The offer was launched to customers in November, originally for one month only, but will now be extended at least until January and reviewed on an ongoing basis.
Part of SPML’s core range, this limited offer product has only two rates. For the full status product, the rate is at 5.69 per cent, while the self certification rate is 5.79 per cent - both products having loan-to-values (LTVs) of up to 85 per cent. There is also an arrangement fee of 1.99 per cent that can be added to the loan above the maximum LTV.
Lynsey Mitchell, head of sales and development at SPML, commented: “The new product range that we launched in November has been extremely well received by the market, and the popularity of this no ERC product has made the decision to extend the offer an easy one.”
