The new product is 0.20% lower than its core range, available on a five-year fixed product at 75% loan-to-value (LTV).

Rates will now start from 5.14% with free legals, free valuation or £0 completion fee options available to suit a diverse range of customer needs.

Pepper48 is designed for individuals who don’t fit the credit scoring mould of high street lenders, it is available for those looking to purchase or remortgage. 

Pepper Money sales director Paul Adams says: “Our refreshed five-year fixed rate is designed to support customers who may not tick every high street box but are financially responsible and ready to take their next step.”

“Just because a person has complex income sources such as multiple jobs, self-employment, or a history of financial challenges, it doesn’t mean they should be excluded from entering the housing market or refinancing, especially when they have demonstrated a sustained period of financial stability.”

Elsewhere, Precise, part of OSB Group, has made reductions of up to 16 basis points on two- and three-year fixed rate residential products.

The lender says rates have been lowered to support brokers with first-time buyers, those looking to move home and remortgage customers.

Precise’s residential range is available across two and three-year fixes and includes no fee, £1,495 fee, and 1% of the loan amount.

Two-year fixes now start from 4.84%, three-year fixes from 4.97% and five-year fixes from 4.77%.

The lender’s two-year fixed Tier 2 has also been reduced across all LTVs including 75%, 85% and 95%. 

OSB Group intermediary sales director Adrian Moloney comments: “These residential rate reductions show our ongoing commitment to improving mortgage affordability, especially for borrowers looking to get their first step on the property ladder.”

“We are continuing to offer 1.25x stress rates on these 2 and 3-year fixed rate options as well as a refund of valuation fees and £300 cashback to help improve affordability.”