SPML - Southern Pacific Mortgage Limited

tomambros
tomambros Posts: 8 Forumite
in Mortgages & endowments
Hello to everyone !

I have a question, I need some opinion about SPML.
I will take mortgage with them, is it good lender?
I want take a mortgage (fixed rate 2years) what after? can i change lender or go for another 2 years ? How does it look ?

I know maybe that silly questions but this will be my first mortgage...
Have a lovely evening!!!!

thank you for your help !
«1

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is your income?
    What is the purchase price? What deposit do you have to put down?

    Why are SPML being recommended to you?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • financial_solution
    financial_solution Posts: 46 Forumite
    tomambros,

    You need to check the redemption penalties after two years.

    regards,

    mark
    I am a Mortgage Broker.
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow the MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • tomambros
    tomambros Posts: 8 Forumite
    yee but can i move to the other lender ? I worry that i need to stay with SPML to the end of the mortgage. Is always possibilty to move after 2 years?
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    tomambros wrote: »
    yee but can i move to the other lender ? I worry that i need to stay with SPML to the end of the mortgage. Is always possibilty to move after 2 years?

    Peoples circumstances change all the time, sometimes for the good and sometimes for the bad. For this reason it is difficult to tell if you will be able to move away from SPML in two years time.

    Why has SPML been recommended to you?
    Is it a self cert mortgage?

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • tomambros
    tomambros Posts: 8 Forumite
    I dont know why?
    my mortgage advisor told me that this will be good for me and for my partner, because of low income.

    But i am not sure if after 2 years fixed rate i will can move the mortgage to other because afert 2 years will be about 8% will be allow? or I must stay with them to the end???
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    I thought as much, low income, a self cert mortgage.

    Your worries are well founded, as the 8% figure is the Standard Variable Rate for SPML at the moment and about 0.5% higher than the norm.

    The problem that I can see is that if your incomes do not increase in two years time or they are not sufficient at the time, you will not be able to move the mortgage to another lender, even though the redemption period has ended.

    Get another opinion from another whole of market mortgage broker before you proceed.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • tomambros
    tomambros Posts: 8 Forumite
    yes i know but if i will found other lender so can i finish with SPML after 2 years?
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    tomambros wrote: »
    yes i know but if i will found other lender so can i finish with SPML after 2 years?

    The problem that I can see is that if your incomes do not increase in two years time or they are not sufficient at the time, you will not be able to move the mortgage to another lender, even though the redemption period has ended.


    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    tomambros wrote: »
    yes i know but if i will found other lender so can i finish with SPML after 2 years?
    Hopefully you were given an illustration

    Section 10 will explain when yo are able to move without penalty - we cannot say here, as we do not know what SPML deal you have been offered

    I would strongly recommend you have a word with a different whole of market adviser to get a second opinion as it sounds like even the SPML deal may not be right for you
    What is your income?
    What is the purchase price? What deposit do you have to put down?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • friendgeorge
    friendgeorge Posts: 37 Forumite
    we were with these and please please please think very carefully about being with these people, they are ruthless we finally got away from them about 2 years ago but we had to pay, and we are still strugglying due to them, if you can get with a mainstream mortgage company go with them
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