In a move that raises the bar in the secured loan market, Prestige Finance, the intermediary focused subsidiary of OneSavings Bank (OSB), has released new products and criteria, including a new plan to 85% LTV, a new near prime plan and improvements to the maximum loan size, which now goes up to £2.5 million.
The latest changes, which were preceded by two sets of incremental improvements since the relaunch in March, represent the culmination of a strategy which eased Prestige back into the market, built an accurate assessment of business quality and broker feedback, before pressing ahead to increase market share in 2014.
Highlights include: -
- New 85% LTV plan
- New maximum loan on standard plans increased to £100,000
- Interest rate reductions on both prime and near prime plans
- New near prime product to 70% LTV for borrowers with arrears in past 12 months
- Focus on borrower history is reduced to past 12 months activity
- Large loan plans now from £100,000 to £2.5 million
According to Director, Simon Stern, there can now be little doubt in anybody’s mind that Prestige and its parent, OneSavings Bank, have serious ambitions in the secured loan market for 2014.
He said “Prestige Finance is going to be a major secured loan player in 2014 and thanks to the backing of OSB, our new offering demonstrates that not only do we have the ambition but we are also ready to demonstrate our resolve through these latest enhancements and new product plans. There are too many changes to list them all, but I am sure brokers will be excited when they see them.”
Simon added, “Significantly, we have taken a long hard look at the performance of our active loans and keeping in mind the need to ensure the highest standards of customer care, we have also made significant changes to our credit scoring. We continue to work closely with our distributor partners and having incorporated their feedback, we are sure the new products and criteria will be welcomed by brokers and clients alike, as among the most competitive and balanced in the industry.”