This new product is available on purchases only and offers a headline rate of just 6.50% (including a discount of 1.25% to 31 December 2003), with the rate linked to LIBOR.
Commenting on the move, Brian Pitt, sales & marketing director at Future, says: “We highlighted some months ago a growing affordability issue for brokers’ mortgage clients. Rising house prices have meant that the value of a deposit has fallen resulting in many clients requiring a higher LTV loan. This situation has been borne out by recent feedback from our introducers and, as a result, we have added this 95% LTV product to our range.
In addition there is no MIG payable on the product. There is a £200 application fee, although there is a £50 discount if the application is submitted via the web.
