Pepper Money has reduced residential mortgage rates by up to 117 basis points for customers with recent credit challenges.

The largest reductions apply to the Pepper 6 range, with two-year rate lowered by up to 117bps and five-year rates down by as much as 101bps.

In addition, Pepper 12 two-year and five-year rates have been reduced by up to 82bps and 71bps, respectively, while Pepper 18 two-year rates have been cut by up to 48bps and five-year rates by up to 50bps.

Pepper Money sales director Paul Adams says: “A recent credit challenge shouldn’t automatically prevent someone from buying a home or remortgaging. Many customers have recovered financially but still find their options limited because they don’t fit an automated lending model.”

“These reductions give brokers more competitively priced options across Pepper 6, Pepper 12 and Pepper 18, supported by an inclusive approach that considers the customer’s circumstances today.”

Elsewhere, West One has made rate decreases of up to 41bps and launched a new range of two-year discount tracker products within its core range.

The reductions cover fixed rates across core, LTI boost, fee assist, extra, right to buy and shared ownership.

Among the fixed-rate changes, core and LTI boost two-year products have been reduced by up to 35bps, with rates starting from 5.64%.

Five-year fixed rates across the same ranges have fallen by up to 41bps, starting from 6.03%.

Reductions have also been made across fee assist products, which include a free valuation, with two-year fixed rates starting from 6.99% and five-year rates from 6.53%.

The extra and right to buy product ranges have seen reductions of up to 24bps, while shared ownership rates have been reduced by up to 15bps across two- and five-year fixed-rate options.

The new discounted tracker products start from 5.60% (BBR + 1.85%), with early repayment charges applicable only during the first year.

West One head of intermediary sales and distribution Paul Huxter says: “In recent months, we’ve seen growing interest in tracker products from our broker partners, particularly while wider market rates remain unsettled. Our discounted two-year trackers give borrowers who are waiting strategically for the market to stabilise greater flexibility.”

Meanwhile, SBI UK has announced it has made price changes and product withdrawals across selected buy-to-let (BTL) products.

The lender has increased rates on two- and five-year standard and SPV products at 75% LTV by 40bps, except the five-year fixed SPV, £4,000 fixes fee product, which has risen by 15bps.

In addition, two-year LTD products at 75% LTV will rise by 40bps for both the £4,000 fixed-fee and 2% variable-fee options.

Five-year HMO/MUFB products will increase by 40 bps for HMO products at 70% LTV and MUFB products at 75% LTV.

These changes will apply to both green and non-green product categories, as applicable.

SBI UK has withdrawn its two-year standard BTL products at 75% LTV with a rate of 3.70% and a fee of 5% as well as its two-year MUFB at 75% LTV with a rate of 3.90% and a fee of 5%.

Also, the BTL SVR will increase from 6.75% to 7.25%.