This sees two and three-year fixed rates now starting from 6.09 per cent, without tie in. Reversionary rates have also been reduced to help with affordability.
The firm has also introduced a 70 per cent LTV banding to improve choice, meaning that borrowers now have the option of five LTV bands.
SPML has additionally launched a fund booking process into the market to give brokers a level of certainty. This means that once a booking has been made, funds will be available for brokers' customers subject to the application meeting lending criteria. This process will be managed by a dedicated team, with funds booked via email.
Richard Beardshaw, SPML's director of sales said: "Although our product launch at the beginning of December was positively received and we saw DIP levels increase, we felt that the time was right to improve our offering further.
"Intermediaries now have fewer options available to them, either due to the reduced number of lenders operating in the market or more restricted product ranges. However, we are in a position to offer products across the adverse credit spectrum from Almost Prime + to Fast Track plus, and we are able to offer some of the lowest rates available in the market.
"These new products may only be available for a limited period, however, as we have implemented a new fund booking process, all intermediaries can now reserve funds for their clients."
