Pepper Money is rolling out its shared ownership proposition across the market, following a pilot with TMP The Mortgage People. 

The new shared ownership range is available on the company’s Pepper 24 and 36 product tier, up to 75% LTV, to help customers with unsecured missed payments, CCJs and defaults registered within the previous 24 months.

These mortgages are part of Pepper Money’s affordable home proposition, and follow its launch into the Help to Buy market last month. 

As with other Pepper Money products, the shared ownership proposition is supported by an underwriting team who assess each application individually.

Pepper Money sales director Paul Adams says: “Our primary objective is to promote greater financial inclusion to a diverse range of customers. 

“In line with this we have been working on developing a dedicated proposition to provide competitive specialist lenders to customers looking to access the property market through affordable home ownership schemes.”

Adams says the company used the pilot to refine its processes, particularly around delivery and service standards, prior to the proposition was rolled out to the wider broker community. 

TMP The Mortgage People managing director Kelly McCabe says there is a need for more individual underwriting in the shared ownership market, particularly where customer might earn a fluctuating income, or income from multiple sources.