Pepper Money has launched limited-edition range of 3-year fixed rate mortgages to support customers in their final phase of credit repair before potentially refinancing to a mainstream lender.

The limited-edition mortgages are available across Pepper Money’s range from Pepper 48 through to Pepper 24, including the Light versions of all the product categories.

Pepper Money offers a full range of specialist residential and buy to let, first and second charge mortgage products to customers whose requirements may be underserved by traditional high street banks and building societies.

However, the group said it doesn’t credit score to make lending decisions or determine product selection.

The lender can ignore defaults up to £200 on some of its products, where these defaults relate to utilities, communications, or mail order providers.

Rates start at 7.20%, and the maximum LTV is 85%. All the products include free valuations, and the completion fee is £1,495.

Pepper Money sales director Paul Adams said: “For those customers who have historic defaults, CCJs or secured missed payments, it can often take up to six years to recover their credit profile to a point where they could qualify for a mortgage from a mainstream lender. However, most fixed rates from specialist lenders are only available for either 2 or 5 years.

“The launch of our new Limited Edition 3-year fixed rates provides these customers with a new option to continue to repair their credit and achieve their objectives. We think it will be particularly attractive for customers who picked up a CCJ, defaulted, or had a secured missed payment around three years ago, and by choosing a 3-year fixed rate, this will take them to the time that these events would come off their credit file.”

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