Spring Finance has expanded its mortgage offering with the introduction of a 1st charge residential remortgage product, building on a successful pilot from November last year. The new product allows for loans up to £100,000 with a loan-to-value (LTV) ratio of up to 75%.
In addition, Spring Finance has broadened its product line to include an HMO (Houses in Multiple Occupation) and Airbnb option within its 2nd charge buy-to-let (BTL) range. The company has also streamlined its eligibility criteria for self-employed applicants, making it easier for them to secure financing.
These updates follow a period of significant growth for Spring, highlighted by a record month of lending. The company has also increased the size of its institutional funding lines and bolstered its team with several key appointments. Notably, Will Merry has come on board as a senior underwriter, previously of MFS and Masthaven, and Binay Pun has joined from Equifinance.
Paul Carley, head of sales for mortgages at Spring Finance, 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, added: “We are delighted to release the 1st 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.”