In the Prime and Prime+ product ranges, the fixed rates are from 5.65% on the Prime schemes, 5.75% on the Prime Buy-to-Let schemes and 5.60% on the Prime+ schemes. In addition, there is no distinction made on the Prime+ schemes between purchase and remortgage, with remortgage customers enjoying the same level of interest rate as purchasers. Early repayment charges on the Prime and Prime+ product ranges are 5% in year 1, 4% in year 2, 3% in year 3 and one month’s notice thereafter. Early repayment charges on the Prime Buy to Let product range are 6% in year 1, 5% in year 2, 3% in year 3 and one month’s notice thereafter. In the non conforming and light adverse product ranges the three year fixed rates start at 6.49% for the Standard schemes, 6.45% for the Light Adverse schemes, and 6.60% for the Right to Buy schemes. Early repayment charges for these fixed rate options are 6% in years 1, 2 & 3 and one month’s notice thereafter.
All the new fixed rate options are until 1 June 2008. SPML’s existing fixed rate options, at slightly lower rates but for shorter terms throughout 2006 and 2007, still remain on offer. All current discount options have also been extended by three months, with the non conforming stepped discount on all standard schemes now extending to 1 June 2008.
John Prust, SPML’s sales and marketing director said: “With continued speculation that interest rates have now bottomed out, many borrowers may prefer to take the longer term fixed rate option at a slightly higher rate, to guarantee no increased monthly payments for at least three years. The existing, shorter term fixed rates remain available, offering borrowers the choice of a lower-priced option, if this is preferred.”
