SPML reduces fixed rates

Southern Pacific Mortgage Limited has reduced the rates on its two year and three year fixed rates.

All options within the two year fixed rate until March 1 2008 have been reduced by 0.15%, with rates starting from 5.34%.

Three year fixed rates until March 1 2009 have been reduced by 0.05%, with rates also now starting from 5.34%.

Both fixed rate products have early repayment charges that do not exceed the term of the fixed rate.

A two year 0.85% discounted rate until March 1 2008 has also been launched, with ERCs that do not extend beyond the term of the discounted rate.

SPMLs existing one year 2.25% discount has been extended to March 1 2007, and five year fixed rate with ERCs payable only in the first three years remain unchanged.

John Prust, sales and marketing director at SPML, says: “With many lenders starting to increase the rates on their fixed rate products, we are delighted to be offering more keenly priced fixed rates in what is still a very competitive market place.

“The cost of borrowing for customers is increasingly the key factor in advising on mortgage choices, and we are confident that our reduced fixed rates will prove highly popular with both mortgage brokers and borrowers who are looking for stable payments in the early part of the mortgage term.”