It also adds a new HMO and Airbnb product to second charge BTL range
Specialist lender Spring Finance has launched a first charge residential remortgage product after a successful trial period.
The new product range allows for loans of up to £100,000 with a loan-to-value (LTV) ratio of up to 75%.
In addition, Spring has expanded its portfolio to include a product catering to houses in multiple Occupation (HMOs) and Airbnb properties within its second charge buy-to-let range.
The lender has also streamlined the eligibility process for self-employed applicants, aiming to make it simpler.
These developments follow a period of significant activity for Spring Finance, which saw a record month of lending. The company increased the capacity of its three institutional funding lines and welcomed new team members.
“We are delighted to release these changes to our intermediary panel,” said Paul Carley, head of sales for mortgages at Spring Finance. “The remortgage product has served a gap in the market, and we look forward to supporting more consumers in this area.”
Shelley Stern (pictured), director of mortgages at Spring, added they were delighted to release the first charge product to intermediaries following a successful pilot phase in November last year.
“With the recent additions to the team, we are continuing to maintain our service proposition while increasing our product offering and capability,” she said.
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