- Change maintains Pepper Homeloans’ position as one of the most competitive mortgage lenders in the Irish market
- New market leading variable rate of 3.1% on Pepper Essential product
- BTL rates from 4.4%, the lowest in the Irish market
Pepper Homeloans, part of global financial services business Pepper Group, has today announced it is reducing interest rates on its range of mortgage products for both existing and new customers.
The move will see Pepper Homeloans reduce variable rates by up to 0.45 percentage points for residential customers, ensuring Pepper Homeloans mortgage products remain among the most competitive in the Irish market.
The Pepper Homeloans suite of mortgage products, launched in January 2016, currently includes both residential and Buy to Let (BTL) products tailored to the needs of movers and switchers looking to purchase a new home, refinance or consolidate debts; the self-employed and people with non-standard employment types; investors; as well as first time home buyers.
The rate reduction, which is effective from today (25 July 2016), includes the following changes in rates for Pepper Homeloans mortgages:
Pepper Essential
- A variable rate mortgage product available to residential and BTL customers.
- Rates starting at 3.1% (was 3.55%) for lower LTV cases, matching the lowest rates in the Irish market.
- BTL rates starting at 4.4%, the lowest in the Irish market.
Pepper Essential Plus
- A residential or BTL mortgage product tailored to self-employed professionals and those with non-standard employment types.
- Rates starting at 3.35% (was 3.80%) dependent on LTV.
Pepper Advantage
- An innovative product offering flexibility for residential or BTL borrowers with a legacy credit event that’s currently causing them difficulty in obtaining finance.
- Rates starting at 3.85% (was 4.30%) dependent on LTV
Pepper Homeloans’ mortgage products are currently available through a network of accredited brokers who engage with potential borrowers around their specific requirements.
Paul Doddrell, CEO of Pepper Ireland, said: “Our Pepper Homeloans mortgage products have met with very strong demand and interest since we launched in the Irish market in January. Today’s rate change will help cement our position as a highly competitive modern alternative for lending in Ireland that brings competition and choice for Irish borrowers wanting to switch their mortgage, refinance or take out their first home loan.”
“We are committed to sustaining competitive prices in the market, reviewing and expanding our product range and developing new distribution channels in the future. Our aim is to grow our lending operation and offer even more choice for Irish customers. A key selling point for us remains our flexible approach and specialist background, which means we can provide a more personal approach and alternative options to borrowers, taking a wider view of their financial background and circumstances.”
Pepper Ireland was established in 2012 and employs over 400 people in Shannon and Dublin. Its lending division, Pepper Homeloans, was launched in January 2016.
Pepper Ireland is part of the Pepper Group, a diversified and experienced global financial services business quoted on the Australian Stock Exchange. Pepper Group is a highly experienced lender and provides a range of mortgage and other consumer lending products in countries such as Australia, the United Kingdom, Spain and Asia.
Summary of Changes
Pepper Essential Product – Variable Residential Rates
|
LTV |
Old Rate |
New Rate |
Reduction |
|
< 50% |
3.55% |
3.10% |
0.45% |
|
> = 50% < 60% |
3.55% |
3.25% |
0.30% |
|
> = 60% < 70% |
3.65% |
3.30% |
0.35% |
|
> = 70% < 80% |
3.75% |
3.60% |
0.15% |
|
> = 80% < 90% |
4.00% |
3.90% |
0.10% |
Pepper Essential Product – Variable Buy to Let Rates
|
LTV |
Old Rate |
New Rate |
Reduction |
|
< 50% |
4.50% |
4.40% |
0.10% |
|
> = 50% < 60% |
4.75% |
4.75% |
- |
|
> = 60% < 70% |
4.75% |
4.75% |
- |
|
> = 70% < 80% |
5.00% |
4.80% |
0.20% |
Pepper Essential Plus Product – Variable Residential Rates
|
LTV |
Old Rate |
New Rate |
Reduction |
|
< 50% |
3.80% |
3.35% |
0.45% |
|
> = 50% < 60% |
3.80% |
3.60% |
0.20% |
|
> = 60% < 70% |
3.90% |
3.65% |
0.25% |
|
> = 70% < 80% |
4.00% |
3.95% |
0.05% |
|
> = 80% < 90% |
4.25% |
4.25% |
- |
Pepper Advantage Product – Variable Residential Rates
|
LTV |
Old Rate |
New Rate |
Reduction |
|
< 50% |
4.30% |
3.85% |
0.45% |
|
> = 50% < 60% |
4.75% |
4.45% |
0.30% |
|
> = 60% < 70% |
4.85% |
4.50% |
0.35% |
|
> = 70% < 80% |
5.20% |
5.05% |
0.15% |
For further information please contact:
|
Ben Valdimarsson |
Sinead Moore |