Prestige improves range and criteria

The new range includes a new plan to 85% LTV, a new near prime plan and improvements to the maximum loan size, which now goes up to £2.5m.

The latest changes, which were preceded by two sets of incremental improvements since Prestige’s relaunch in March, represent the culmination of a strategy which was set out to ease Prestige back into the market before pressing ahead to increase market share in 2014.

Simon Stern, director at Prestige, said 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.

“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.”