Prestige launches consumer BTL range

by: Carmen Reichman
  • 13/10/2016
  • 0
Prestige launches consumer BTL range
Second charge lender Prestige Finance has launched a consumer buy-to-let offering while reducing charges on all its variables and fixes.

The lender’s products will sit alongside its existing suite of buy-to-let deals and follow the same pricing and terms.

They include a two-year and a five-year fix with rates starting at 6.19% for the two-year product and 6.59% for its five-year equivalent.

Prestige, which is part of listed bank OneSavings Bank, launched its buy-to-let range in May last year, when it already included options for amateurs and professional landlords.

The difference between the amateur product and new consumer range is borrowers no longer have to prove they have the intention of becoming a landlord, the firm said.

For instance, previously Prestige would not have accepted borrowers who happened to have two properties and were renting one out but never intended to build a buy-to-let portfolio.  Now those consumers will have access to the consumer buy-to-let range.

Prestige’s previous standard and professional products were also priced at different rates, whereas under the latest changes, all three categories have been combined into one range.

Prestige said more and more brokers had been asking about consumer buy-to-let loans and that it wanted to meet that perceived need.

OneSavings head of sales for second charge and commercial lending, Darrell Walker, said: “These rate cuts are a testament to [our] commitment and the simplification to a single pricing option will also make things more straightforward for brokers.

“Consumer buy to let makes up a growing element of the second charge loan market, and we know it’s something brokers have been keen for Prestige to provide. We’re therefore launching this new proposition to not only enhance our suite of buy-to-let mortgages, but directly meet this broker feedback.”

The lender also reduced interest rates on its other products, with its cheapest buy-to-let deals now starting at 5.49% on 60% loan to value (LTV).

Rates on Prestige’s prime and large residential loans now start at 4.15% on 65% LTV, with the two-year fix offering 4.9% and the five-year fix sold at 5.30%.

 

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