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Spring Finance releases enhancements to mortgage proposition

Specialist lender Spring Finance (Spring) has announced the release of a 1st charge residential remortgage product following a successful pilot launch in November last year. The product range offers loans up to £100,000 and 75% LTV.

The lender has also added an HMO and Airbnb product to its existing 2nd charge BTL product range as well as simplifying its eligibility criteria for self-employed applicants.

The changes come following a record month of lending in which Spring also increased the size of all three institutional funding lines and appointed several new starters across the business including Will Merry who joined as senior underwriter having previously worked at MFS and Masthaven, and Binay Pun who joined from Equifinance.

Paul Carley, head of sales for mortgages 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 commented. “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.”

About Spring Finance

Spring Finance Limited was established in 2011 as a second charge mortgage lender, lending to customers who don’t meet the normal criteria of high street banks and building societies. It is authorised and regulated by the Financial Conduct Authority for regulated mortgage lending and administration and registered with them for Consumer Buy to Let lending. In March 2022, Spring entered the bridging finance market lending on a first and second charge basis with a mixture of regulated and unregulated loans.

Spring’s focus has always been about treating customers as individuals, and not a credit score. Spring understands that people have different financial backgrounds and believes that just because a customer has bespoke requirements does not mean that they should be excluded from obtaining affordable finance. Spring’s personal and efficient service is central to their relationship-based philosophy and approach to lending.

Published: 20 March 2024