SPML announces its new product range called 8, with eight products covering the full non-conforming credit spectrum.
The new range has a mixture of fixed and discounted options with two or three year options, no early repayment charges or overhangs beyond the fixed term.
The 8 range consists of near prime, minor adverse, light adverse, medium adverse, heavy adverse, fast track, buy to let and right to buy.
The structure of the products have been simplified with standardised adverse credit criteria across the whole range of products. RTB and BTL options have also been incorporated into product types rather than staying as stand alone products.
There is no rate loading for self-certification on income up to 65 per cent LTV and there is no loading for remortgage business. BTL is now calculated on rental value of 110 per cent of the monthly mortgage payment.
SPML marketing director John Prust says: “SPML has responded to the market’s need for a more streamlined and simplified approach to our product structure, together with enhanced product features without restricting our traditional range of choices.”