Southern Pacific Mortgage Limited announces product enhancements across its entire product range.
These include enhanced income multiples and higher lending values.
Income multiples up to 75 per cent LTV on SPMLs Prime Product Range (Prime, Prime+, and Prime Buy to Let) and its Light Adverse schemes have been increased to 4 x +1 or 3.5 x joint. Previously, income multiples across these products were either 3.5 x +1 or 3 x joint, or 3.75 x +1 or 3.25 joint, depending on LTV and product. Income multiples on SPMLs non conforming Standard and Right to Buy schemes are now 3.75 x + 1 or 3.25 joint up from 3.5 x + 1 or 3 x joint.
Discount options on all Non Conforming and Light Adverse schemes have been extended by three months and new discount options are now available on all Prime+ schemes. A range of fixed rate options has also been introduced on all Prime+ schemes, and existing fixed rate options on all Non Conforming and Light Adverse schemes have been extended by three months.
Other enhancements to the SPML product range include:
Prime+: Self cert now available for the self employed
Prime Buy to Let: Rental income now calculated from) 120 per cent of pay rate.
Light Adverse: Self cert now available for employed and self employed up to 90 per cent LTV .
Standard Non Conforming: New 85 per cent LTV scheme offering CCJs OR arrears.
SMPL sales and marketing director John Prust says:
“Our higher income multiples and loan values are more realistic in todays marketplace, and will give brokers much wider scope to offer SPMLs products and service standards to their clients. All lenders are now trading in a highly competitive environment, and brokers and borrowers can expect to see more exciting product developments from SPML throughout 2005.”