The new fixed rate ranges are available from 6.24 per cent to 6.99 per cent for house purchase and 6.49 per cent to 7.49 per cent for remortgage.
In addition, the new fixed rate is available on the buy-to-let range from 5.99 per cent to 6.74 for purchase and 6.24 per cent to 6.99 per cent for remortgage. depending on credit status. Redemption penalties are set at 7 per cent in year one; 6 per cent in year two; 5 per cent in year three; and 1 per cent or one month’s notice thereafter.
A 1.5 per cent discount is also available across the schemes until 1 June 2003. The redemption penalties for this discount product are 6 per cent in year one, two and three, and 1 per cent or one month’s notice thereafter.
The maximum loan to value (LTV) is 90 per cent for standard, 85 per cent for right-to-buy and 80 per cent for buy-to-let.
John Prust, sales and marketing director at SPML, said: "We are delighted to be able to offer these highly competitive fixed rates to borrowers who are unable to get a mortgage from a mainstream lender. These changes to our range of product offers is an example of how we are constantly looking to improve our portfolio and cater for a variety of needs."
