Prestige Finance has made cuts across its entire Prime product range and is offering a secured loan at 3.69%.
Changes include the following:
- Rate reductions across Prime and part of the Near Prime range
- Removal of minimum credit score for Prime product applications
- Prestige loan term can now exceed the remaining term of a first-charge mortgage
- Where only one year of self-employed accounts are available, an accountant’s projection can now be used (prime products only, up to 85% LTV)
Darrell Walker (pictured), head of sales for second charge and commercial lending, OneSavings Bank, said: “Second charge mortgages provide a unique tool and proposition that compliments the wider first charge market and we are delighted to bring to market some significant rate reductions supported by several criteria enhancements.”
Martin Reynolds, chief executive of SimplyBiz Mortgages, added: “It’s great to see a lender such as Prestige, with OSB’s strong pedigree, championing direct access and making second charges accessible to a wider market.”