Second charge mortgage specialist Prestige Finance has simplified and enhanced its mortgage range by creating one simple competitive Prime range for loans up to £2.5m.
The removal of separate pricing for its large loans now means all Prime deals, regardless of size, will benefit from the same set of terms.
And Prestige Finance has also reduced its Prime rates and introduced a new 5-year fixed range (stress tested at pay rate) which will replace its 3-year fixed rate range.
The changes include reduced rates available from 4.45% on 65% LTV, loans available to £2.5m (up to 75% LTV) or £200k (up to 85% LTV) and a proc fee of 2% on all loans.
In addition the application process has been enhanced so brokers can now include details of sub-mortgages, which form part of the first mortgage but are on different terms, when completing an application.
Darrell Walker, head of sales second charge and commercial lending, OneSavings Bank, said: “We’re constantly seeking to enhance our lending proposition so brokers can have confidence in recommending our second charge mortgages to their clients. We have an appetite to write both prime and large loan business which is evidenced by the simplified pricing we have announced, together with the increase in proc fees for larger loans.
“The competitive 5-year fixed range with affordability stressed at pay rate comes in direct response to the changing needs of our customers.”