Specialising in Second Charge Loans

Prestige Finance secures £1,000,000 second charge loan within 3 weeksRelease date: 4 July 2019

Prestige Finance, the longest established second charge mortgage specialist in the UK and part of OneSavings Bank plc, has announced their biggest ever second charge residential loan of over £1,000,000, which was completed within 3 weeks.

The customer had recently completed a major refurbishment of their main residence utilising funds raised via two buy to let properties, credit cards and personal loans. A schedule of 155 separate items of work was provided and meticulous records had been kept. Once the works were finalised, Prestige was approached to refinance the borrowing resulting in substantial monthly savings.

Even though the customer had an exemplary credit profile, their current first charge provider was not able to consider lending the required amount, so they needed to source an alternative solution.

Prestige was able to take a pragmatic approach, balancing the lending multiple and the low debt to income ratio at just over 60% as the borrowing was clearly affordable based on their track record.

Darrell Walker, Head of Sales, Second Charge & Commercial Lending, Prestige Finance said, “This particular case really highlights the importance of second charge finance options and the flexibility in the market to look outside the box. Second charge mortgages are often used in situations just like this where the clients existing first charge lender is restricted by lower income multiples. The transaction resulted in a great outcome for the customer, saving them over £7,000 every month.”

Lenders specialising in Second Charge Loans

Prestige Finance is the longest established second charge lender in the UK.

Initially established as a loans management company, Prestige Finance has grown consistently since the mid 1980’s and has always specialised in second charge loans.

Now a key part of the Stock Exchange listed OneSavings Bank group, Prestige Finance offers a range of second charge products to both prime and non-prime applicants at competitive rates.

Prestige works exclusively with the intermediary sector and is an active member of the Finance and Leasing Association (FLA) whose Lending Code it follows.

Client testimonials

"We have been dealing with Prestige Finance for almost 2 years now and the service we receive is, to put it simply, excellent. As with most beneficial partnerships they understand that it is the relationships (at all levels) that is the real key to success. Add to this their flexible and common sense approach and it provides us with a partner of the highest order. As we grow our business we feel lucky to have lenders like Prestige supporting us." - Paul Ford, Director at Fluent Money

"Prestige are one of our leading lending partners and my team and I have had the pleasure of working closely with Prestige for over a decade. The firm's product and service proposition - greatly strengthened since the acquisition by One Savings Bank - has always remained consistent: a strong understanding of the market, a great appetite for significant share, the deployment of superb products and a consistent delivery of a flawless and flexible service have led to Prestige becoming a major contributor in our market." Barney Drake, Business Development Director at y3s Group

"We have worked very successfully with Prestige for a number of years and it is fair to say that the relationship has gone from strength to strength. at every level the staff at Prestige are a pleasure to deal with and it is that focus on the relationship that has allowed us to increase our volumes with them. Since they came under the ownership of One Savings Bank in March 2013, we have been impressed not only with their continued excellent service but their impressive range of products which enables them to be consistently one of the biggest volume second charge lenders on our panel. Keep up the good work Prestige!!" Alan Hill, Head of Operations at Freedom Finance

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