With effect from 11 August, the current fixed and discount rates for SPML’s Prime products have been extended by six months:
For full status borrowers, a fixed rate of 4.75% until 1 December 2005 is on offer for LTVs up to 75% with a maximum loan value of £350,000. A 4.99% fix for the same period is offered at 90% LTV for a maximum loan size of £200,000, and at 85% LTV for loans up to £350,000. A 5.14% fix is offered at 85% to a maximum loan size of £350,000. Self certification options are also available up to 85% LTV.
The range of discounted Prime products offers between 1.35% and 1.50% discount (to 1 December 2004) for full status borrowers, depending on LTV and loan size, with self certification options available to 90% LTV. Discounts apply to a Standard Variable Rate of LIBOR plus 1.75% (currently 5.40%).
SPML’s sales and marketing director, John Prust, said “These new rates are amongst the most competitive in our market sector and, coupled with SPML’s unrivalled service standards, they enable mortgage intermediaries to offer their clients some of the best deals available at the moment. Sales of SPML’s Prime product – which was launched earlier this year – have exceeded all expectations, and we hope that the new extended fixed and discounted terms will bring these products to an even wider audience.”
