Southern Pacific Mortgage Limited is to launch a range of light adverse mortgages from December 1 2003.
The seven schemes within the range cover LTVs up to 95%, with rates ranging from 2.25% to 4.25% above LIBOR, depending on LTV and levels of adverse credit history.
The loans are available for purchase and remortgage, for employed and self employed applicants, with self certification of incomes allowed on schemes up to 85% LTV.
John Prust, sales and marketing director, says: “SPML's new light adverse range of products offers an ideal route to mortgage finance for the prime applicant who has a minimal adverse history of either defaults or credit card problems, which many high street lenders often do not accept.
“All SPML applications are underwritten, which means that the company can lend on the sort of light adverse applications that are likely to be declined by the automatic credit scoring of the mainstream lenders.”