Southern Pacific Personal Loans, the sister company to SPML, has announced the launch of a range of products at Mortgage Expo effective from Monday November 21.
SPPLs secured loans products are now grouped into two separate product ranges with differentiated interest rate loadings above LIBOR. There is now one range for CCA regulated loans up to 25,000 and a second range for unregulated loans which are available from 25,001 to a maximum loan size of 150,000 at 75% LTV with improved maximum loans sizes on other schemes. A new unlimited adverse scheme has also been introduced for loans up to 75% LTV.
It also announces discount options of 1% up to 80% LTV and 0.5% up to 90% LTV. Discounts are until March1 2007 and available only for loans of 25,001 and above.
An interest-only repayment option has been introduced, available with both regulated and unregulated loans, and self-cert subject to a 0.5% loading is available across the majority of schemes and up to 90% LTV. In addition, for all self-cert borrowers whose total borrowing does not exceed 250,000 there will be no requirement for any further documentation from an accountant. Including the 1% discount, rates start from 3.5% above LIBOR, with self-cert rates starting from 4% above LIBOR.
Other features include the availability of SPPL secured loans to Right to Buy borrowers within the discount pre-emption period, a new three-year single premium payment protection policy, the launch of an in-house legal service and new terms for discharged bankrupts.
Marie Kennedy, national head of sales at SPPL, says: Secured second charge loans are a booming sector of the industry and keen competition in the market place is producing some very attractive products for borrowers. We have designed our product range to be at the most competitive end of the market, at the same time catering for a wide range of credit profiles and filling niches that are not generally available from other lenders.
We are confident that the range will prove to be very popular with both brokers and borrowers. Full support is on hand for intermediaries, included nationwide BDM coverage and a new SPPL website facility that offers access to online credit agreements, sales literature and documentation.