Second Charge Lending
Spring Finance revises its second charge range
Specialist lender Spring Finance has made changes to its range of second charge mortgages.
It has added a lifetime tracker, a two-year fixed rate available up to 80 per cent loan to value (LTV) with rates starting from 10.15 per cent across its prestige offering or 12.1 per cent on its core range.
Spring Finance has launched a product for buy-to-let borrowers. This allows three demerits or blips within the last six to 12 months, a reduction from its previous 24-month timeframe.
The lender has also revised its eligibility criteria by changing its terms for Hometrack and drive-by valuations.
These changes follow the lender updating its application process for second charge mortgages to reduce the level of paperwork required.
Shelley Stern, director of mortgages at Spring Finance, said: “This is an exciting period of growth at Spring and we believe these changes will significantly improve our proposition to both our intermediary partners and consumers.
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“These changes follow recent improvements made to our application requirements and further reflects our ongoing commitment to simplify the application process and enhance our service.”
Andrew Bloom (pictured), CEO of Spring Finance, added: “We are delighted to release these changes at a time when our intermediaries and consumers are facing a number of challenges. The enhancements affirm our commitment to growth and continuing support of the industry.”