Future Mortgages the Latest to Tighten Loans Policy

Mon, 11 Feb 2008

Since the sub-prime crisis, banks and lenders have been wary of lending to high risk borrowers . Some lenders have withdrawn from some lending markets, whilst a significant amount of lenders have increased their interest rates and reduced their maximum loan to value rate.

Future Mortgages are the latest bank to adopt a tighter approach, having cut their maximum loan to value rate from 90 per cent to 85 per cent. The new maximum will apply to both Self Certification and Status applications, though other criteria will remain the same for their secured loan offers.

Future Mortgages Head of Secured Lending, Ian Warrilow, has affirmed his company’s commitment to the secured loan sector, citing their new Fixed Rate loan as an example of their ongoing commitment.
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