Step One Finance has announced new rates for its product range as well as changes to its lending criteria.

Rates have been reduced on most products, while fixed rates have been extended to five years and available at no extra cost to the customer.

The new rate reductions will take effect on new loan applications initiated on or after 30 May 2017.

Martin Porter, head of lending, said: “While some of our competitors are constantly changing criteria and lending terms we try to remain as consistent as we can with a few carefully considered improvements, which means our introducers really know what we’ll do and what we’re good at.

“We think with interest rates at an all-time historic low, taking a longer or lower fixed rate offers a compelling choice to customers.”

Meanwhile, Terry Young has been appointed as business development manager (BDM) for the South of England. He has worked in financial services for over 20 years’ and held senior positions with distributors, lenders and technology companies.

Steve Khan, head of commercial development, said: “It’s great to be working with Terry having known him in the industry. He comes with a great reputation and broad market experience.”

In addition, Joe Kite and Sylwia Fert have also joined the company in the underwriting department and loan administration department, respectively.

Porter added: “Joe and Sylvia are further new additions to our team as the business continues to grow with its new initiatives. We expect more recruits in the near future as a part of our strategic growth and company expansion.”