The reprice was made in response to rising swap rates
Specialist lender Pepper Money has repriced its product range in response to significant increases in swap rates in the last week.
The lender’s rates now start at 6.74%, with shared ownership rates from 8.19%, Help to Buy remortgage rates from 8.19%, and Right to Buy rates available from 8.99%.
Pepper Money said that there would be no break in continuity, with the full range of new rates available beginning June 2. The cut-off for brokers submitting DIPs on the previous range was June 1 at 5pm, while the deadline for full mortgage applications is on Monday, June 5.
Since the previous week, a number of lenders have pulled their mortgage products, citing increased swap rates and volatility to credit markets after the release of the latest inflation figures.
“At Pepper Money, we always take a transparent approach to communicating with brokers,” Paul Adams (pictured), sales director at Pepper Money, stated. “The volatility we are seeing in swap rates means that, as with many lenders, we need to review the pricing across our product range.
“Our clear criteria and hands-on approach to underwriting remain unchanged, and we’re committed to continuing to help those underserved customers.”
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