The products are available for remortgages on Pepper 12 through to Pepper 24, and the latter is also now available with an 85% loan-to-value (LTV).

The products are available from 4.45% without a completion fee, and cashback of £500 upon completion.

Paul Adams, sales director at Pepper Money, said: “We’re really excited about the launch of Pepper Money’s first ever cashback mortgage.

“Many customers experienced financial difficulty during the pandemic, leading to missed payments and increased debt.

“According to our latest Adverse Credit Study, 24% of people with adverse credit say their use of credit has increased compared to 12 months ago, compared to 13% of the general population.

“With our cashback mortgage, the customers now have a great option to consolidate those debts, with the cashback available to assist with the payment of disbursements that are often required during debt consolidation.

“In fact The launch of these products is an excellent example of Pepper Money responding to the evolving circumstances of customers, with products developed to meet their specific requirements.”