SPML launches first solely online buy-to-let
The deals are three year fixed and discounted rate options and no extended ERC tie ins. The fixed rates are from 5.49 per cent (to 75 per cent LTV) and 5.69 per cent (to 85 per cent LTV) with ERCs of 6 per cent in the fixed period. The discounted rates are 1 per cent (to 75 per cent LTV), and 0.75 per cent (to 85 per cent LTV) with ERCs of 6 per cent, 5 per cent and 4 per cent. Both options are to 1st March 2009 and are discounted off the rate revert of LIBOR plus 1.99 per cent.
Rental income must be at least 110 per cent of the mortgage payments, calculated on the initial pay rate for the fixed rate and revert rate for discounted rate. Defaults and/or CCJs up to a total value of £1000 are allowed within the past 2 years, with none allowed in the last six months. No arrears are allowed within the past 12 months. There is no higher lending charge applicable and title insurance is available to facilitate fast completion.
SPML’s Buy2Let Online is only accessible by undertaking a Decision in Principle (DIP) via SPML’s website and it is the first product in SPML’s Online product range which will be available exclusively online (submission of the DIP acceptance letter is mandatory).
John Prust, sales and marketing director of SPML, said: “The Buy2Let Online DIP facility is instantaneous and it incorporates Experian so that intermediaries can be sure that customer data has been validated and meets SPML’s underwriting requirements. This should prove to be a major benefit for introducers without access to the CAIS facility.
“The online DIP allows customer information to be populated into an SPML mortgage application form and KFI, without the need to re-key common information. The system also produces an intelligent submission checklist, which provides a printable form detailing any supplementary documents that are required to process the application.
“Demand for Buy to Let is still strong, and we are confident that the SPML Buy2Let Online product will prove to be extremely popular with clients who want a fast lending decision.”