Specialist lender Pepper Money has repriced rates, reduced fees and simplified products on its range of residential mortgages.

These changes were made in response to the Bank of England’s decision to increase the base rate and volatility in the swap rate markets.

The specialist lender has also streamlined its offering of Pepper 48 products to cater to more customers with smaller deposits.

The lender says the move is designed to help those who face challenges with higher LTVs.

In addition, Pepper Money has reduced its largest completion fee by £200, to £795.

The lender has also repriced products within its Pepper 48, Pepper 36 and Pepper 24 ranges.

Pepper Money’s sales director, Paul Adams, says: “At Pepper Money, we need to respond to movements in SWAP rates just like other lenders, but we also try to introduce these changes alongside more positive improvements to our products and to support brokers with clear communication and reasonable notice periods.

“We will continue to do our best to support brokers during this period, our clear criteria and hands-on approach to underwriting remain unchanged and we are committed to providing new opportunities for underserved customers to access mortgage finance that fits their circumstances”.