Leading specialist mortgage lender Pepper Money, is expanding its homeowner loan product range to introduce a new suite of no and low early repayment charge (ERC) options for borrowers. This proposition enhancement provides homeowners looking to take out a secured loan with greater choice and flexibility, helping them to access a greater range of products that can be tailored to their individual needs and circumstances.
As part of its continued commitment to support more customers seeking flexible and bespoke lending opportunities, the new 5-Year Fixed No ERC is now available as part of Pepper Money’s XLTV and Plus ranges, available at a maximum loan-to-value (LTV) of 100% and 80% respectively. This move complements Pepper Money’s decision to introduce the Prime 5-Year Fixed No ERC product earlier this year.
Pepper Money is focused on providing a comprehensive product range for brokers and the customers they represent. This is why they have also launched their new 5-Year Fixed Low-ERC products as part of their XLTV (100% max LTV), Plus (80% max LTV), and Prime (85% max LTV) ranges, with fees as low as 1% during the fixed rate period.
Products with no and low early repayment charges allow customers to borrow what they need today, while giving them time to adjust their financial plans, providing flexibility in the future to consolidate loans with either incurring a reduced or no ERC fee. The news comes at a time where markets and analysts are divided on when and how the Bank of England will cut interest rates. This uncertainty increases the appeal of flexible borrowing options such as no and low ERC products, which allow homeowners to respond to changing conditions with a reduced fee.
As the leading specialist lender, Pepper Money understands that an expanded product offering is key in adapting to the dynamic market conditions borrowers currently face. Homeowners are increasingly looking for ways to unlock value from their homes without changing their existing mortgage arrangements, particularly if on favourable fixed terms. Whether funding home improvements, consolidating debts, or covering major life expenses, a secured loan can offer a flexible and cost-effective solution for homeowners.
Ryan McGrath, Director of Secured Loans, comments: “We are always on the lookout for ways we can adapt our product ranges to increase choice and flexibility for our customers and broker partners.
“By expanding our proposition, we can meet the needs of more customers giving them greater certainty over their financial futures, as well as increased flexibility at a time when monthly affordability can be strained.
“We are proud to lead the secured loans market by providing the best possible options for customers at all stages of their homeownership journeys. While interest rates are edging down, we continue to work with our broker partners to find the right products and best outcomes for as many customers as possible.”
