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Future Mortgages lightens up self-cert market

Future Mortgages is aiming to move away from specialist sub-prime lending to what it considers to be the more mainstream self-certification market.

It is launching a new self-cert product for borrowers who have only one minor credit blip.

The self-certification lite mortgage is available at up to 85 per cent loan to value and brokers can choose between a Libor-linked rate of 5.8 per cent or 1.25 per cent discount until March 2004, giving a rate of 4.55 per cent.

Future will pay brokers a procuration fee of 0.5 per cent of the loan.

Borrowers being targeted are those with one credit blip, such as a county court judgment of up to £500. Future says the loan will avoid these borrowers being forced into sub-prime markets where they could have to pay a higher rate.

Future believes the self-cert market is one of the fastest growing and most competitive sectors in the industry and it intends to make an impact, taking on high-street names such as Bank of Scotland.

Sales and marketing director Brian Pitt says: “We are delighted to be bringing the expertise and reputation we have in the sub-prime market to a broader base of brokers and customers and we hope that this will be well received by the market. We will be targeting a number of intermediaries who have not previously done business with us.”

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