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Future Mortgages wants Mig rethink

Specialist lender Future Mortgages is calling on the industry to review the use and application of mortgage indemnity guarantees, used by lenders as insurance against customers who default, because they do not offer any benefits to borrowers

It says with house prices nearly 20 per cent higher than this time last year there is a serious affordability issue to be addressed.

It warns more first time buyers are falling into higher LTV bands and as a result are facing additional Mig payments.

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