Prestige Finance has made changes to its product range.
It has increased its LTV to 80%, while loans from £75,000 to £200,000 are now available up to 75% LTV.
The secured loan lender, which is part of OneSavings Bank, has also reduced its credit score, allowing historic arrears, CCJs and defaults still to 75% LTV.
Meanwhile, AVMs are now accepted up to 65% LTV across all standard plans up to maximum loan of £50,000.
Director Simon Stern said: “The new criteria provide further significant enhancements to our proposition for intermediaries and their clients. We have also moved quickly to increase our use of AVMs to speed up the lending process in the wake of concerns over the pressure on surveyors.
“Yet another sign that we are constantly looking to evolve as a business. The quality of the cases we are seeing, along with the appetite and support of our parent and introducers, make this next step in our journey that much more significant.”
Stern added: “Secured loans are back on the map in a big way. I am looking forward to meeting intermediaries at the Financial Services Expo at the beginning of October to discuss and demonstrate just how important secured loans are in any broker’s lending options for their clients.”
