The Irish subsidiary of the Australian financial services firm, Pepper, has confirmed it will launch three initial new mortgage products from February 1st.

Pepper Essential is targeted at the mainstream market and rates will start at 3.55% for people seeking to borrow 50% of the value of their home but at 3.7% for people needing to borrow 80% of the value. The most competitive rate available on the market for 80% loan to value is 3.5%.

Essential Plus is targeted at the self-employed or people on non-standard employment contracts where rates will start at 3.8%.

Pepper’s Advantage product will provide mortgages for people who’ve experienced a blemish on their credit record but have demonstrated a clean record for at least two years. These rates will start at 4.3% but come down over time subject to repayment records.

Business Breakfast's Vincent Wall asked Pepper Ireland, Chief Financial Officer, Chris Helme, why mainstream borrowers would come to them if they’re not the most competitive in the market and where they’re charging an arrangement fee up front of 0.5% of the loan value.

"We're not here to be the most competitive, we're here to offer choice to customers. I think with the additional products that we're putting out there we're offering choice," he says.

"The key thing for us is that we are going to underwrite people and not data."

He adds that the company will consider individual cases "on their own merits," rather than relying on set data models.