SPML reduces two and three-year fixed rates

Southern Pacific Mortgage Limited has made reductions to its two and three-year fixed rates across its entire 8 range.

The 8 range covers all levels of sub-prime borrowers from near prime to heavy adverse and fast track, and including Right to Buy and buy-to-let.

Fixed rates now start at 5.39%, and all fixed rates have been reduced by at least 0.15%.

End dates of December 1 2007 (two year fixed rate) and December 1 2008 (three year fixed rate) remain the same and the early repayment charge continues to cease at the end of the fixed rate term.

With LIBOR now 4.59%, SPMLs 2.25% discounted rate option (to December 1 2006) now starts at 3.84% payable rate.

John Prust, sales and marketing director of SPML, says: We have listened to our packagers feedback and we recognise the need to move quickly in the marketplace to keep our fixed rates competitive.

“With no ERC overhang, our two and three year fixed rates have already proved to be a popular choice since they were launched at the beginning of August, and we anticipate that this latest rate reduction will result in higher levels of demand from brokers and their customers.