The changes by the non-conforming lender are across its ‘8’ and Online range and include the extension of the end dates for its two-year and three-year deals from 1 March to 1 June 2008/09 and the rising of its two-year discounted rate from 0.85 to 1 per cent.
John Prust, sales and marketing director of SPML, said: “We are committed to providing brokers with products that are among the most competitive in the market place. We are continually reviewing our product rates and criteria to see where enhancements can be made.”
Other changes to the SPML range include the extending of the maximum loan-to-value on a right-to-buy mortgage during the pre-emption period from 85 per cent to 90 per cent, while a buy-to-let portfolio with the lender can now be valued up to £2m and include an unlimited number of properties.
Also, the time CCJs will be accounted for has been reduced from three years to two.
However, Mike Fry, director at Halton Insurance Services, believes SPML needs to do more work to compete in an increasingly hectic non-conforming market.
“The fact that it still counts CCJs, unlike BM Solutions, means it is excluding a lot of potential customers so a broker will often ignore SPML and go to someone who will disregard the CCJs. Also, no one usually needs 90 per cent on a right-to-buy because they usually get around a 20 per cent discount anyway so why would you need to go that high?
“There are a lot of people in the market now with better products out there so I think SPML needs to go back to the drawing board because other lenders have overtaken it.”
