Southern Pacific Mortgage is launching a new prime plus range together with fixed and discounted offers.
The aim of the prime plus range is to offer a range of products for all customer credit profiles ranging from non-conforming to mainstream. Prime plus is available up to 85 per cent loan to value, and features a two year fixed rate option from 5.19 per cent and stepped discount options from 4.9 per cent from June 1 2006. Enhanced income multiples are also available which apply up to 75 per cent LTV.
SPML has extended its existing discount rates end dates. The date for non-conforming standard three year discount has been extended to December 1 2007. Non conforming buy and buy to let at 1.7 per cent and light adverse with a 1.5 per cent discount are available to September 1 2006. The various discounts offered on its prime range are available to June 1 2006.
SPML sales and marketing director John Prust says: “The very competitive rates on offer to prime plus borrowers, combined with our renowned service excellence, reflect SPML's strategy to grow its mainstream business and substantially increase market share over the next twelve months.”