Prestige Finance homeowner loans
If you're a UK homeowner with a mortgage, Prestige Finance could offer you a loan of £10,000 to £2,500,000, repayable over 3 to 25 years.
What's in this review?
- Compare Prestige loans
- Who is Prestige Finance?
- What types of loans does Prestige Finance offer?
- How does a second-charge mortgage from Prestige Finance work?
- What can I use a Prestige Finance loan for?
- Pros and cons of Prestige Finance loan
- Prestige Finance customer reviews
- Am I eligible for a Prestige Finance homeowner loan?
- Our verdict
- Frequently asked questions
Who is Prestige Finance?
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. 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.
Is Prestige Finance safe?
Prestige Finance is part of the OneSavings Bank plc group, and is authorised and regulated by the Financial Conduct Authority. It is also regulated under GDPR law, and all customer data is stored on secure servers.
What types of loans does Prestige Finance offer?
How does a second-charge mortgage from Prestige Finance work?
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.
What can I use a Prestige Finance loan for?
You can use a Prestige Finance secured loan for any worthwhile purpose, which can include covering the cost of a large purchase or expense such as home improvements, a new car, a holiday or medical procedure.
Pros and cons of Prestige Finance loan
- Large loan amounts
- Flexible loan terms
- Fixed and variable rates available
- Only available to homeowners
- Lender fee
Prestige Finance customer reviews
Prestige Finance has received positive reviews from customers, according to review platform TrustPilot. It currently has an “excellent” rating of 4.7 out of 5, based on over 50 reviews (updated 10 February 2021). Many customers praised Prestige’s clear communication, customer service and staff.
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.
Prestige Finance offers flexible secured loans for homeowners looking to borrow against the value of their property, with loans up to £2.5 million, and up to 90% of the equity you own in your home. Unlike some other secured loan providers, it also offers the choice of fixed and variable rates, as well as interest-only loans, which could suit a variety of borrowers.
Frequently asked questions
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