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Spring Finance unveils first charge resi product

  • 30/11/2023
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Spring Finance unveils first charge resi product
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.”

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