Prestige Finance cuts product rates in criteria overhaul

The lender has also cut rates across its near prime rates, and has removed the minimum credit score for prime product applications.

As part of a series of criteria changes, a 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 on prime products.

Darrell Walker, head of sales for second charge and commercial lending at OneSavings Bank, commented: “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.”

Rob Jupp, CEO of Brightstar, added: “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.”