Future Mortgages has reviewed its lending policy, and has restricted its lending to 90 per cent loan-to-value (LTV) on secured loans. Ian Warrilow, head of secured lending at Future, said: “This decision has been taken as a response to a heavily skewed business mix towards high LTV products and, given the current fallout from the US, we feel that, as a responsible lender, this is the right thing to do at this time. We remain fully committed to the secured loans sector.”
Britannia BS and Irish mutual EBS confirmed that their new joint venture focusing on the Irish broker market would be postponed. Britannia group chief executive, Neville Richardson, said: “Due to current market conditions, now is not the time for us to launch a new venture.”
In other changes, Sesame admitted that its chief executive, Patrick Gale, would be leaving the company to pursue other opportunities.
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