Optimum Credit launches 100% LTV range

Loans are available from £7,500 to a maximum of £100,000 (inclusive of fees) with a full valuation required on each case. Minimum valuation is £85,000 and loan terms are available from three to 30 years.

The new offering is available on Optimum’s variable rate loan and fixed rate loans from two to five years.

Optimum Credit launched in 2014 and is based in Cardiff, offering second charge mortgages to homeowners in England, Wales and Scotland.

In October 2018, Pepper Money announced that it was set to acquire Optimum Credit's entire business, including its UK second charge loan book of more than £450 million.

Craig Collins, wholesale director at Optimum Credit, said: “Optimum Credit are constantly looking for ways to innovate and expand the market in order to help advisers give their customers good outcomes. We look to achieve this through more than simple rate reductions. Our discount, interest-only and near prime products continue to offer diversity whilst our competitive fixed and variable rates ensure that we compete with the standard ranges available. Our latest development, with the introduction of a maximum LTV of 100% further enhances our offering.”

Commercial director, Simon Mules, added: “This is a high-quality product for borrowers with a track record of sound financial management, and we have a robust affordability assessment to ensure that our customers have the means to repay their loans without difficulty. We have an unrivalled track record in originating prime second charge mortgages, and we have the full backing of our funders in the launch of this new product.”