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Sub-prime five-year fix from SPML

Southern Pacific Mortgage Limited last week launched its first sub-prime five-year fix with a three-year early repayment charge.

After three years of the fixed term, the ERC allows borrowers to decide whether to remain on the fixed rate, switch free of charge to an SPML LIBOR plus margin product or to refinance without penalty, with only one month’s notice required.

Rates start at 5.59%, with the product available in SPML’s near prime range with a maximum of one CCJ for 500.

The fixed rate is offered on purchase and remortgage to a maximum of 85% LTV with no higher lending charge payable, and is also available to full status and self-cert applicants.

John Prust, SPML’s sales and marketing director, says: “Feedback from brokers and packagers shows an increasing number of applicants are seeking mortgages with no overhanging ERCs.

“SPML’s five-year fixed rate offers an even better option, with the ERC ceasing to apply well before the fixed term expires.”


BM to chop branch network by 48

Birmingham Midshires is poised to pull the plug on 48 of its 67 branches through a phased programme that is scheduled to conclude in March next year. Following the conclusion of the programme, existing BM branch-based customers will have the option of banking at their nearest Halifax branch. The majority of these are situated within […]

Abbey launches two year fixed rate mortgage

Abbey launches a new two-year fixed rate mortgage today, exclusively forintermediaries, at just 4.29%.The product, which is available to remortgagers only, has a 499 fee that can be added to the loan. Highlights include 75% loan to value, and the remortgage solution package includes free valuation for mortgage purposes (max 1,100) and free legal fees, […]

Sourcing systems are good value

Brokers continue to gripe but sourcing system data will always be imperfect unless operators start hugely racking up their subscription charges, says Richard Griffiths

TMO cuts submission fees to 69

The Mortgage Operation is slashing its submission fees for all sub-prime packaged mortgage applications from 199 to 69. This offer is available for sub-prime products across TMO’s lender panel between now and the end of the year. Alex Forrester, managing director of TMO, says: “Our job is to help our clients make more money by […]


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