Non-bank cuts rates by up to 50 basis points

by Julia Corderoy28 Jul 2016

Non-bank lender Pepper Money has sliced interest rates by up to 50 basis points across its prime, alt-doc loan range.

Available to self-employed broker clients until 16 September, the Pepper Essential alt-doc standard loan will be discounted by 50 basis points and the Pepper Essential alt doc PLUS loan will be discounted by 25 basis points. 

These reductions mean Pepper Essential alt-doc interest rates will now start from 4.19% (4.38% comparison rate).

“We pride ourselves on catering to segments of the market that are under-serviced, by providing first-class service, flexible products and a common sense approach to individually assessing loans,” Pepper’s director of sales and distribution, Mario Rehayem, said.

 “We hear from our brokers every day that they still pick providers based on their service offering, over and above commission or pricing. Brokers will find our promotional rates appealing as it means their self-employed clients can benefit from a prime home loan that allows purchases, non-genuine savings, debt consolidation and cash out with market leading turnaround times.”

However, in addition, Pepper has also extended its 25 basis point discount on mortgage risk fees for Pepper Easy (near prime) and Pepper Advantage (specialist) loans until 16 September 2016.