Prestige Finance, the intermediary dedicated secured loan lender, part of OneSavings Bank, has announced interest rate reductions on its standard plans allied to a more streamlined product matrix.

Prestige Finance, which reopened its doors to new lending in March, has made enhancements to its already well-received product range and has launched it through its key introducers this morning.

The lender has also reduced rates and lowered minimum loan size on its popular large loan products.

Highlights include:

Standard plans
•     Now reduced from six to five, to aid simplicity;
•     Minimum loan size now starts at £10,000 with max loan size at £75,000 across all five plans;
•     Rates start from 6.75 per cent; and
•     Reduced rates on near prime products.
 
Large loan plans
•    Minimum loan size now reduced to £75,000;
•    Maximum loan is £500,000; and
•    New interest rate reduced to 6.5 per cent on LTV below 50 cent.

Simon Stern, Director at Prestige Finance, said: "We have been delighted with the response to our relaunch in March and to build on that successful start we have been working with our key distribution partners and gathering feedback to further improve our offering. The fact that we are able to respond so quickly is a testament to the strong relationship with our partners and the backing of our parent, OneSavings Bank."

He added: "Not only have we simplified our product matrix and considerably reduced rates on key plans, but we have also now created a uniform range which goes all the way from £10,000 to £500,000. I know our partners will be delighted with the results, particularly the market leading 6.5 per cent rate on our large loan product.”

After only three months since its relaunch, the new criteria demonstrates the growing intent of Prestige and One Savings Bank, its parent, to build a significant presence in the secured loan market.

By Jason McGee-Abe