Spring Finance has added a three and five-year fixed rate product to its portfolio, as well as cutting rates by over two percentage points on certain plans.

The fixed rate products will offer loans from £5,000 to £100,000 at 70% loan to value (LTV) and will complement the second mortgage credit repair lender’s existing variable rate product.

Graeme Wade (pictured), Spring Finance’s head of sales, said: “We are pleased that we are now able to provide our clients with a choice of two new fixed rate products and reduced rates on certain plans.

“We have listened to the feedback from our valued introducers and believe these new products will give their clients certainty on payments when structuring their financial commitments.

“We try to steer clear of replicating what the market already has access to and instead favour complementing existing products.  Innovation is at the heart of Spring Finance.”

The products, including the two new fixed rated products, will be available to all accredited brokers and are available on the lender’s broker portal.