Future Mortgages has restructured its second charge mortgage range, introducing a self-cert option and a cascade system for underwriting.
Future is hoping the new range will prove popular among intermediaries with clients that have a clean first mortgage with a high street lender, but have since run into financial problems and need to raise more funds.
Richard Hurst, head of communications, at Future Mortgages, said: ‘The new self-cert initiative will enable many brokers to assist their clients in raising additional funds without having to remortgage the entire loan amount to a specialist or sub prime lender.’
He added: ‘Brokers can now access increased choice if their first selection becomes unfeasible, and this will help them place the case more easily and save them time from once again searching the market for an acceptable offering. We are confident the intermediary market will receive this cascade system well.’
In addition, Future Mortgages has also introduced a new tier of commission overrides for large applications, and increased the loan amounts available under secured loan schemes.