These include enhanced income multiples and higher lending values. Discounts and fixed rates have been extended on many schemes, and the 1% ongoing early repayment charge has been removed from all schemes.
Income multiples (up to 75% LTV) on SPML’s Prime Product Range (Prime, Prime+, and Prime Buy to Let) and its Light Adverse schemes have been increased to 4 x +1 or 3.5 x joint. Previously, income multiples across these products were either 3.5 x +1 or 3 x joint, or 3.75 x +1 or 3.25 joint, depending on LTV and product. Income multiples on SPML’s non conforming Standard and Right to Buy schemes are now 3.75 x + 1 or 3.25 joint – up from 3.5 x + 1 or 3 x joint.
Maximum loan sizes have also been increased on many of the SPML schemes. For example, the maximum loan size for the Prime mortgage (to 80% LTV) and Standard Non Conforming mortgage (to 70% LTV) has increased from £500,000 to £750,000. The Prime Buy to Let (to 75% LTV) maximum loan size is now £500,000 (up from £300,00) and the Non conforming Buy to Let (to 65% LTV)maximum loan size is now £500,000 (up from £350,000).
Discount options on all Non Conforming and Light Adverse schemes have been extended by three months and new discount options (up to 1.90% until 1 March 2007) are now available on all Prime+ schemes. A range of fixed rate options (from 5.09% to 1 March 2007) has also been introduced on all Prime+ schemes, and existing fixed rate options on all Non Conforming and Light Adverse schemes have been extended by three months.
John Prust, sales and marketing director of SPML said: “We are delighted to announce such a comprehensive package of product enhancements. Our higher income multiples and loan values are more realistic in today’s marketplace, and will give brokers much wider scope to offer SPML’s products and service standards to their clients. There is increased availability of product information via electronic sourcing – for example our own web-based Product Wizard and Trigold’s imminent ENC sourcing system for non conforming products. This makes it easier for brokers to match the diversity of product features to individual clients needs and easier for lenders to make ongoing product improvements more widely known and understood. All lenders are now trading in a highly competitive environment, and brokers and borrowers can expect to see more exciting product developments from SPML throughout 2005.”
Other enhancements to the SPML product range include:
- Prime Ranges: Proof of residency now 2 years (down from 3 years)
- Prime+: Self cert now available for the self employed
- Prime Buy to Let: Rental income now calculated from) 120% of pay rate (was 130%)
- Light Adverse: Self cert now available for employed and self employed up to 90% LTV (up from 85% maximum)
- Standard Non Conforming: New 85% LTV scheme offering CCJs OR arrears
- Non Conforming Right to Buy: Lending now up to 90% OMV + SPML fees (up from 85%)
