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Future closes doors to new lending

Future Mortgages is the latest lender to close its doors to new lending as parent company Citibank opts to focus on its Citi and Egg brands.

Citibank says it has decided to focus on growing its consumer business and as a result will stop new lending through its Future Mortgages and CitiFinancial portfolio brands with effect from Wednesday this week.

First-charge mortgage pipeline business will be honoured where key facts illustrations have been issued and where a valid online decision in principle has been submitted up to and including Wednesday this week.

The closing date for receipt of unpackaged business will be May 26 and June 16 for fully packaged business.

Citibank says that beyond these dates, no applications will be accepted. For second-charge loans, a website decision must be obtained by close of business on May 21. It says normal pipeline rules of 60 days will apply. Cases must be fun-ded by July 18.

The bank says adequate resources have been put in place to manage the current pipeline business through to completion.

Baronworth director Michael Brill says: “This does not surprise me. It seems to be the path now and I expect that a few more will go in the near future.”

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