Future Mortgages has launched discounted mortgages for the first time.
The 1% discount will apply to its Future 85 and Future 80 mortgages until the end of August next year.
Michael Bolton, sales and marketing manager at Future Mortgages, said: “We have decided to launch discounts because we have had a great year so far and have exceeded our targets. Instead of resting on our laurels, we have decided to grab more market share and reinforce our position as the cheapest source of sub-prime loans.”
Future 85 – an 85% LTV status and self-certification product – now has an initial rate of 7.76% for status loans and 8.26% for self-cert loans.
Future 80, the 80% LTV product, now has initial rates of 8.26% and 8.76% for status and self-cert cases respectively.
Future 85 will accept a maximum of three months arrears, £3,000 in CCJs and IVAs. Future 80, which is for clients with heavier adverse credit problems, allows up to six months’ arrears, £6000 in CCJs, IVAs and discharged bankrupts.
The products carry a procuration fee of 0.75%.