Pepper Money has announced a raft of proposition enhancements, reinforcing its position as the market’s most comprehensive offering.
Amongst these upgrades are enhancements to its Automated Valuation Model (AVM) criteria, providing greater certainty for brokers and customers as well as faster access to capital. AVMs play a key role in streamlining transactions by reducing the risk of properties being down-valued later in the application process, where they are accepted. The increased use of AVMs now covers flats and higher-valued properties.
This is the latest in a series of recent improvements made to its lending criteria in order for Pepper to deliver the broadest proposition in the market, serving customers in many financial situations.
Pepper recently reintroduced 100% LTV across its secured loan product range and introduced a new secured loan product with no early repayment charges.
Both changes demonstrate Pepper’s commitment to providing greater flexibility and choice to customers.
Return of 100% LTV Mortgages
Pepper customers are now able to borrow the full value of their property equity with no deposit required. Based on historic Pepper data, the product will likely be most valuable to those wanting to consolidate debts and fund home improvements.
The decision to reintroduce this product to the market is in response to broker insights and a growing demand from customers in a high-interest rate environment.
No early repayment charges
Pepper Money has also recently introduced a range of products with no early repayment charges, in order to provide customers with greater flexibility to increase borrowing but not impact their first mortgage rate.
Products without early repayment charges enable customers to borrow what they need now and adjust their financial plan later without incurring extra costs.
Customers may include those with complex income, previous adverse credit history, or those with other specialist requirements.
Ryan McGrath, Director of Secured Loans, comments: “We continuously review our product ranges and consider ways to increase choice and certainty for our broker partners and customers.
“The decision to reintroduce 100% LTVs and products with no early repayment charges and expand our AVM criteria follows insight from brokers that customers are looking for greater flexibility and certainty from their financing when their affordability is under increasing pressure due to the cost-of-living crisis continuing to roll on.
“At Pepper Money we are committed to the secured loan market and providing the best possible options for customers at all stages of their home ownership journey and financial positions, with mortgage rates still high and inflation easing slower than expected, we continue to work with brokers to assess cases and deliver the best possible outcomes for customers.”
