Company extends mortgage offerings to people with poor credit history and for one-bedroom apartments

Company extends mortgage offerings to people with poor credit history and for one-bedroom apartments

Alternative mortgages are to be offered to people who find it difficult to get approved by banks.

The loans from specialist lender, Pepper Money, are aimed at those who are self-employed, have a poor credit history, refinancers, first-time buyers and buy-to-let.

In addition to its existing mortgage products, Pepper Money will now allow people to buy one-bedroom apartments in Dublin. The company also announced that it was expanding its reach to more counties in Ireland.

Prospective borrowers will be able to apply for loans up to €1.25m for properties in Dublin.

Barry Delaney, Head of Sales and Marketing at Pepper Money said: "We’ve identified demand for certain types of products and certain categories of borrowers, such as more flexibility for Ireland’s self-employed to get a foot on the property ladder and a more relevant equity release model for refinancers.

"We’ve tried to remain responsive to what’s going on in the marketplace and to offer mortgage products that are needed and wanted by Irish mortgage seekers, especially those that fall outside the mainstream loan criteria."

David Hall Director of the Irish Mortgage Brokers Association says all buyers need to do their homework.

He said: "It's all about competition, it's all about looking at different options, looking at different mortgage rates, looking at what you're on and finding out if there is a better option to fix, a better option for a lower variable rate switch.

"The key word here is switch. Look, look, look. The long-term value here in savings can be quite significant.

"The more people switch, the more competition will come to the market, the bigger kick in the backside the banks get, the better for all of us."

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