It is the second product in its SPML Online range, which is accessible only via SPML’s online decision in principle (DIP). The Near Prime Online product offers competitive rates, with LIBOR loadings at 0.15% less across all LTV bands.
SPML’s new Near Prime Online product comes with two- and three-year fixed rate and one- and two-year discount options. Discount rates start from 3.68% and all fixed and discount rates have no early repayment charge (ERC) overhang. Early repayment charges on the fixed rates are 6% during the fixed period, with one month’s notice required thereafter. Discount options are 2.25% until 1 June 2007 (with ERCs of 6,5,4 with one month’s notice thereafter), or 1% until 1 June 2008 (with ERCs of 6% in the discounted period and one month’s notice thereafter).
In addition, SPML has reduced its “8” range Near Prime two- and three-year fixed rates on LTV bands of 80% and above.
John Prust, SPML’s sales and marketing director, said: “We listen carefully to our packagers and our recent research has shown that a strong demand exists for more competitive rates and wider choice at the near prime end of our product range. In using the most up to date technology, the SPML Online range is able to pass some of the economies of doing business online on to the customer in the form of keener rates, and we are confident that this route will become an increasingly popular option.”
