Pepper Money has cut rates across its residential range mortgage range by up to 1.04 percentage points, while increasing prices on some deals by up to 0.47 points.

The biggest reduction is on the Pepper 24 five-year fixed rate up to 80 per cent LTV, which is available to customers with defaults, missed payments on secured lending or County Court judgments in the last 24 months. 

The rate on this deal has come down from 5.34 per cent to 4.3 per cent with a £1,295 fee.

It has also dropped the price on the Pepper 24 Light five-year fixed rate, for customers who have defaults, missed payments and arrears in the last 24 months, but never have had a CCJ.

At 80 per cent LTV the rate has fallen by 0.94 percentage points to 4.25 per cent with a £1,295 fee.

Other five-year fixed rate cuts include:

• Pepper 18 up to 75 per cent LTV cut by 0.9 percentage points to 4.8 per cent with £1,295 fee.
• Pepper 12 up to 75 per cent LTV cut by 0.85 percentage points to 5.4 per cent with a £1,295 fee
• Pepper 18 Light up to 75 per cent LTV cut by 0.85 percentage points 4.75 per cent with a £1,295 fee.

All of the above deals are also available as two-year fixes at the same rates as the five-year deals.

However, Pepper has increased rates on a number of two-year deals in its Pepper 48, Pepper 36 and Pepper 24 ranges.

Sales director Paul Adams says: “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 and 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 our history.”