Spring Finance has relaunched its second charge mortgage offering and introduced an interest-only, buy-to-let (BTL) product.

In order to service an increasing number of borrowers, Spring revealed it is significantly widening its product offering by introducing a new range to complement its existing products.

These new products will focus on mid-prime borrowers and are to be offered at Spring’s lowest ever rates.

The lender confirmed its new BTL second charge range will focus on landlords who want to benefit from the equity in their investment property. All buy-to-let mortgages come with an interest only option.

“We are launching a number of brand new and exciting products to the market which includes an interest only buy-to-let product up to 75% LTV,” commented the lender’s head of sales for secured loans, Graeme Wade.

“Spring has always looked to innovate and our new look two-tier product offering will give our valued introducers more options when looking for a solution for their applicants. For this prestige range, we have reduced our rates by up to 2%.

“The second mortgage market is growing month by month and with processing times at the forefront of service levels we have made a number of positive enhancements to our underwriting requirements, which includes moving to a demerit based point system.

“These changes will have the effect of significantly reducing the time it takes to complete each loan. Our aim has always been to enhance the product offering to our introducers and this new product relaunch does exactly this.”

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