Pepper Money boosts second charge access for the self-employed

Lending criteria changes aim to level the playing field for self-employed customers

Pepper Money boosts second charge access for the self-employed

Specialist lender Pepper Money has revised its lending criteria for self-employed mortgage customers across its second charge mortgage range.

With 80% of self-employed individuals believing that their status hinders their ability to secure a mortgage, Pepper Money said its aim is to level the playing field with criteria improvements.

Self-employed customers can now access the same rates as employed borrowers up to 95% loan-to-value (LTV). Additionally, applicants can use their latest year’s income for affordability calculations across all products. For the Prime and XLTV ranges, the lender requires two years’ proof of income, while the Plus range only necessitates one year.

“Pepper Money has established a strong reputation in providing lending opportunities that level the playing field for the self-employed, and these improvements will help to enhance that reputation,” said Ryan McGrath (pictured), second charge sales director at Pepper Money.

“When it comes to second charge mortgages, we have recognised some of the challenges faced by self-employed customers and improved our criteria to address those challenges head-on. As market leaders in the second charge space, we understand that you can never rest on your laurels, and these are just the latest in a full programme of ongoing enhancements to our proposition to ensure that we are best placed to help even more customers.”

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