Future Mortgages ceases new lending

Citi will continue its UK business through the Citi and Egg brands and will no longer lend through Future or CitiFinancial. The move is likely to lead to a number of redundancies, with up to 600 expected in the UK and many more in the US as Citigroup has been hit hard by US sub-prime writedowns. Citi says it will honour pipeline business where KFI’s have been issued and a decision in principle has been submitted before 21 May. Unpackaged business must reach the firm by 26 May, while packaged business must be received by 16 June. Cheshire Mortgage Corporation says it will assist brokers w...