Future Mortgages has released a range of secured second loan products to take advantage of changes to the Consumer Credit Act 2006 (CCA).
New rules, which come into force on 6 April 2008, mean the upper limit of £25,000 for non-regulated loans will be removed. The new range features rates from 8.99% to 13.24% and can lend up to £150,000 or 80% LTV. Broker fees are up to £10,000, or 8% of the loan value, whichever is the greater. Ian Warrilow, head of secured lending at Future Mortgages, says: “We’re changing our products now and informing our packagers and broker business partners so that we can continue to work successfully with them once the CCA changes are in place.” If you would like to comment on this story, cont...
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