SPML launches products for aggressive sales growth

Top highlights from the new products on offer include:

A new three-year stepped discount, with an initial discount of 2.25%, followed by 1.5% and 0.25%, with no extended tie-ins for borrowers. SPML believes this product is currently the most competitive in the market and it offers sub prime borrowers a good opportunity to enjoy a highly competitive rate while rebuilding their payment history with no redemption penalty overhang.

A new Buy to Let scheme within the Prime range, with a two year fixed rate on offer from 5.75%, also with no redemption penalty overhang. Recent research among packagers has shown that there is a strong demand for a Prime Buy to Let product from SPML.

A new Right to Buy product that allows self certification up to 85% LTV, with reduced loading on LIBOR for Status applicants.

John Prust, sales and marketing director at SPML said: “In highly competitive market place, SPML is now competing more aggressively to grow its market share through 2004. The new suite of product enhancements builds on SPML’s outstanding business growth over recent years, and is an indication of our strong commitment to the niche mortgage market. We listen closely to the needs of our packagers, and many of the new product features are in response to their feedback. Among these, we are especially pleased to be offering a choice of products with no extended tie ins, together with the new Prime Buy to Let product. The many improved features across our product range will help intermediaries offer great value to clients and find solutions for many more mortgage applicants across the board, from sub prime, through light adverse, to prime.”

More new product features from SPML include:

Within the Prime scheme: enhanced procuration fees; up to £1 million loans available; Loans over £350,000 receive £300 cashback to cover second valuation fee; first time buyers can borrow up to £500,000

Within the Prime Buy to Let scheme: defaults and CCJs over three years old ignored; up to 85% LTV for purchase and remortgage; rental affordability calculated on 130% of initial pay rate

Within the Light Adverse scheme: discounted rate increased to 1.5%; lending now available to £750,000 (FTB £500,000); Loans over £350,000 receive £300 cashback to cover second valuation fee;

Within Non Conforming schemes: unlimited adverse for purchase only (Standard scheme) now increased to 85%; Loans over £350,000 receive £300 cashback to cover second valuation fee (Standard scheme); No sub prime lender’s reference required up to £500,000 to 70% max LTV (Standard scheme); pay rates from 5.25% (Right to Buy);

For any further reader information phone 0207 590 1500

or visit: www.spml.co.uk