Pepper Advantage is to begin notifying over 9,000 residential mortgage customers of decreases in their variable mortgage rates over the coming days.
The decision to lower rates for certain customers follows rate reductions by the European Central Bank (ECB) and is based on the criteria set out in Pepper’s variable interest rate policy.
Rate decreases will range from 0.25% to 1%, and the majority of the customers receiving this initial reduction will receive decreases of between 0.35%-0.5%.
The current reductions apply to those Pepper Advantage customers who have seen the highest increases to date since the ECB incrementally started increasing rates in July 2022.
Pepper continues to review the situation for remaining customers and subject to further ECB rate reductions, expects to be in a position to notify more customers of reductions in their variable rates in due course.
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While the reduction in variable rates is welcome news for many customers, we are aware that this continues to be a challenging time for many people.
We ask any customer who may be concerned about their ability to meet mortgage payments to contact our team on 0818 828 828. Our team will work with and help customers who engage with us to find the best possible solution for them, based on their individual situation. We encourage customers to please talk to us.
Pepper continues to support customers impacted by the rising cost of living and increased interest rates in the following ways:
We continue to engage with our customers via the Pepper customer support Helpline for interest rate queries and the rising cost of living. We have engaged with hundreds of customers daily, assisting them with general queries they may have on interest rates and where they are concerned about making payments, working with those customers to put a solution in place that addresses their unique and individual circumstances.
Pepper has supported hundreds of customers switching since interest rates started to rise and will continue to support customers switching.
For customers in financial difficulty, we are here to help so please contact us. We offer a broad range of temporary and longer-term solutions including temporary fixed interest rates, interest only payments, term extensions, arrears capitalisations, fixed reduced monthly repayments and interest rate discounts, both for short term and extended periods.
All solutions are offered based on affordability and an assessment of each customers’ individual circumstances as set out in their Standard Financial Statement which is assessed in accordance with the Central Bank’s Code of Conduct for Mortgage Arrears 2013.
Pepper-Advantage.ie contains extensive information for customers looking for information on solutions available to help them manage financial difficulties. The site complements the comprehensive online resource, www.Dealingwithdebt.ie, launched by the Banking and Payments Federation Ireland in 2023 as part of the wider industry campaign.
Should customers have any questions on the above or are concerned about the recent increases in mortgage rates they should contact our Helpline 0818 828 828, which is available on our website along with frequently asked questions and answers (https://www.pepper-advantage.ie)