Pepper Money has reduced every rate in the specialist debt management plan (DMP) range by between 0.2% and 0.5% and altered its criteria.
It will now accept clients on its DMP that have completed a DMP in the last 12 months where there is evidence the plan had been in place and successfully maintained for at least 12 months.
In addition, it’ll consider borrowers who have obtained further CCJs or defaults whilst in a DMP. The range now starts from 3.48%, which is available on up to 75% LTV.
Rob Barnard, sales director of Pepper Money, said: “Borrowers in the UK have an unprecedented amount of unsecured debt and there are occasions where the burden can become too much for some people.
“At Pepper Money, we recognise the determination of individuals who have taken the responsibility to tackle their debts and entered a debt management plan. So, we are happy to lend to borrowers who have been able to successfully maintain a plan for at least 12 months.
“We launched our DMP range earlier this year and have seen a huge amount of demand from brokers.
“We’ve also received some feedback about how the criteria could be improved to help even more clients. I’m happy to say that we’ve been able to respond to this feedback and make the requested changes.
“We’ve also been able to cut rates right across the range, making Pepper’s DMP mortgages amongst the most competitive in the market.”
Pepper Money launched its DMP mortgage range for individuals in an arrangement with a licensed DMP earlier this year. The range consists of a number of 2-year fixed rates, available for residential purchases or remortgages up to 85% LTV.
In its Pepper DMMP range, there’s an 85% LTV reduced by 0.25% to 4.03%, 80% LTV cut by 0.2% to 3.78% and 75% LTV cut by 0.30% to 3.48%.
The Pepper 18 DMP range consists of an 85% LTV reduced by 0.50% to 4.48%, 80% LTV reduced by 0.25% to 4.33% and 75% LTV cut by 0.30% to 3.78%
And the Pepper 12 DMP range consists of an 80% LTV reduced by 0.25% to 4.73% and 75% LTV cut by 0.25% to 4.23%