The maximum loan size for loans less than 75 per cent LTV has been increased from £80,000 to £100,000, with the minimum loan size overall now £7,500. Proof of income, where required, now only needs to be the applicant’s latest payslip or an employer’s reference, and lending is now possible to applicants still within an IVA. Other specific enhancements apply to various plans within the overall SPPL lending scheme.
John Prust, SPML’s sales and marketing director, said: “Secured personal loans are experiencing a period of growth, as a means of homeowners raising extra cash for home improvements and many other loan purposes. Typically these loans can be arranged in less time than a comparable first charge mortgage or remortgage, and there are no up-front fees for applicants. We are delighted to be able to offer the current suite of product enhancements, which will enable brokers to offer highly competitive and attractive secured loan options to their clients.”