- Top LTV in Standard Scheme raised to 90%
- Top LTV in Buy to Let Scheme raised to 85% for purchases, and property limit raised to 10
- 80% LTV option in Right to Buy scheme now available with full self certification
The top LTV in its Standard Scheme has been raised from 85% to 90% for self certification, and the maximum loan available at 90% in the Standard Scheme has been raised from £200 thousand to £250 thousand, including the new self cert option. In SPML’s Buy to Let Scheme, the top LTV has been raised from 80% to 85% for purchases, and the limit on the number of properties per individual borrower has been raised from six to ten, within an overall borrowing limit of £1 million. Within the Right to Buy range, SPML’s 80% LTV option is now available with full self certification of income, whereas previously applicants had to submit partial income documentation. There is also a new 75% LTV option for applicants with a small amount of adverse credit (ie, one payment missed in the last 12 and up to £1000 of CCjs). Applicants with a history of housing benefit are now accepted across the whole range of SPML’s Right to Buy products, where the last six months rent have been met from their own resources. Fixed rates from 5.99% and discounts from 1.75% are available across all three schemes.
John Prust, SPML’s sales and marketing director, said: “We monitor our markets closely, and always aim to make our non conforming range among the most competitive in our sector, while maintaining the highest service standards. The 2004 product enhancements have been designed to respond to demand from our packagers, and feedback shows that the higher LTVs and other improved criteria will help them to satisfy more of their customers’ needs.
