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Pepper Money revamps rates and cuts cost of valuation fees

Pepper Money has revised rates across its buy-to-let and residential products and reduced the cost of valuation fees.

The specialist lender has cut some rates by almost 1% and customers now have the option of a £0 completion fee.

Six month ago, Pepper simplified its criteria for borrowers with adverse credit and set up ‘tiers’ — ranging from Pepper 6 to Pepper 48 — depending on how recent the borrower’s county court judgements, mortgage or secured loan missed payments and arrears appeared on the client’s credit file.


The number on the policies reflect the time frame, in months, during which a client must have no defaults or arrears to qualify for the offer.

In its latest move, rates on Pepper's buy-to-let range have been reduced.

Customers who fall into the 'Pepper 6' category can now get a 70% loan-to-value (LTV) at 4.98% - a 0.89%reduction - while the rates on a ‘Pepper 12’ buy-to-let mortgage at 75% LTV has dropped 0.8% to 4.88%.

Pepper has also cut the cost of valuation fees and reduced some valuations by £200.

Paul Adams, sales director at Pepper Money, said: “At Pepper Money, we constantly review our products to ensure they give brokers the tools they need to find a home for their interesting cases, and our latest changes give the duel benefit of greater choice with more simplicity.

“We have also lowered some upfront costs and introduced a new £0 completion fee option, which I know will be well received and is also ideal for clients who want to borrow up to the maximum LTV and would have otherwise had to add the fee to the loan.

“As well as this, we have cut the price on some of our products, including some five-year fixed rates, which are popular among clients looking for longer term certainty and to maximise their affordability.”

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