Pepper Money has launched a remortgage proposition for existing customers and is paying brokers a full procuration (proc) fee to be involved in the process.

The proposition offers existing customers to remortgage onto one of the lender’s current products, with no application fee, no completion fee and free standard legal work.

Qualifying remortgage cases will also use an automated valuation model.

Those eligible will be contacted three months before the expiration of their current mortgage deal.

However, the lender highlights that early repayment charges may apply if completion takes place before the end of their current term.

Access to the fee-free proposition will require a full remortgage application and brokers will receive a full standard proc fee as part of the process.

In addition, customers could benefit from a rate reduction across the Pepper 36 residential range.

The lender has replaced the free legals on residential remortgage products with £350 fee assist cashback.

Pepper Money sales director Paul Adams says: “Many customers coming to the end of existing fixed rates are faced with the prospect of paying substantially higher costs for their mortgage as a result of rising interest rates.”

“At Pepper Money, we are always looking at ways to make things easier for existing and new customers. While we cannot change the rising rate environment, we have identified an opportunity to provide customers with exclusive access to a reduced fee remortgage proposition, which features no application or completion fee and free standard legal work.”