Pepper Money relaunches buy-to-let range

23 July 2020 | General

Pepper Money has relaunched its buy-to-let range for individual investors and limited companies.

Pepper Light is now available for buy-to-let purchase for the first time. The range starts at 3.70% and is for customers who have experienced defaults, missed payments and arrears, but have not received a County Court Judgement.

The lender has also extended its offer validity from 60 to 90 days, putting it back to where it was pre-lockdown.

Paul Adams (pictured), sales director at Pepper Money, said: “We have said previously that specialist lending in the current environment is a real balancing act as demand remains high, but the uncertain economic environment means that every case requires extra underwriting scrutiny.

“And so, we have taken steps to protect the service we provide our brokers, whilst also ensuring they have access to the most appropriate solutions for their clients.

“When the lockdown was fully enforced, it was difficult to see how there would be tenant demand for new buy-to-let properties and so this was an area we pulled back on to free up greater capacity in other areas of our lending.

“Now, however, feedback from the market shows that tenant demand has remained stable, as has demand from buy-to-let investors and so we are really pleased to be able to support these borrowers with the return of our mortgages for buy-to-let purchases.

“The more stable outlook also means that we are able to extend our offer period to 90 days, we will continue to review areas of demand, alongside the latest economic conditions and lockdown restrictions to ensure that our proposition is best suited to meet the needs of our brokers and their clients.”

This post has originally been featured in Property Wire.