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Southern Pacific Mortgages (Review)

Southern Pacific Mortgages (Review)

Southern Pacific Mortgages is a mortgage lender in the UK.

Southern Pacific Mortgages was owned by Lehman Brothers who withdrew from the UK Bad Credit secured loan market in 2007. Subsequently, Lehman Brothers declared bankruptcy in September 2008.

If you have an existing loan with SPML you can contact Acenden Mortgages who now deal with all existing loans.

Customer Services - 0333 300 0426 – 9.00am to 5.30pm Monday to Friday

SPML Mortgages
Since launching in the UK in 1996 Southern Pacific Mortgage Limited (SPML) was one of the UK's fastest growing specialist mortgage lenders, specialising in loans and mortgages for customers with a bad or adverse credit history.

They provided mortgage finance and bridging loans to a wide variety of customers ranging from adverse credit, Right to Buy, Buy To Let and Self Certification mortgages.

Their loans and mortgages were only available via intermediaries, mortgage and financial advisors.

Southern Pacific was wholly owned by Lehman Brothers until 2008.

If you are considering getting a mortgage then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.

Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.

If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.

You may also want to consider the government schemes which are available for first-time buyers and home movers such as:

  • Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
  • Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
  • Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
  • Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
  • Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
  • Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
  • Right to buy- allows you to buy your home at a discount price.
  • Preserved right to buy- same as above.
  • Right to acquire- same as above.

Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.

Most mortgage lenders will require a minimum 5 % mortgage deposit but don't worry if you don't have this as you may be able to get a family springboard mortgage such as the Barclays family springboard mortgage, the lloyds lend a hand mortgage or thebpost office family link mortgage.


The offers compared on this page are chosen from a range of products Huuti has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms “Best”, “Top”, “Cheap” including variations, are not product ratings and are Huuti is not recommending anything here. You should consider seeking independent financial advice when necessary and confirm the validity of the information above for your personal circumstances. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MONTHLY REPAYMENTS

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Southern Pacific Mortgages (Review)
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