Over 50 rates have been cut with the biggest reduction on the Pepper 24 5-year fixed rate up to 80% loan-to-value (LTV) which is reduced from 5.34% to 4.30%.

The product is available to customers who may have experienced defaults, secured missed payments or CCJs in the past 24 months.

Other notable reductions include the Pepper 24 light 5-year fixed-rate, for customers who may have experienced defaults, missed payments and arrears in the last 24 months, but never have had a CCJ. The rate on this product has been cut by 0.94% to 4.25%.Pepper Money’s Residential range includes options for free valuations and zero fees.

Paul Adams (pictured), sales director at Pepper Money, said: “At Pepper Money, we have remained committed to supporting advisers and customers throughout the pandemic, continuing to provide mortgages for a diverse range of circumstances and needs. Our products & criteria are underpinned by efficient, transparent underwriting and up-to-date service levels.

“As confidence has grown in the UK mortgage market, we are now in a position where we are able to provide many of those mortgages at even lower rates, and so we are passing these savings on to customers with one of the largest product revamps in Pepper Money’s history.”