Future Mortgages SVR???

LilacPixie

Does anyone have any idea what Future Mortgages SVR is??

I'm trying to help a family member sort out her finances. Problem is she keep nothing. She knows her fixed rate ended in January but has no idea what the rate was or is. SHe also has no idea how much is outstanding maybe 50-60k yet has a bank account with 34k in it

I thought future mortgages was sub prime so i'm guessing it won't be good. A clue or even a ball park figure would be good. I actually can't imagine why she would be subprime so I could be wrong.

_Andy_

Not sure, but if you ring them on Monday I'm sure they'll tell you - 08457 388873

LilacPixie

Cheers Andy. I'll make sure she calls on Monday.

LilacPixie

Just a little update. She called on monday and they said they could not give specifics out over the telephone but that would put it in writting. This arrived Thursday I think.

Anyway they sent a copy of the key facts document and the SVR is 2.69% above the LIBOR rate. :eek: :eek:

_Andy_

LilacPixie wrote: »

Just a little update. She called on monday and they said they could not give specifics out over the telephone but that would put it in writting. This arrived Thursday I think.

Anyway they sent a copy of the key facts document and the SVR is 2.69% above the LIBOR rate. :eek: :eek:

Ouch - when do you go on to this rate?

LilacPixie

It's not me Andy. It's my Aunt. She moved over to this rate in January 2008. Time for a trip to a whole of market broker to have a look and see what is available for her.

Outstanding is a fraction over K and she has K in the bank. The kicker seems to be she only works 18 hours a week but has her late husbands pension. Earnings are around K with the pension being a further K but I'm guessing no one will consider a pension as real income anyway. She is also 49 so that I guess might also work against her.

exibish

Future Mortgages do not have a SVR. Each case is product specific depending on the quotient of risk at time of completion.

The number quoted for enquiries to the now defunct company is 0870 010 9037 and not as previously listed. If you phone them with your a/c number they will tell you exactly what your rate is and will write to you with an update on a quarterly basis.

As a guide rates are usually about 2.5% above Libor quarterly rate as at 1st Mar, Jun, Sept & Dec.