The problem with any agreement with Nazi Germany is always the same: Hitler has proven himself to be completely unreliable after the invasion of rump Czechia after Munich. Basicly you couldn't trust him to keep his part of the treaty. So why create peace with him, if you can't be sure Nazi Germany will keep the peace. Ask Stalin what the consequences are.
True. But nevertheless in Hitler's warped mind the British, or more precisely the English were fellow Aryans. Now, whilst his views regarding how Britain should be dealt with flipped and changed with time, the fact they were Aryans was a constant. And at this point in time Hitler wants to go east, it was always his primary goal, and that goal was so vital to him that he was even willing and did go to war with the Soviet Union with Britain in his rear still...
But, that's not to say he's stupid enough to not take the opportunity to have peace amongst his so called beloved Aryans. The issue here is coming to an agreement where both Britain and Germany can save face, and also come to an agreement on spheres of influence etc. The latter I can imagine might be easier that you think, I'm sure Hitler would be happy to throw the Italians under the bus in favour of the British (if an anti Soviet pact is part of a peace agreement), possibly the Japanese too.
Of course, as you state, it's getting them to the table in the first place due to trust. I can only really see this peace agreement as a possibility if Britain joins the war against the Soviet Union. At this point however, after the blitz, I don't see Brits as being down with fighting shoulder alongside Germans.