Prestige Finance

Do you live in Wales, England or Scotland and need a loan? Prestige Finance could offer from £10,000 up to £250,000 to be repaid between three and 25 years.

Prestige Finance was set up in the 1980s and has grown to become the longest established provider of second-charge mortgages in the UK. Once called Sheldon and Stern, the company underwent a rebranding in 2002 and became Prestige Finance. In 2012, the company was purchased by OneSavings Bank, a specialist provider of mortgages.

You may want to make home improvements, consolidate debts or pay for a major event like a wedding. Prestige Finance can help you achieve these goals with a homeowner's loan that is also sometimes termed a second-charge mortgage. Prestige Finance is not a direct lender. To access a loan, you need to apply through one of their registered brokers such as Free Price Compare, who will receive a fee if your application is successful. It's important that for any loan that you make a thorough comparison of lenders and rates to make sure you're getting the best deal.

Prestige Finance is regulated and authorised by the Financial Conduct Authority as it's part of the OneSavings Bank plc group. Prestige Finance also complies with GDPR laws and data is safely stored on the most secure servers.

If you are looking for a loan that is secured against the value of your property, then Prestige Finance may be able to help. It also provides second-charge mortgages, with rates that are both variable and fixed. If you need an interest only loan in a buy-to-let deal, then Prestige Finance could potentially help with that too.

A second-charge mortgage is a loan that is secured against the value of your property, much like the original mortgage that you took out. Taking out a second-charge mortgage is a serious decision and one to think about carefully as your home could be repossessed if you don't maintain payments.

Borrow up to £250,000

With Prestige Finance, you can borrow as much as 90 per cent of the value of your home, subtracting the mortgage that is owed. Borrow a lower percentage and you are likely to get a better rate of interest.

Repayment term

This could be three years, up to 25 years, based upon your individual circumstances.

Fixed or variable rates

This is your call - you may opt to select a set rate for a fixed term.

Interest only

If you have a buy-to-let property, you can choose to pay just the interest due each month. The rest of the loan can be repaid from another source, or when the property is sold.

Fee for lender

When you take out a loan with Prestige finance, there will be a one-time fee. This figure will be clearly stated in the loan agreement that you will sign. You may need a property valuation, and if so you will need to pay for this as well. Buy to let owners will have an additional fee to pay on top of this too.

Loan security

Your home will be the security for the loan. If you don't keep up repayments, you could be putting your home at risk. It's important to go through your budget and make sure you can make the repayments before taking out a loan.

Extra payments

It is possible to make overpayments on top of your monthly payments and do so up to a reasonable amount without extra charges.

Credit ratings

If your credit score is less than excellent, Prestige Finance may still consider your application. However, the interest rate on a loan to a customer with a poor credit score may be higher. If you don't know what your credit score is, you can get a report online through a credit reference agency.

You can use your loan for any worthwhile project or purpose. This could cover a major renovation to your home, or perhaps elective surgery. It could also cover the cost of travel, or go towards buying a new car.

Pros and cons

The terms are flexible, you may be able to borrow substantial sums and interest rates can be variable or fixed. You will need to be the owner of a home, and you will pay a fee.

Reviews for Prestige Finance

Prestige Finance has received positive reviews on TrustPilot from many customers. Its present rating is 4.7 out of 5, which is considered excellent.

Every decision is based upon individual circumstances. To apply, you need to be over 21 when applying and less than 85 at the end of the loan term.