Mortgages  

Specialist mortgage lender reduces rates

Specialist mortgage lender reduces rates

Second charge mortgage specialist Prestige Finance has reduced all variable and fixed rates across its prime residential product range.

It has also launched a consumer buy-to-let offering and simplified its proposition by integrating both its professional and standard buy-to-let products into a single range.

The new offering will follow the existing buy-to-let pricing and terms.

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Darrell Walker, head of sales for second charge and commercial lending at Presitige’s parent company OneSavings Bank, said the company is always looking for ways to enhance its offering.

He said: “These rate cuts are a testament to that commitment and the simplification to a single pricing option will also make things more straightforward for brokers.

“Consumer buy-to-let makes up a growing element of the second charge loan market, and we know it’s something brokers have been keen for Prestige to provide.

“We’re therefore launching this new proposition to not only enhance our suite of buy-to-let mortgages, but directly meet this broker feedback.”

Prestige’s product changes include reduced rates in the prime and large loan range from 4.15 per cent at 65 per cent loan-to-value.

In its buy-to-let range reduced rates are available from 5.49 per cent at 60 per cent LTV.

A two and five-year fixed rate have also been introduced to its buy-to-let range.

Mike Richards, director of London-based Mortgage Concepts Associates, said: “I am looking at one or two second charge mortgages at the moment but the people I deal with don’t have that requirement.

“I have not used Prestige because I have not had the call to.”

damian.fantato@ft.com