Cashback offers are also available on its discounted rate products, while the loan-to-value (LTV) on its near-prime fixed rates have been extended.
As part of the enhancements to its lending criteria, the minimum length of self-employment for self-cert loans has been reduced to six months. The end dates have also been extended on the lenders two-year fixed rates to 1 December 2008, with its three-year fixed rate product extended to 1 December 2009.
SPML’s discounted range options have also been increased to 2.35 per cent.
As part of the enhancements SPML has also redesigned its product guide to show ‘at-a-glance pay rates’ across its discounted, fixed and variable rate options on all its ‘8’ and online product ranges.
Commenting on the changes, Will Ryan, head of marketing at SPML, said: “SPML believes the powerful combination of competitive products and enhanced criteria demonstrates commitment to its introducers by providing them with the means to attract greater business volumes and accommodating a wider range of applicant needs. The new, easy-to-use product literature has been road-tested with a selection of our packager panel and has already received an enthusiastic reception.”
Hugh Nichols, partner at Badbury Berkeley Mortgage Services, said: “Brokers will be attracted to SPML but only for specific clients. If you have a client who has had arrears, but none in the last 12 months, you may be attracted, but the fees are on the high side. Both variable and fixed rates are average. The cheapest fixed rate at 5.59 per cent is probably going to be overlooked by many brokers because the maximum LTV is 65 per cent.
“The enhancements must be seen as positive, but I feel SPML has been searching for a niche for a while and the changes will mean very little.”
