Pepper Money has announced it is launching a range of new Help to Buy remortgage products.
The specialist lender’s offering will allow customers to refinance their Help to Buy mortgage from another lender, while also enabling them to pay off some or all of their Help to Buy equity loan if they choose to do so.
Pepper Money suggested the range will be ideal for customers who do not meet the credit score requirements in the high street. Reasons for this could be due to having a thin credit file or having recent missed credit payments.
It could also be due to CCJs, or defaults having been registered as recently as 24 months ago, down to a recent change in job, or a self-employment status of only one year.
“Help to Buy has proven an incredibly popular way for first-time buyers to take the first step onto the housing ladder,” said Pepper Money sales director, Paul Adams.
“However, options can be limited at the end of the initial five-year period when interest becomes payable on the Help to Buy Equity Loan. Particularly for those customers who do not meet the criteria of high street lenders due to their credit profile or the way they earn their income.
“We use financial inclusion as the guiding principle for our business. When we spot an opportunity to provide a fair, affordable solution for underserved customers, we do everything we can to make that solution available to brokers.”
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