Pepper Money has introduced a new range of Limited Edition Residential mortgages, with no application fee, a free valuation, and a £500 cashback.

The Limited Edition mortgages are available as five-year fixed rates on the Pepper 60 range, developed to help customers who just miss out on a high street mortgage because of a low credit score or high debt to income ratio.

Pepper 60 mortgages are suitable for remortgage customers who haven’t had a Default or CCJ in the last 60 months but may have recent unsecured missed payments.

The mortgages have no application fee, a free valuation, and £500 cashback to help pay towards legal costs. Rates on the Limited Edition products start at 3.55% up to 70% LTV, moving to 3.65% up to 75% LTV, 3.74% up to 80% LTV and 4.25% up to 85% LTV.

The specialist lender has updated a number of existing rates in its core range, including improved tw-oyear fixed rates on Pepper 60 at 70% LTV replacing their previous 65% offering on the same product.

Paul Adams (pictured), sales director at Pepper Money, said: “Bank of England data shows that credit card debt has hit a record high, and with many lenders, outstanding debt can significantly impact affordability even if other elements of a customer’s profile are strong.

“Similarly, a low credit score can often prevent someone from getting a mortgage with a high street lender, even if they have no recent record of missed payments. This Limited Edition Pepper 60 product offers a competitive solution for customers with these circumstances and helps lower the total amount payable over the duration of a fixed rate period.

“This is yet another way that we are giving brokers better options to help more of their customers succeed with Pepper.”