Credit servicing firm Pepper Advantage is to cut variable mortgage rates over the coming days for more than 9,000 residential mortgage customers.
Pepper said the decision to lower rates for certain customers follows rate cuts by the European Central Bank and is based on the criteria set out in Pepper's variable interest rate policy.
The new cuts 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 said it continues to review the situation for remaining customers and subject to further ECB rate cuts, said it expects to be in a position to notify more customers of reductions in their variable rates in due course.
The 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%.
Pepper also said today it is aware that this continues to be a challenging time for many people.
It has encouraged any of its customers who may be concerned about their ability to meet mortgage payments to contact it at 0818 828828.
"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," it added.
