The reductions are to its two and three year fixed rates across its entire “8” range, covering all levels of non-conforming borrowers from near-prime to heavy adverse and fast track, and including right-to-buy and buy-to-let.
Fixed rates now start at 5.39 per cent, and all fixed rates have been reduced by at least 0.15 per cent. End dates of 1 December 2007 (two-year fixed rate) and 1 December 2008 (three-year fixed rate) remain the same and the early repayment charge (ERC) continues to cease at the end of the fixed rate term. With LIBOR now 4.59 per cent, SPMLs 2.25 per cent discounted rate option (to 1 December 2006) now starts at 3.84 per cent payable rate.
John Prust, sales and marketing director of SPML, said: “We have listened to our packagers’ feedback and we recognise the need to move quickly in the marketplace to keep our fixed rates competitive. With no ERC overhang, our two and three-year fixed rates have already proved to be a popular choice since they were launched at the beginning of August, and we anticipate that this latest rate reduction will result in higher levels of demand from brokers and their customers.”
