Pepper Money has strengthened its Affordable Home Ownership proposition by becoming the first specialist lender to launch a dedicated proposition to support the First Homes scheme.  

The First Homes scheme offers new build properties for a discount of at least 30% on the open market value, and local authorities have the discretion to set deeper minimum discounts of either 40% or 50% through local planning policy. 

The government scheme is available on new build homes and, until now, has only been supported by mainstream lenders. By launching First Homes, Pepper Money will be the first specialist lender to provide an option for Hopeful Homeowners whose circumstances fall outside of mainstream criteria.  

Financial inclusion remains the guiding principle of Pepper Money which has a strong reputation in adverse credit. The expansion of their Affordable Home Ownership range complements their full range of specialist residential and second charge mortgage products. The products and underwriting approach are ideal for customers whose requirements may be underserved by traditional high street banks and building societies. The specialist lender’s range appeals to a broad range of customers, including those who have experienced credit problems, are self-employed, work as contractors, earn variable income or simply because their circumstances require a more considered approach. 

Paul Adams Sales Director at Pepper MoneyPaul Adams, Sales Director at Pepper Money, says:  

“At Pepper Money, we have a clear purpose, to deliver positive societal outcomes and promote greater financial inclusion to a more diverse range of customers. Our Affordable Home Ownership proposition plays a vital role in this, and we are committed to helping even more Hopeful Homeowners to achieve their dreams.  

The rising cost of living continues to make it harder for Hopeful Homeowners to take their first step onto the property ladder. But schemes like First Homes, which offers significant discounts on open market values, could make the dream of home ownership more achievable. Our First Homes mortgages, which are supported by our transparent criteria, individual underwriting and consistently excellent service, provide the perfect option for customers whose circumstances mean they are not properly served by the high street.”