Prestige Finance has launched a 90 per cent loan-to-value product and introduced its lowest ever rates for its near prime range.
Rates start at 9.9 per cent for the 90 per cent LTV products in the specialist lender’s prime range, which are available for customers with no credit issues requiring a second charge loan.
Products in the near prime range have had rates cut by as much as 4.9 per cent, with variable rates available from 5.75 per cent and a new five-year fix available from 6.1 per cent.
Near prime products are for customers with credit issues such as county court judgements.
Darrell Walker, head of sales second charge and commercial lending at OneSavings Bank, said: “These market leading rate reductions have been introduced following feedback from our brokers.
“The changes we’ve made are a testament to our broker-centric philosophy that enables us to react to market needs and evolve our specialist second charge mortgage range.”
Simon Webster, managing director at Kent-based Facts and Figures Financial Planners, said: “A 9 per cent rate for a second charge loan would make remortgaging to a high-street lender with a rate at 3 per cent seem extraordinarily attractive.
“If you are locked into a fixed rate with a high early redemption penalty, I suppose it might just be worth considering.
“Given the Financial Conduct Authority’s recent decision on the exorbitant rates and charges levied by credit card companies, the thick end of 10 per cent for a secured loan does not strike me as particularly attractive.”