Future improves seconds criteria

The range has higher loan-to-value (LTV) ratios and lower early redemption charges, making their loans even more competitive for brokers and their clients.

The lender has also become one of the first in the industry to provide brokers with automated credit decisions for applications submitted online as it begins to introduce this new programme to brokers in July. All applications submitted online are processed using an electronic score-based system that provides instant online decisions, giving brokers and their clients immediate feedback. The system also provides case tracking as standard.

The new second mortgages cover medium adverse though to prime borrowers and builds on Future Mortgages existing product range. Added features include an increased limit of £150,000, up to 100 per cent LTV, rates starting from 1.66 per cent above LIBOR, and early redemption charges of 3 per cent for the first three years and 0 per cent thereafter. Self-certification for employed and self-employed applicants has been retained and built upon to offer these borrowers LTV’s up to 100 per cent.

Ian Warrilow, head of secured lending at Future Mortgages, said: "The online applications and decisions initiative has been produced to meet the needs of the increasingly sophisticated introducer market where technology based sourcing and decision capability will become a regular feature. We’re also adding value to our second mortgages to continue to provide fairly priced, competitive products for borrowers. These new products also proves that we are committed to, and have a serious future, in the broker-based secured loan market."