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Southern Pacific launches range of light adverse loans

Southern Pacific Mortgages Limited has launched a range of light
adverse mortgages.

Seven schemes will be available to borrowers, with loan to value
available from 65 per cent to 95 per cent, with a 95 per cent MIG free
option. Rates range from 2.25 per cent to 4.25 per cent above LIBOR
depending on the loan to value and the level of adverse credit history.

A discount of 1.25 per cent is available on all schemes until March 1,
2005 giving rates from 1 per cent to 3 per cent above LIBOR.

Minimum loan is £25,001 and maximum is up to £500,000
depending on loan to value.

There is an arrangement fee of £395, and redemption penalties of 6
per cent in the first year, 5 per cent in the second, 4 per cent in the
third and 1 per cent or 1 month&#39s notice thereafter. The discount
option has redemption penalties of 6 per cent in the first three years.

Sales and marketing director John Prust says: “SPML&#39s new light
adverse range of products offers an ideal route to mortgage finance
for the prime applicant who has a minimal adverse history of either
defaults or credit card problems, which many high street lenders
often do not accept. All SPML applications are underwritten, which
means that we can lend on the sort of light adverse applications that
are likely to be declined by the automatic credit scoring of the
mainstream lenders.”

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