Second charge lender Prestige Finance has made changes to its pricing and lending criteria for Prime, Near Prime and Large Loan Plans.

The key changes include a reduction of the credit score to 350 for Prime and Large Loan Plans and, for Near Prime Plans, unsecured arrears will now be discounted unless they are in default.

In addition, rate reductions have been made on a range of plans.

“These enhancements reflect the determination of Prestige Finance, and the OneSavings Bank group, to play a significant part in the sustained growth of the second charge Lending market,” said Darrell Walker, head of product and new business at Prestige Finance.

“Using our own in-house expertise we’ve enhanced our proposition to intermediary partners, to enable them to take advantage of improving conditions in the second charge lending market.

“The new changes to both our pricing and lending criteria will help our intermediary partners support their customers and create additional opportunities.”