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Future Mortgages is aiming to be a red hot Pepper in Australia

Future Mortgages is launching Down Under as Pepper Home Loans in a bid to take a share of Australia&#39s $90bn (£35bn) mortgage market.

Future says the sub-prime market in Australia is years behind the UK.

The Australian mortgage market itself is around one-third of that in the UK and is heavily weighted towards the traditional banking operations which account for 90 per cent of the market.

Pepper has secured £100m in funding from Merrill Lynch and the backing of Washington-based investment bank Friedman, Billings, Ramsey Group and Redstone Group, asset managers based in Houston. George Patellis, an American who was formerly with US sub-prime lender IMC has been appointed managing director.

Future Mortgages sales and marketing director Brian Pitt says: “Pepper will be offering deals similar to those offered in the UK by Future Mortgages. However we are not going to be stretching as far as we would normally do on credit and will not lend anyone above 85 per cent loan to value.

“Pepper will spice up the Aussie market. It is a short and snappy name and it fits with the culture that the new breed of lenders in Australia have created.”

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