Prestige Finance has unveiled a new range of fixed rate secured loan products for residential lending.
The new 2 year and 3 year fixed rate products are available across the portfolio and include:
Prime:
- Two-year fixed rate starting from 5.39%
- Three-year fixed rate starting from 5.59%
- Prime products are available with up to 85% LTV and have a minimum loan value of £10,000 with a maximum loan value of £100,000.
Near Prime:
- Two-year fixed rate starting from 9.50%
- Three-year fixed rate starting from 9.70%
- Near Prime products are available up to 75% LTV and have a minimum loan value of £10,000 with a maximum loan value of £100,000.
Large Loan:
- Two-year fixed rate starting from 6.60%
- Three-year fixed rate starting from 6.80%
- Large Loan products are available up to 75% LTV and have a minimum loan of £100,000 up to a maximum loan value of £2,500,000.
In addition, the rates for Prime plans PF2, 2A and 2B have also been reduced.
Darrell Walker, head of product and new business at Prestige Finance, said: “These new fixed rate products deliver real competitive alternatives to the variable rates that currently dominate the market. It also gives our partners further options for their customers who are seeking the peace of mind that fixed rate products can provide.”
John Eastgate, sales and marketing director at OneSavings Bank, Prestige’s parent, added: “The inclusion of the new range of fixed rate products reinforces Prestige Finance’s position as a real leader in terms of product innovation, partnerships and its professional approach to the second charge market.
“It also uses this approach to deliver competitive products that puts choice and availability firmly in the hands of the broker and their customers.”