The fixed rates start from 6.54% and are available for purchase and remortgage. Existing fixed rate periods on other product ranges have also been extended as follows. Fixed rates from 5.50% on the SPML “Prime” range have been extended by six months to 1 June 2006; fixed rates from 5.75% on the SPML “Prime” Buy to Let range have been extended by six months to 1 September 2006. Fixed rate periods have also been extended for six months to 1 March 2006 on SPML’s Non Conforming range (including Standard, Right to Buy and Buy to Let).
John Prust, SPML’s sales and marketing director said: “This latest round of fixed rate enhancements is further evidence of SPML’s commitment to consistently improving its products, which we now believe to be among the most competitive in our market. Fixed rates are becoming increasingly popular, as borrowers are becoming more cautious, and seeking peace of mind over interest rate rises in the medium term. We are confident that the new ‘Light Adverse’ fixed rate and the longer periods on other fixed rates will prove highly popular with borrowers”.
Other product changes, with effect from 1 November, for intermediaries to note are: the SPML arrangement fee is now £499.00; the maximum loan on Right to Buy has been increased to £200,000; and applications for expatriate mortgages will no longer be accepted.
