Future launches second mortgage range

Future Mortgages has launched a new range of second mortgages with different varieties of offerings for brokers and consumers as well as a new online instant decision system.

Their range of second mortgages covers medium averse to prime borrowers and Future can lend 100% of the value of a property up to £150,000.

Their rates start at 1.66% above LIBOR (London Inter Bank Offered Rate) with an early redemption charge of 3% in the first 3 years reducing to 0% afterwards. .

Future Mortgages has become one of the first lenders to provide brokers with automated credit decisions for applications submitted online. The system uses an electronic score-based system that gives instant decisions and gives brokers feedback on a clients' application.

Commenting on the new system, Ian Warrilow, head of secured lending at Future, says: "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."