In the core range, fixed rates start from 5.29 per cent and tracker rates from 5.83 per cent, with extended end dates across the range.
In order to get a much clearer picture of a potential borrower’s finances, SPML continue to use debt-to-income ratios (DTI) calculated at 53 per cent, as part of the assessment process.
In addition to these rates, SPML has launched Automated Valuation Models (AVMs) through Hometrack. This gives packagers the option of instructing an AVM rather than commissioning a valuation report and will benefit those intermediary partners whose customers are looking for a much speedier borrowing process.
In the buy-to-let range, fixed rate products are available from 5.74 per cent with tracker rates from 6.23 per cent and end dates have also been extended.
This range of buy-to-let products is on offer with no higher lending charges, ensuring our intermediaries have more choice and better value products for their customers. In addition, SPML uses a rental calculation from 100 per cent on pay rate for its buy-to-let products.
Roger Taylor, director of sales at SPML, said: "We are pleased to be able to offer new products in both our core and buy-to-let ranges that provide SPML’s intermediary partners with some very competitive rates and revised criteria. We continue to believe that affordability-based lending provides the clearest picture of a borrower’s financial situation and also believe that, where appropriate, automated valuations greatly help to speed up the underwriting process."
