Prestige Finance has announced rate reductions to its entire prime product range with a leading market rate of 3.69 per cent.
The second charge mortgage specialist and part of OneSavings Bank plc has reduced rates across its prime range and part of its near prime range. It’s also removed the minimum credit score for prime product applications and will allow the Prestige loan term to exceed the remaining term of a first-charge mortgage.
In addition, where only one year of self-employed accounts are available, an accountant’s projection can now be used on prime products up to 85 per cent loan-to-value.
OneSavings Bank head of sales second charge and commercial lending Darrell Walker says: “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.”
SimplyBiz Mortgages chief executive Martin Reynolds says: “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.