Highlights of the core range include the one year fixed rate product which has no Early Repayment Charge overhang and no Higher Lending Charge up to 85% LTV. The new rates are effective now, and offer a choice of competitive options to intermediaries.
Details of the new product range include:
Tracker rates reduced by up to 0.45% - starting from below LIBOR at 5.71%
2 Year Fixed rates from 5.59%
1 Year Fixed rates from 6.39%
available across the range
no extended tie-in+
same procuration fee as the 2 and 3 Year Fixed rate products
LTV up to 85% for Medium, Heavy, and Fast Track products
ideal for borrowers who wish to improve their credit profile within 12 months#
Selected Right to Buy loadings reduced
No additional loading for loans over £500,000
Roger Taylor, director of sales at SPML, commented:
“Given the current market climate, we are pleased to announce the launch of a new product range which offers a competitive package to intermediaries. No Early Repayment Charge after the fixed period makes the one-year fixed rate an ideal mortgage for those working towards improving their credit profile. Borrowers who successfully manage their mortgage repayments over the 12 month period, will then be in a better position to review their finances without the tie-in of an ERC.”
