Prestige Finance has made cuts to all variable and fixed rates across its prime residential product range and launched a consumer buy-to-let proposition.

The reductions apply to all buy-to-let variable rates and complement the new two-year and five-year fixed rates.

The second charge lender, which is part of OneSavings Bank, has also simplified its proposition by integrating both its professional and standard buy-to-let products into one single range.

The new offering will follow the existing buy-to-let pricing and terms.

Changes include:

Prime and large loan

• Reduced rates available from 4.15% on 65% LTV
  • 4.90% on 2 year fixed rate
  • 5.30% on 5 year fixed rate

Buy-to-let

• Reduced rates available from 5.49% on 60% LTV
  • 6.19% on 2 year fixed rate
  • 6.59% on 5 year fixed rate
• 2 year and 5 year fixed rate introduced to buy-to-let range
• Alignment of professional and standard buy-to-let range under one competitive proposition
• Consumer buy-to-let loans now available

Darrell Walker (pictured), head of sales for second charge & commercial lending at OneSavings Bank, said: “Whether simplifying or expanding our range to meet the needs of brokers and their customers, we’re always looking for ways to enhance Prestige’s offering. These rate cuts are a testament to that commitment and the simplification to a single pricing option will also make things more straightforward for brokers.

“Consumer buy-to-let makes up a growing element of the second charge loan market, and we know it’s something brokers have been keen for Prestige to provide. We’re therefore launching this new proposition to not only enhance our suite of buy-to-let mortgages, but directly meet this broker feedback.”