Pepper Money has reduced rates by 0.20% on its two- and three-year product range.

Within the lender’s 48 light residential range, the 80% loan-to-value (LTV) two-year fix has been lowered to 6.64% and comes with a fee of £1,495.

Meanwhile, in its 24 residential range, the 85% LTV limited edition three-year now has a rate of 7.79%. It comes with a fee of £1,495 and free valuation.

The lender has also made reductions of 0.10% on its five-year range.

The cuts are aimed at helping those who are self-employed, have recent adverse credit and first-time buyers.

Pepper Money sales director Paul Adams says: “We’re really pleased to make further rate reductions across our specialist mortgages range. Following the recent election results and favourable movements in swaps, we’re reducing our rates again to pass this on to customers as quickly as possible.”