Spring Finance launches first charge resi remortgage deal

Specialist lender Spring Finance has brought out a first charge residential remortgage product following a successful pilot in November last year.

The first charge product range offers loans up to £100,000 and goes up to 75 per cent loan to value (LTV).

At the time of the pilot announcement, the lender said that it would require 12 months’ self-employment trading and would accept employed applicants in probation.

Spring Finance added that it would also accept debt management plans and individual voluntary agreements along with the annulment of bankruptcy.

Concurrently with the first charge launch, the firm has also added a house in multiple occupation (HMO) and Airbnb product to the existing second charge buy-to-let (BTL) product range and simplified its eligibility criteria for self-employed applicants.

Paul Carley, Spring Finance’s head of sales for mortgages, said: “We are delighted to release these changes to our intermediary panel. The remortgage product has served a gap in the market, and we look forward to supporting more consumers in this area.”

Shelley Stern, director of mortgages at Spring, commented: “We are delighted to release the first charge product to our intermediaries following a successful trial. With the recent additions to the team, we are continuing to maintain our service proposition whilst increasing our product offering and capability.”

In an interview with this publication last year, Spring Finance CEO Andrew Bloom said that it would be launching a group-up develop finance proposition once economic conditions were more stable, and a BTL range this year, along with its first charge proposition.

The launches are part of plans to become a “sizeable” non-bank lender.