About Prestige Finance
Prestige Finance Ltd specialises in second charge mortgages exclusively for the intermediary sector in the UK. It offers residential loan products and second charge buy-to-let products for landlords. Incorporated in 1972, Prestige Finance was started as a loans management company, steadily expanded from the middle of the 80’s, and is now the longest established second charge lender in the UK. Since September 14, 2012, Prestige Finance Ltd has operated as a subsidiary of OneSavings Bank Plc, maintaining its specialisation in second charge loans. The company is based in Bushey, United Kingdom.
The lender follows the Lending Code of the Finance and Leasing Association (FLA). Their address is:
Prestige House, 16 Melbourne Road, Bushey, Hertfordshire, WD23 3LN.
Prestige Finance accepts applications from finance intermediaries only. Loans are secured against residential properties in England, Scotland and Wales on a second charge basis.
Prestige offers the following ways to repay loans
Capital and interest (repayment loans)
Residential loans are written on a capital and repayment basis, with an interest only option available on buy to let products. One monthly payment covers the interest for the month and the rest goes towards the original amount borrowed.
The monthly payment only covers the interest and none of the original loan. The loan is repaid at the end of its term from another income source (e.g. an investment). Failure to repay the loan at the end of the term may result in default and/or the loan continuing for longer than expected.
Loans can be taken out over a repayment period of 3 to 25 years. In general, the longer the term, the smaller the monthly payments, but the greater the overall amount payable. For interest only loans the term is linked to the repayment strategy.
Loans can be repaid at any time. Customers will need to obtain a settlement figure from Prestige Finance, which will be provided within 7 working days. There may be an early repayment fee as detailed in the loan offer.
The maximum amount of loan offered by Prestige Finance depends on a how much the borrower earns, income and expenditure, and the property value. The maximum Loan to Value percentage allowed by Prestige Finance depends on the particular product chosen by the customer.
Payments are collected monthly by direct debit from the borrower’s bank account. The DD instruction is included with their application form. Loans must be paid by direct debit from a UK based sterling bank or building society current account.
Prestige Finance has been providing loans for over 30 years to UK residents. The lender is a specialist in providing second charge loans. The company is a wholly owned subsidiary of OneSavings Bank Plc which accepts applications from finance intermediaries only.
Loans can be taken out over a repayment period of 3 to 25 years The maximum Loan to Value percentage allowed by Prestige Finance depends on the particular product chosen by the customer. Loans must be paid by direct debit from a UK based sterling bank or building society current account.