End dates on all SPML fixed and discounted rates have been extended from 1 March to 1 June in their respective years – 2008 for two year rates and 2009 for three year rates. The five year fixed rate remains unchanged. All fixed rates remain the same with both the two and three year fixed rates starting from 5.34 %, and early repayment charges remain only within the period of the fixed rates. The SPML two year discounted rate has been raised from 0.85% to 1.00%. The end date on the Southern Pacific Personal Loans (SPPL) 1.00% discounted rate secured loan product has also been extended from 1 March to 1 June 2007.
Other product enhancements include the maximum LTV for remortgaging a Right to Buy property in the pre-emption period being extended from 85% to 90%, and the maximum Buy to Let portfolio value being raised to £2 million, with no restriction on the number of properties. For SPPL products, the time limit for CCJs to be taken into account has been lowered from three to two years.
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, and we are continually reviewing our product rates and criteria to see where enhancements can be made. We are confident that this latest round of enhancements will receive a warm welcome from brokers and help them to continue to offer the best products and service to their customers.”
