The largest reductions have been made on mortgages for customers with recent adverse credit.

Pepper 12 DMP has been reduced by 2.25% to 8.20% on a five-year fixed rate, while Pepper 24 Bankruptcy has been cut by 2.20% to 8.44% on a two-year fixed.

Its Pepper 6 Light range up to 75% LTV has been reduced by 1.59% to 7.85% on a two-year fixed rate.

The lowest available rate is now 6.82% on Pepper 48 Light up to 75% LTV on a five-year fixed rate.

In addition, there have been rate reductions across Pepper Money’s affordable home ownership proposition.

Most notably, the right-to-buy Pepper 48 five-year fixed rate has been cut by 1.57% to 7.42%.

The 400 rate reductions are available across Pepper Money’s core range.

The specialist lender has removed its limited-edition range as well as 2-year tracker and lifetime tracker products.

As well as cutting rates across its range, Pepper Money has introduced the option of a completion fee of £1,495 for two-year and five-year fixed rates.

Pepper Money sales director Paul Adams says: “Price is always clearly an important consideration for customers, and we’ve worked hard to make a vast number of significant rate cuts across our range to ensure that our specialist mortgages remain competitively priced and accessible to as many customers as possible.

“We continue to support these new, lower rates with a commitment to enhancing our award-winning service proposition.

“As well as being able to quickly speak to a decision maker on the phone, brokers now have access to Live Chat functionality, providing them with the choice to communicate with Pepper Money in the way that best suits them.”