriting and criteria means Pepper Money can often help with cases that have been turned down elsewhere. For example, unsecured missed payments over 12 months ago are acceptable provided they’ve been brought back up to date.

Paul Adams (pictured), sales director at Pepper Money, said: “The new products enable us to provide some of our lowest ever rates. We’re sure they’ll prove extremely popular with remortgage customers, especially when combined with the choice of free standard legals or our cashback offer, which provides £150 cashback towards costs and the choice of solicitor from across our panel.”

It caters for those who have been discharged from bankruptcy or an IVA three years prior to their mortgage application.

Its two-year fixed rate is priced at 6.74 per cent and its five-year fixed rate is 6.84 per cent. Both are available up to 75 per cent loan to value (LTV).

The lender has also changed its core range criteria to permit customers who are in a debt management plan. This gives customers more options, higher LTVs and lower rates.

Paul Adams (pictured), Pepper Money’s sales director, says: “We understand that people do have life events, such as divorce or loss of employment and that this can create stresses on finances which at worst, can lead to bankruptcy or an IVA.

“It’s important to understand the situation and establish whether a customer has resolved whatever issues led to the bankruptcy or IVA in the first place, as with any other credit event. But it’s also important to offer these customers a fresh start when it is clear they have put their previous issues behind them.”

He added that financial inclusion was a key component of its lending strategy and it was important to provide more mortgage options to customers who had taken steps to tackle their debt through a debt management plan.

The range, which is available on two and five-year fixed rates, can be accessed at 65, 75, 80 and 85 per cent LTV.

Two-year fixed rates start from 2.9 per cent, while five-year fixed rates start from 2.95 per cent.

The limited edition range is suitable for customers who haven’t had a County Court Judgement or default in 48 months. Borrowers who fail a credit score with a mainstream lender or those with unsecured missed payments are also eligible.

It comes with free valuation and a completion fee of £995.

The lender has cut the completion fee on its limited edition Pepper 60 buy-to-let product from two per cent to one per cent. Individual landlords and limited companies are eligible.

Paul Adams (pictured), Pepper Money’s sales director, said: “We’re proud to continue evolving our product range to meet the needs of brokers and their customers and our updated residential limited edition products are now available to customers with smaller deposits. This means that even more people can benefit from our low limited edition rates.”

She joins from Pepper Money, where she has worked as head of national accounts since 2019. Her previous experience also includes roles at Barclays, RBS, Lloyds Bank and Shawbrook Bank, where she was head of intermediary distribution. 

Optimum Credit currently only offers second charge mortgages. The distribution and sale of these will be under the responsibility of Mirakian. 

Under the integration, the Optimum Credit brand will be retired and its operations will continue under the Pepper Money brand. Pepper Money purchased Optimum Credit in 2018. 

Pepper Money has said it wants to invest in its second charge business and recently announced plans to expand its second charge business development team. 

Paul Adams, sales director at Pepper Money, will continue to oversee the first charge sales team. 

Simon Mules, commercial director at Optimum Credit, said: “Caroline has extensive experience in intermediary mortgages and second charge lending and I’d like to congratulate her on this new role, which forms an important part of our plans at Optimum.  

“We have said previously that our aim is to operate the leading second charge lender under the Pepper Money umbrella. We are currently working towards this milestone and will make a further announcement as soon as we are able.” 

Mirakian (pictured) added: “I’m really excited about this new role and the potential we have at Pepper Money to grow our business by improving the lives of our intermediary partners and, ultimately, our customers.” 

Campsie (pictured) has more than 15 years’ experience in the mortgage market, having previously held roles at Northern Rock and Virgin Money. His most recent position was with TSB.

He will be working with advisers across the regions helping them with cases that require an individual underwriting approach such as self-employed borrowers, those who have irregular incomes, first-time buyers and applicants with credit issues or no credit history.

Ryan Brailsford, head of sales at Pepper Money, said: “As customers review their finances following the disruption of the pandemic, we’re seeing an increased need for specialist lending and the ability to manually underwrite more complex scenarios.

“Brokers therefore need to develop strong relationships with lenders like Pepper so that they’re able to meet this demand.

“I’m delighted that Keith has chosen to join Pepper Money to help us to establish more of these strong relationships with brokers in Surrey, Sussex, and Hampshire.”

Pepper Money has launched its limited edition residential products available up to 75 per cent LTV.

The deals are being offered on Pepper 48 and Pepper 36, which are suitable for clients who haven’t had a County Court Judgment or default in 48 months or 36 months respectively.

The Pepper 48 limited edition is available for 3.07 per cent on a 2-year fixed rate and 3.10 per cent on a five-year fixed rate, while the Pepper 36 limited edition is available for 3.15 per cent on a 2-year fixed rate and 3.25 per cent on a five-year fixed rate. All include free valuations and the completion fee is £995.

Paul Adams, sales director at Pepper Money, said: “We always look to offer the best rates we can and, on occasion, we are able to market very low rates for a limited period of time. We are sure these will prove popular with brokers and look forward to our new Limited Edition Residential mortgages opening the door for even more customers.”

