Prestige Finance homeowner loans
If you're a UK homeowner with a mortgage, Prestige Finance could offer you a loan of £10,000 to £2.5 million, repayable over 3 to 25 years.
Whether you’re consolidating debt, improving your home or paying for a wedding, Prestige Finance could help with a homeowner loan – also known as a “second-charge mortgage”. Prestige Finance doesn’t lend directly to its customers – so you’ll need to apply through one of its registered brokers (which will receive a fee). Always compare lenders to ensure you are getting the most affordable deal for your circumstances before you go ahead.
Compare Prestige loans
If you borrowed £36,000 over a 15-year term at 8.84% p.a. (variable), you would make 180 monthly payments of £402.86 and pay £72,514.80 overall, which includes interest of £32,419.80, a broker fee of £3,600 and a lender fee of £495.00. The overall cost for comparison is 11.3% APRC representative.
What is a second-charge mortgage?
A second-charge mortgage is a type of loan that’s secured against your home, in the same way as your original mortgage. You’ll want to think carefully before taking out a second-charge mortgage, as your property will be at risk if you don’t keep up repayments.
Key features of a Prestige Finance homeowner loan at a glance
Established in the mid-1980s, Prestige Finance is the UK’s longest-running second-charge mortgage provider. Formerly known as Sheldon and Stern, the company was rebranded as Prestige Finance in 2002. It was bought by specialist mortgage provider OneSavings Bank, in 2012.
Am I eligible for a Prestige Finance homeowner loan?
You should only apply for a Prestige Finance homeowner loan if you are certain you can meet the repayment terms. You must also meet the following criteria:
Prestige Finance states that these loans should not be used for business, transfer of equity, investment or financial speculation, for bridging or to install solar panels.
Frequently asked questions