SPML updates products

Southern Pacific Mortgage Ltd has updated its products with effect from 5 June 2006.

The end date for fixed and discounted rates has also been extended to September 1 in the respective years.

This includes the three-year discount and three-year fixed rate on the buy-to-let online product, and the one and two year discounts and two and three-year fixed rates on the eight range and the near prime online product.

Fixed rates have been repriced and now start from 5.54% (two year) and 5.59% (three year) on the eight range and from 5.39% (two year) and 5.44% (three year) on the near prime online product.

The three-year fixed rate for the online buy-to-let products remains the same (from 5.49%) and all discounted rates remain the same.

Within the eight range, Libour loadings on the medium adverse, heavy adverse and fast track schemes have been lowered by 0.25% at 80% and 85% LTV and by 0.50% on the heavy adverse scheme, option B (Arrears AND CCJs) at 85% LTV.

John Prust, SPMLs sales and marketing director, says: Following the market trend SPML has raised its fixed rates from between 0.15% and 0.25%, but we anticipate a high level of demand to continue as borrowers seek the security of a fixed rate in the first few years.

At the same time, our rates at the heavier adverse credit end have become more competitive and this offers brokers the opportunity to source a cheaper product for these clients.