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SPML rolls out secondary loans

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  • 01/01/2001
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SPML is to move into the secondary mortgage market and roll out credit agreement based processes int...

SPML is to move into the secondary mortgage market and roll out credit agreement based processes into its standard mortgage range.

This will create more options for customers wanting to make additional borrowings on a property without stretching out the loan over the length of the first mortgage term.

Commenting on the announcement, Stuart Aitken, director of credit at SPML, said: “This will be an natural extension to what we have already been doing and the programme will start rolling out in January.”

Details of the products have yet to be confirmed.

The move to extend the option to use credit agreement-based processes to first mortgages will help brokers that do not specialise in this area.

Aitken said: “This will be useful for intermediaries doing a lot of secured loans, second mortgages or regulated mortgages and who are used to dealing with offers in the style of a credit agreement and used to the processes that accompany it.”

Using this process, the lender is able to get the funds released more quickly. It also gives the broker more control over the application.

From January the lender will also be piloting a solicitor-free remortgage service.

Aitken said: “All the normal searches that a solicitor would take up, we will do”

Title insurance will support the process to guarantee title to the lender and the borrower, as neither will have recourse to a solicitor.

He said: “Because the service does not involve a solicitor it should cut costs to the consumers and lead to a shorter time to completion.

“It will also be good for the introducer, who will not have so much business lost due to delays from the solicitor.”

Aitken added that an unnamed, medium-sized building society has already tested this facility and found it speeds up the remortgaging process by, on average, two weeks.

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