Pepper Money relaunches BTL purchase loans
Pepper Money has relaunched buy-to-let (BTL) purchase mortgages for individual investors and limited companies.
The lender will also be making its new Pepper Light mortgage range available on BTL purchases for the first time.
Pepper Light is a range of products available to customers who have experienced defaults, missed payments and arrears, but who have not received County Court Judgments (CCJs).
As well as relaunching into the BTL purchase market, Pepper Money has extended its offer validity to 90 days.
This was reduced to 60 days earlier in the lockdown, but the improving outlook has enabled Pepper Money to reinstate the longer offer period.
Paul Adams (pictured), sales director at Pepper Money, said: “We have said previously that specialist lending in the current environment is a real balancing act as demand remains high, but the uncertain economic environment means that every case requires extra underwriting scrutiny.
“And so, we have taken steps to protect the service we provide our brokers, whilst also ensuring they have access to the most appropriate solutions for their clients.
“When the lockdown was fully enforced, it was difficult to see how there would be tenant demand for new buy-to-let properties and so this was an area we pulled back on to free up greater capacity in other areas of our lending.
“Now, however, feedback from the market shows that tenant demand has remained stable, as has demand from buy-to-let investors and so we are really pleased to be able to support these borrowers with the return of our mortgages for buy-to-let purchases.
“The more stable outlook also means that we are able to extend our offer period to 90 days, we will continue to review areas of demand, alongside the latest economic conditions and lockdown restrictions to ensure that our proposition is best suited to meet the needs of our brokers and their clients.”