The removal of separate pricing for its large loans now means all Prime deals, regardless of size, will benefit from the same set of terms.
As part of this product release, Prestige Finance has reduced its Prime rates and introduced a new 5 year fixed range (stress tested at pay rate) which will replace its 3 year fixed rate range.
The Prime and Large Loan Pricing Consolidation range is now available from 4.45% on 65% LTV, while the Prime product range now available to £2.5m (up to 75% LTV) or £200k (up to 85% LTV).
The loan size referral threshold has increased from £100k to £200k and the proc fee for all loans is now 2%.
Prestige has also enhanced its application process so brokers can now include details of sub-mortgages, which form part of the first mortgage but are on different terms, when completing an application.
Darrell Walker, Head of Sales Second Charge & Commercial Lending, OneSavings Bank, said: “We’re constantly seeking to enhance our lending proposition so brokers can have confidence in recommending our second charge mortgages to their clients. We have an appetite to write both prime and large loan business which is evidenced by the simplified pricing we have announced, together with the increase in proc fees for larger loans. The competitive 5 year fixed range with affordability stressed at pay rate comes in direct response to the changing needs of our customers.”
