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Future Mortgages shuts up shop

Citi Bank subsidiary Future Mortgages has become the latest lender to close its doors to new lending.

Citi has decided to focus on growing consumer business through the Citi and Egg brands and stop new lending through its Future Mortgages and CitiFinancial portfolios.

As a result, Future Mortgages will stop lending as of 21 May.

Over 600 UK jobs at Citi will be cut with around 400 employees in Sunderland and at least 270 in its UK branch network about to enter consultation.

In regards to first mortgages, pipeline business will be honoured where KFI’s have been issued and where a valid online decision in principle has been submitted up to and including 21 May.

The closing date for receipt of unpackaged business will be 26 May
2008 and for fully packaged business 16 June.

Citi says that beyond these dates no applications will be accepted.

For second charge Loans a web ‘Get Decision’ must be obtained by close of business on 21 May. Normal pipeline rules of 60 days will apply.

Cases must be funded by 18 July.

It says that adequate resource will be in place to manage the current pipeline through to completion.

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