Second charge lender Prestige Finance, acquired last year by OneSavings Bank plc, has launched a new range of products, available exclusively through specialist distributors, into the secured loan market.
It is targeting employed and self-employed borrowers, with rates from 6.75%.
Andy Golding, group CEO of OneSavings Bank, said: “The secured loan market is growing and we see opportunities to supply high quality products to this underserved marketplace. Prestige is known for its great broker service and with many years of experience is ready to become a competitive force in this area, including larger loan offerings, targeted at those 1st charge mortgage holders who are unable to remortgage without losing access to their current low tracker and fixed rates.”
Dave Pinnington, managing director of V Loans, said: “It is fantastic to see a lender of Prestige’s calibre expand their range of products to cater for the prime sector of the market. Whilst prime borrowers already have an extensive choice of second charge products, Prestige Finance offering has filled some gaps not currently covered by other lenders, such as the availability of larger loan sizes at 75% ltv and products for self employed borrowers which do not incur higher rates of interest.
It is also pleasing to see that borrowers who may have missed payments on credit cards or loans, or may even have had more serious historical credit issues, are not excluded from their new range of products. This particular group of borrowers are those most likely to be unsuccessful at securing a remortgage, and to be able to offer an alternative way of raising finance to these consumers is particularly important.”
Paul Crewe, managing director of Smart Money Loans, said: “Prestige Finance has been a consistent source of intermediary based lending in the second charge market over the past thirty years, through the good times as well as the more challenging ones such as those we face today.
“I know we all hold Prestige Finance in the highest regard.”