As part of the changes, SPPL has re-priced its products and revised the requirements for its self-cert income verification.
Rates have been reduced by 1.50 per cent across SPPL’s range, with products available from LIBOR plus 4 per cent. As part of the revision to its self-employed self-cert verification, applicants opting for an SPPL loan up to £100,000 will be subject to a security phone call. Borrowers who need a loan above £100,000, will need an affordability letter from a qualified accountant.
SPPL has also revised its commission structure, dividing the rates of commission payable for CCAS-regulated and unregulated loans. The 1 per cent loading on London Mortgage Company loans has been revoked, and the lender admitted it had scrapped a stipulation that any applicant with an SPML first charge loan must have had that loan for at least six months.
Marie Kennedy, national sales manager at SPPL, said: “The rates offer value for customers and a strong selling point for brokers. Regarding self-certified income for the self-employed, SPPL uses the size of the loan to trigger the need for an accountant’s letter, rather than the applicant’s income. This means applicants will not have to experience delay in obtaining an accountant’s letter.”
Steve Brockman, director of A2B Mtg Co Ltd, said: “The rates are competitive. There may be instances where a secured loan is better, but for £100,000 you’ve got to ask why. It’s fine to talk about an affordability letter, but this is an unregulated sector. The sooner it is, the better.”
