New offering set to simplify process for brokers and support customers with diverse financial backgrounds
Specialist lender Pepper Money has introduced Pepper Flex, a new mortgage solution designed to make it easier for brokers to offer competitive rates to a wider range of clients, without additional administrative steps.
The product, available for both residential purchases and remortgages, was developed in response to growing demand for more inclusive lending options. Pepper Flex allows borrowers who have recently started a new job or are in their probationary period, those who are married but applying alone, individuals with a missed payment on a fixed-term unsecured credit agreement in the past six months, and those who have taken out a payday loan in the last year to be considered for a mortgage.
Pepper Money said the product’s launch reflects its focus on serving customers who may not meet the strict criteria of mainstream lenders but are otherwise responsible borrowers. It added that the approach considers applicants’ circumstances holistically, aiming to help more people achieve homeownership.
Pepper Flex also removes the need for brokers to learn new product codes or processes. Instead, eligible customers can access the lender’s most competitive rates, with only an adjustment to the completion fee to account for the added flexibility.
“At Pepper Money, we’re enormously proud of our extensive and inclusive criteria, said Paul Adams (pictured), sales director at Pepper Money. “Pepper Flex means that we can say yes to a mortgage for more customers, whether they recently missed an unsecured credit payment, changed jobs, used a payday loan in the last year or are married but prefer to take a mortgage in a sole name.
“We simply adjust the completion fee to fairly reflect the additional flexibility required. Brokers can secure the most competitive rates intuitively, without the need for additional forms, products, or screenings for their customers.
“We know that not everyone meets the strict requirements of high street lenders, and with more and more individuals facing challenges that might put a blip on their credit files or employment circumstances, our products are increasingly sought after. This latest move to our proposition is in direct response to customer demand, and means we are able to meet the needs of more customers and help them take that next step on their homeownership journey.”
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