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

The new buy-to-let second charge range will focus on landlords who want to benefit from the equity in their investment property, while all buy-to-let mortgages come with an interest-only option.

Second charge residential mortgages have been relaunched at 60% loan-to-value (LTV) with a three-year fix starting at 7.65% and a five-year fix from 7.70%. The product has a maximum LTV of 80%, where a three-year fix is set at 8.60% and a five-year fix is priced at 8.65%.

For the new product range, the new buy-to-let (BTL) second charge range starts, at 60% LTV, at 8.25% for a three-year fix and 8.30% for a five-year fix. It is available at up to 75%, where a three-year fix comes in at 8.85% and a five-year fix at 8.90%.

Spring Finance head of sales for secured loans Graeme Wade says: “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.”

“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%,” Wade adds.