Taste of Pepper is welcome - but it's a pity rates are not lower
It is not quite the mortgage war we were hoping for, but it will do for now. The new lender with the funny name, Pepper, will be welcomed by potential homebuyers and existing mortgage holders who are stuck on rip-off variable rates.
It is the first time we have had a new lender in this market since the ill-fated launch of Bank of Scotland/Halifax into the mortgage market here in 2000. That ended in tears, with the bank pulling out a decade later.
But the pity of it is that Pepper, an Australian lender with 400 people employed here, is not challenging the existing banks with more competitive rates.