
Pepper adds to mortgage market woes
Pepper Finance, the mortgage service provider, is imposing a 1.25 percentage point increase on thousands of standard variable rate (SVR) mortgage holders from t
Pepper Finance, the mortgage service provider, is imposing a 1.25 percentage point increase on thousands of standard variable rate (SVR) mortgage holders from the end of next month.
The rise will bring the average rate on SVR loans serviced by Pepper to close to 5.45
Pepper services a total of 60,000 mortgages, owned by investment funds such as Carval, Goldman Sachs and Pimco[...]Standard variable rate loans are believed to account for a sizeable minority of the total book.
The rise in the standard variable rate will not affect Pepper customers who make repayments under an agreed restructuring arrangement.
The increase will not take effect before October 20 but will affect owner-occupier, buy-to-let and SME customers.