Future Mortgages has confirmed it has cut its loan to value to a maximum of 80 per cent on its prime, near prime and light products.
Medium products have been reduced to a max LTV of 70 per cent, with heavy products reduced to a max LTV of 60 per cent.
The changes come into effect from close of business today.
Future says that as servicing is key, it is essential to protect their proposition and as such are proactively managing the existing process pipeline through whilst simultaneously servicing new business.
Future will honour any pipeline business where KFI’s have been issued and where a valid online Decision In Principle has been submitted up to and including Monday 7th April 2008.
The closing date for receipt of fully packaged business will be Friday 9th May 2008.
The lender says: “We see these actions as prudent and a strong indication of our desire to retain a market position in chosen sectors whilst simultaneously maintaining our servicing proposition in these challenging times. “