SPML enhances right-to-buy mortgage product

Southern Pacific Mortgage Limited has announced a set of enhancements to its right-to-buy mortgage range.

Enhancements include the ability to partially self certify income up to 80% LTV (i.e. production of an accountant&#39s letter of affordability for the self employed, or a payslip/ bank statement showing regular credit entries for the employed).

For applicants with a past history of credit problems, the choice has been widened to include (at 75% LTV) arrears of four payments missed in the last 12 months or two in the last six months, plus up to £5,000 of CCJs. In addition, at 65% LTV, borrowers with light adverse credit (i.e. a bankruptcy discharged one year ago/ an IVA satisfied one year ago) will pay only 2.00% above LIBOR, which currently stands at 4.2%.

All of SPML&#39s right-to-buy schemes (apart from the 65% LTV light adverse product) also are currently offered with a 1.50% discount to December 1 2003.

John Prust, sales and marketing director at SPML, says: “The recent reports that the right-to-buy may be under threat has opened up a big sales and marketing opportunity for mortgage advisers and packagers who specialise in right-to-buy business. Many council tenants who have, so far, remained undecided about taking up their right to buy will now be looking to buy their homes before any changes are made. The SPML range of right-to-buy schemes gives these brokers a full suite of mortgages products, combined with unrivalled service standards.”