Pepper Homeloans has cut its shorter term fixed rates by up to 0.95 percentage points on its core residential mortgage range (NP1 & NP2) and has extended the range to include a new product, with rates starting from 2.28%.

This new NP product is aimed at ‘marginal high street credit score fails’. It accommodates applicants with no CCJs/defaults in the last 48 months. The existing NP1 and NP2 products target borrowers with no CCJs/defaults in the last 36 and 24 months.

Pepper’s NP products include the following features:

• New NP range rates start from 2.28% and offer a choice of two and 30-month fixes
• NP1 fixed rates now start from 2.37% and NP 2 rates start from 2.68%
• Both NP1 and NP2 products offer a choice of fixes over periods of 30 months, two, three and five years, as well as two-year discounted trackers
• Loans are available up to 85% LTV and free legals are available on all remortgages
• Self-employed borrowers are acceptable with only one year’s accounts

Rob Barnard, sales director of Pepper Homeloans, said: “Adverse credit records remain on file for 72 months, despite the fact that borrowers may have conducted their finances in an exemplary fashion in recent years.

“Our NP range means that such borrowers now have access to competitively priced mortgage finance and can benefit from rates starting from just 2.28%.”