Pepper Money has repriced its product range in response to rising SWAP rates.
The specialist lender has increased all products by 0.25%, having provided brokers with 48 hours’ notice ahead of the withdrawal of its previous pricing.
As part of this product release, Pepper Money has added free valuations to its Retention range. These products are in addition to their product transfer offering and give those customers whose deal has expired the opportunity to apply for a new rate or make further changes to their current mortgage, such as additional borrowing or changing the mortgage term.
Pepper Money sales director Paul Adams commented: “SWAP rates have been rising in recent weeks and we have held off responding to these changes for as long as possible, but it’s now necessary to increase rates across our range”.
He added: “We have made sure to give brokers a full 48 hours’ notice ahead of the withdrawal of our previous rates so that they are best placed to offer customers with certainty. And, while our rates have changed, our inclusive criteria and excellent service remain.”
Coventry for intermediaries is also making changes to its range.
Residential mortgages for new borrowers with Coventry:
- Closing all Fixed 80% LTV rates
- Reducing all two year fixed purchase rates at 65% – 95% LTV with fee
- Reducing all two year fixed purchase rates at 75% – 95% LTV with no fee
- Reducing all two year fixed remortgage rates at 65% – 75% LTV with no fee (Excl. Offset)
- Reducing all three year fixed purchase rates at 75% LTV with no fee
- Reducing all three year fixed purchase rates at 85% – 95% LTV
- Reducing all three year fixed remortgage rates at 85% LTV with fee
- Reducing all five year fixed purchase rates
- Reducing all five year fixed remortgage rates at 65% – 75% LTV
- Reducing all five year fixed purchase interest-only and offset interest-only rates
- Reducing all five year fixed interest-only and offset interest-only rates
For existing borrowers there are no changes to the range.
Buy to let and portfolio buy to let.
For new borrowers:
- Reducing all two-year fixed purchase rates
- Reducing all two-year fixed remortgage rates with no fee
- Reducing all five year fixed rates
Existing Borrowers
- No changes to range
Closures will come into effect from: 8pm Thursday 14 March
Commenting on these specific changes, John Charcol mortgage technical manager Nicholas Mendes said: “This latest reprice from Coventry is welcomed news considering the current typically rate increase notification from lenders past few weeks. But to keep it in perspective Coventry don’t sit within in the best buys so any reprice is unlikely to change the dynamics amongst the leading rates”.
