Prestige Finance has introduced new products and criteria.

Changes from the OneSavings Bank (OSB) subsidiary include a new plan to 85% LTV, a new near prime plan and alterations to the maximum loan size, which now goes up to £2.5 million.

Key points are as follows:

• New 85% LTV plan
• New maximum loan on standard plans increased to £100,000
• Interest rate reductions on both prime and near prime plans
• New near prime product to 70% LTV for borrowers with arrears in past 12 months
• Focus on borrower history is reduced to past 12 months activity
• Large loan plans now from £100,000 to £2.5 million

Simon Stern, director at the lender, said:  “Prestige Finance is going to be a major secured loan player in 2014 and thanks to the backing of OSB, our new offering demonstrates that not only do we have the ambition but we are also ready to demonstrate our resolve through these latest enhancements and new product plans.

“There are too many changes to list them all, but I am sure brokers will be excited when they see them.”