Future Mortgages is slashing LTVs on its first mortgage product range to 80%.
The changes take effect after close of business today and the max LTV is being cut on the lender’s prime, near prime and light products.
Medium products will be reduced to a maximum LTV of 70% and heavy products a maximum LTV of 60%.
Future will honour any pipeline business where Key Facts Illustrations have been issued and where a valid online DIP has been submitted up to and including today.
A statement from Future says: “The closing date for receipt of fully packaged business will be Friday May 9.
“In light of an ever-changing market where well publicised tightening of criteria and pricing increases continues on an almost daily basis.”
Future says it has reviewed its overall lending positioning as volumes continue to flow at unprecedented levels.
The lender says it is managing the existing process pipeline through whilst simultaneously servicing new business.