The key changes include:
- A Reduction of Credit Score to 350 for Prime and Large Loan plans.
- Rate reductions on a range of Near Prime plans.
- Unsecured arrears will now be discounted unless they are in default .
In November, Prestige launched a new prime product up to 60% LTV at 5.29% and improved pricing across its prime product range.
Darrell Walker, Head of Product and New Business, Prestige Finance, said:
“These enhancements reflect the determination of Prestige Finance, and the OneSavings Bank group, to play a significant part in the sustained growth of the Second Charge Lending market.
"Using our own in-house expertise we’ve enhanced our proposition to intermediary partners, to enable them to take advantage of improving conditions in the second charge lending market.
"The new changes to both our pricing and lending criteria will help our intermediary partners support their customers and create additional opportunities.”