Yorkshire Building Society reduces rates across LTV ranges

The mutual has introduced a number of new mortgages with improved rates and additional features.

Support for buyers with the smallest deposit starts at 2.90 per cent (was 3.37 per cent) on a two-year fixed rate at 95 per cent LTV, which comes with a £995 fee, £250 cashback and free standard valuation. Those remortgaging can opt for a fee-free rate of 3.15 per cent (was 3.70 per cent) fixed for two years, which comes with free standard valuation and free remortgage legal services.

Borrowers with a larger deposit or more equity in their property could instead take advantage of the Yorkshire’s improved rate of 0.90 per cent (was 0.95 per cent), available to both buyers and remortgagors, which comes with a £1,495 fee and free standard valuation.

The Yorkshire has also added free standard valuations to its higher fee mortgages, and reduced rates on mortgages that come with a £495 fee by up to 0.60 per cent.

Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “We know people value options tailored to their individual needs so in what’s a really buoyant mortgage market we’ve not lost sight of that.

“These new mortgages, which are competitively priced and come with varying additional features and completion fees offer something for everyone, regardless of deposit size or equity, and are focused on delivering better value to a wide range of borrowers.”

Pepper said that its move into shared ownership was a part of its plans to do more to support schemes that promote affordable home ownership, and make it easier for people to get onto the property ladder.

TMP The Mortgage People is a specialist adviser in the shared ownership sector. Pepper said that the partnership meant it would be able to refine its processes so that it can deliver a seamless experience when its shared ownership proposition is rolled out to the wider broker community.

Kelly McCabe, managing director of TMP The Mortgage People, said that the shared ownership sector needs lenders to take a different approach, and that the firm was looking forward to helping Pepper to get its processes right for the “unique demands” of this part of the market. 

She continued: “Shared ownership needs a lender like Pepper Money, who can underwrite each case on an individual basis, particularly where customers might earn fluctuating income or income from multiple sources.”

Paul Adams, sales director at Pepper (pictured), said that moving into shared ownership was a natural next step for the lender, emphasising that its underwriters will continue to assess each application “on its own circumstances and merits”.

He added: “Like with any pilot period, we will get to a point where we will assess the progress we have made in line with our expectations and those of our customers. That will then inform the next steps to be taken and the timing of any controlled rollout to the broader intermediary market. 

“This will ensure that we are suitably prepared to support customers in achieving their dream of homeownership, which is always a key aspiration for the Pepper Money team.”

The products are available up to 75 per cent loan to value (LTV) with its two-year fixed rate starting from 2.75 per cent and its five-year fixed rate starting from 3.1 per cent.

Both are available for both purchase and remortgage with portfolio landlords, individual borrowers and limited company borrowers.

The products come with free valuations and £750 cashback, whilst its two-year fixed rate has a one per cent product fee and its five-year fixed rate has a two per cent product fee.

Paragon Bank’s managing director for mortgages Richard Rowntree (pictured) said: “We know that there is still strong demand, despite the end of the stamp duty holiday, and the popularity of this range supports that.

“By extending our limited-edition range we are providing additional competitive rates, cashback and free valuations for landlords who are interested in diversifying their portfolios with single-self contained units (SSCs).”

The lender has also relaunched its limited edition houses in multiple occupation and multi-unit block products. and stepped back into holiday lets and short-term finance sectors and added extra-large loan products for portfolio landlords.

Pepper Money releases limited edition resi and BTL  products

Pepper Money has introduced limited edition five-year fixed rate residential and buy-to-let (BTL) products, with rates starting from 3.13 per cent.

This includes a five-year fixed rate BTL product available up to 75 per cent LTV, which has a rate of 3.13 per cent.

Individual borrowers and limited companies can access the product, and it is subject to a two per cent completion fee.

The lender’s residential product is a five-year fixed rate with a rate of 3.23 per cent, and is available up to 65 per cent LTV. The completion fee is £995.

Paul Adams, Pepper Money’s sales director, said: “We regularly review our products and pricing and have identified an opportunity to create these new limited edition low-rate products for residential and BTL customers. We know these will prove popular and will closely monitor volumes and communicate with brokers to ensure they’re not left disappointed.”

The distributors currently include 3mc, Brightstar, Complete FS, Dynamo, Impact Specialist Finance, Simply Adverse and TFC Homeloans.

Members will act as specialist distributors and  benefit from exclusive products, named case handlers, a national account manager and quarterly events.

The club aims to build stronger relationships and encourage collaborative working between the various partners.

Pepper Money’s sales director Paul Adams said: “The launch of Pepper Premier recognises the important role played by specialist distributors. They are the key to the growth of our sector, providing invaluable expertise for brokers who have less experience in the specialist market, or want to scale their business.”

He added that the club would help various partners identify new ways to meet changing needs of brokers and customers, and that there were hopes to expand club membership in the future.

Pepper Money’s national development manager Daniel Wraith added: “We have just held our first event for Pepper Premier and it was a real success with good engagement and open discussions.

“We received great feedback about Pepper’s service and lots of good ideas for future proposition development. Working together with our specialist distribution partners in this way really does benefit everyone.”