Back to the Future?

Ramesh Sharma

April 1, 2006

It has also enhanced its back office systems to boost its capacity and service in a bid to win back brokers who had previously complained about its service.

Available through 10 packagers, including All Types of Mortgages (AToM), Abacus Permanent Ltd, Solent Mortgage Services and The Mortgage Times Group Ltd among others, the range includes products in the prime, near-prime and light adverse credit areas with up to 90 per cent loan-to-value (LTV). The three-year fixed rates begin at 5.75 per cent and include a 100 per cent rental calculation. A maximum of 10 properties per individual, up to a total of £2 million is allowed. The variable rate products are available with no early redemption charges (ERCs) or tie-ins.

Mark Charlesworth, head of Future Mortgages, said: “We have enhanced our business model, which has had a positive effect on service, increasing the volume of business we are able to handle and enabling us to launch our buy-to-let range, the first of a number of attractive new products. While we continue to add further capacity, we have deliberately restricted initial buy-to-let access to just 10 packagers. We have been working closely with these packagers and, to ensure we provide the correct level of support to them, we established dedicated head office resources specifically for the buy-to-let business, thus matching predicted volumes with our service capability.”

Hugh Nichols, partner at Bradbury Berkeley Mortgage Services, welcomed Future back to the market. He said: “Future has held its hands up and admitted it couldn’t cope with the demand on its admin team. By putting business into the hands of lenders it is getting rid of this obstacle and it seems like a very good idea. It does make you think why they didn’t think of going down this route before.”

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