The three-year fixed and discounted rates have no early repayment charges (ERC) after the fixed term with fixed rates of 5.49 per cent to 75 per cent LTV, and 5.69 per cent to 85 per cent LTV with ERCs of 6 per cent in the fixed period.
The discounted rates are 1 per cent to 75 per cent LTV, and 0.75 per cent to 85 per cent LTV with ERCs of 6 per cent, 5 per cent and 4 per cent with rates discounted from the rate revert of LIBOR plus 1.99 per cent. Both options run until 1 March 2009.
While SPML has allowed decision-in-principles (DIPs) to be taken online since August, this is the first product where the DIP can only be processed online.
John Prust, sales and marketing director at SPML, said: “The Buy2Let Online DIP facility is instantaneous and incorporates Experian so intermediaries can be sure customer data has been validated and meets SPML’s underwriting requirements. This should prove to be a major benefit for introducers without access to the Customer Account Information Services facility.”
“Demand for buy-to-let is still strong and we are confident the SPML Buy2Let Online product will prove to be extremely popular with clients who want a fast lending decision,” he added.
But Michael Brill, director of Baronworth Investment Services, said: “Currently there seems to be a lot of competition in the letting market so, coupled with no massive increases in property prices, the buy-to-let market is inevitably going to go down. Lenders seem to be doing their best at the minute with buy-to-let deals but I think there isn’t much more they can do before they push the boundaries towards irresponsible lending.”
