Prestige Finance has launched a new range of buy-to-let products for second charge lending.
The new products allow landlords to release equity without having to restructure their main portfolio and existing buy-to-let mortgage.
The new variable range includes:
Buy-to-let – Professional Landlord
- For three or more properties in portfolio
- Rates from 5.79%
- Loans up to 75% LTV
- Loans available from £25,000
- Maximum loan size £1,000,000 per property
Buy-to-let – Standard
- For fewer than three properties in portfolio
- Rates from 6.99%
- Loans up to 75% LTV
- Loans available from £25,000
- Maximum loan size £200,000 per property
Darrell Walker, head of product and new business at Prestige Finance, said: “We’re very pleased to launch our completely new range of buy-to-let products. It couldn’t have been achieved without the valuable and extensive insight of our broker partners, who have helped us to create such a strong proposition for property investors.
“They told us a large number of their portfolio clients were unable to release equity without disturbing their main headline rate. Also the high rates available would often be the stumbling block for landlords currently benefiting from historic tracker products. We’ve listened to broker feedback and utilised the specialist lending expertise of our parent group, OneSavings Bank, to create a genuine market leading product range.”
John Eastgate, sales and marketing director at OneSavings Bank, added: “The inclusion of a brand new product range again 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’s great to witness the expertise of the specialist lending teams of OneSavings Bank coming together to deliver a competitive products that really helps both key partners and their clients.”
Matt Cottle, joint CEO of Y3S Group, welcomed the new offering. He told BestAdvice: “These market-leading buy-to-let second charge loan products from Prestige Finance demonstrate their capability of bringing this little known but very desirable sector into the limelight.
“This is ground-breaking stuff that will undoubtedly force the rest of the industry to react at lightning speed.”