The changes are the results of increased base rate and market volatility
Specialist lender Pepper Money has announced changes to its residential mortgage products with repriced rates and reduced fees.
The changes, Pepper Money said, were made following the Bank of England’s recent decision to increase the base rate, as well as the continued volatility in the swap rate markets.
“Ongoing volatility in the money markets is continuing to impact all lenders and brokers, with rate changes becoming a near daily occurrence,” remarked Paul Adams (pictured), sales director at Pepper Money.
“At Pepper Money, we need to respond to movements in swap rates just like other lenders, but we also try to introduce these changes alongside more positive improvements to our products and to support brokers with clear communication and reasonable notice periods.”
The lender said it had streamlined its offering of Pepper 48 products to cater to more customers with smaller deposits and help mortgage customers who face challenges with higher loan-to-values.
Pepper Money has also reduced its largest completion fee by £200, bringing it down to £795.
In addition, the specialist lender has repriced products within its Pepper 48, Pepper 36, and Pepper 24 ranges.
Adams added: “We will continue to do our best to support brokers during this period, our clear criteria and hands-on approach to underwriting remain unchanged, and we are committed to providing new opportunities for underserved customers to access mortgage finance that fits their circumstances.”
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