Specialist lender Spring Finance has release a range of first charge residential remortgage products available on a pilot basis.
The firm said that the range mirrors its existing second charge and fills a gap as applicants can take out a smaller loan despite having experienced some level of credit impairment.
Spring Finance said that the pilot will be reviewed in the first quarter 2024 and it would then look to expand the rollout.
Loan sizes for the product range from £10,000 to £100,000 up to 75 per cent loan to value (LTV).
The lender said it would require minimum 12 months self-employment trading and employed applicants in probations.
It will also accept debt management plans and individual voluntary agreements as well as the annulment of bankruptcies.
Paul Carley, head of sales for mortgages at Spring Finance, said: “The launch of this product range demonstrates our ability to respond to intermediary feedback and promptly bring a product to market.”
Shelley Stern, director of mortgages at Spring Finance, added: “We are delighted to launch our first charge range and believe the product serves a customer need in an area of the market that is currently underserved.
“This latest enhancement to our product range affirms our commitment to growth and continuing support of the industry.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
