All options within the two year fixed rate (until 1 March 2008) have been reduced by 0.15%, with rates starting from 5.34%. Three year fixed rates (until 1 March 2009) have been reduced by 0.05%, with rates also now starting from 5.34%. Both fixed rate products have early repayment charges (ERCs) that do not exceed the term of the fixed rate.
A two year 0.85% discounted rate (until 1 March 2008) has been launched, also with ERCs that do not extend beyond the term of the discounted rate. SPML’s existing one year 2.25% discount has been extended to 1 March 07, and five year fixed rate with ERCs payable only in the first three years remain unchanged.
John Prust, sales and marketing director at SPML said, “With many lenders starting to increase the rates on their fixed rate products, we are delighted to be offering more keenly priced fixed rates in what is still a very competitive market place. The cost of borrowing for customers is increasingly the key factor in advising on mortgage choices, and we are confident that our reduced fixed rates will prove to be highly popular with both mortgage brokers and borrowers who are looking for stable payments in the early part of the mortgage term.
