SPML extends fixed rates by six months

Southern Pacific Mortgage Limited has extended its fixed rates on standard, large loan, let-to-buy and Right to Buy schemes by six months to September 1 2005.

Fixed rates on these schemes start from 5.99%. The current discount offer on SPML&#39s Right to Buy scheme D has also been increased by 1% to 1.75%, while the term for its light adverse scheme discount has been extended to September 1 2005.

John Prust, SPML&#39s sales and marketing director, says: “Feedback from packagers shows that borrowers are increasingly looking for good fixed and discount deals as interest rates have bottomed out and are starting to rise again. The extra six months on our fixed rate follows a recent similar extension of our discount terms.”