Second charge lender Prestige Finance has reduced rates on its prime and part of the near prime residential range, and has removed the minimal credit score for prime product applications.
Its loan term can now exceed the remaining term of a first-charge mortgage and where only one year of self-employed accounts are available. An accountant’s projection can now be used, for prime products only, up to 85% LTV.
Darrell Walker, head of sales 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, SimplyBiz Mortgages, said: “ 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.
Rob Jupp, chief executive Brightstar, said: “It’s a very encouraging and positive sign that Prestige and OSB are once again showing their commitment to the wider second charge market.
“These rate reductions combined with the criteria enhancements and their expertise in this space can only benefit the ‘seconds’ industry.”