EXCLUSIVE: Spring Finance relaunches its range of second mortgage loans
“These new products, supported by the simplification of our underwriting process, will further enhance the value we can add to our brokers.”
In order to serve a growing number of borrowers, Spring has expanded its product offering with the introduction of a prestige range to complement its existing products.
These new premium products will focus on mid-prime borrowers and will be offered at Spring’s lowest rates.
The new second load buy-to-let range will focus on landlords who wish to benefit from the equity in their investment property. All buy-to-let mortgages come with an interest-only option.
Graeme Wade, Sales Manager for Secured Loans, said: “We are introducing a number of new and exciting products to the market, including a buy-to-let product with interest only up to 75% LTV. Spring has always sought to innovate and our new two-tier product offering will give our valued introducers more options when looking for a solution for their candidates. For this prestige range, we have reduced our prices by up to 2%.
“The second mortgage market is growing month by month and, with processing times at the cutting edge of service levels, we have made a number of positive improvements to our underwriting requirements, including moving to a point system based on demerit. These changes will have the effect of dramatically reducing the time it takes to complete each loan. Our goal has always been to improve the product offering to our business introducers and this new product launch does just that.
Andrew Bloom, owner of Spring Finance, commented: “Spring has a reputation for providing an excellent product offering to candidates from different backgrounds. These new products, supported by the simplification of our underwriting process, will further increase the value we can add to our brokers. This product relaunch, along with our recently launched transition proposal, demonstrates our continued commitment to the specialty finance market.