Spring Finance relaunches second charge mortgage product

Specialist lender unveils new prestige range

Spring Finance relaunches second charge mortgage product

Spring Finance has announced the relaunch of its second charge mortgage offering and introduction of its bespoke, interest only, buy-to-let product up to 75% LTV.

To serve an increasing number of borrowers, Spring has significantly widened its product offering by introducing a prestige range to complement its existing products.

The new prestige products, with reduced rates of up to 2%, will focus on mid-prime borrowers and will be offered at Spring’s lowest ever rates.

The buy-to-let second charge range will focus on landlords who want to benefit from the equity in their investment property. All buy-to-let mortgages come with an interest only option.

Graeme Wade, head of sales for secured loans at Spring Finance, said the lender has always looked to innovate, and the new-look two-tier product offering will give introducers more options when looking for a solution for their applicants.

Read more: Spring Finance completes first bridging loan

“The second mortgage market is growing month by month, and with processing times at the forefront of service levels, we have made a number of positive enhancements to our underwriting requirements, which includes moving to a demerit-based point system,” Wade said.

“These changes will have the effect of significantly reducing the time it takes to complete each loan. Our aim has always been to enhance the product offering to our introducers and this new product relaunch does exactly this.”

Andrew Bloom, owner of Spring Finance, said that the new products, backed up by the simplification of Spring’s underwriting process, will further enhance the value that they can add to their brokers.

“This product relaunch, along with our recently launched bridging proposition, proves our continued commitment to the specialist finance market,” he added.

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