Future mortgage company

DazRS_2

i been accepted a mortgage after i found out my other half had 2 defaults one she knew about the other we not sure why, but the only company that excepted us a 100% mortgage was a company called future mortgages, any way i saw another advisor for a 2nd opion and it turns out future have a bad reputation of lending you the money when it comes to the final straw, yet first mortgage advisor said it be fine, it a fixed term for 3 yrs so after 3 yrs we can change and by them we should have clean credit history, but i dont want to go through with the sale of my house if this is the case and it all falls through, any one else been with them

homer_j_3

Future are a waste of time in my opinion and have heard that its not uncommon for them to approve then ask for information, then more information, then more and then more and then end up saying you need 5% or 10% deposit.

You would be better trying to negotiate a vendor gifted deposit of 5% and going with a lender that will consider your financial history and circumstances.

Just to add, I have had close links to the company in the past through a and I do not like their practices. Hence I have never placed a case with them because of it.

HelpWhereIcan

Future are part of Citi Bank and are most definately to be considered as a 'specialist lender.'

However, like most lenders Future have their place. As far as they go they have the advantage that they will ignore defaults (even at 100%), are fairly generous in the amount they will lend and do not charge a higher lending charge (which can help put whatcan look like an unattractive deal into context depending on your loan amount).

I have to say that my experience with them does not mirror homer_j's impressions and cannot think of a case where they have gone from 100% to 90%when the case has been packaged properly in the first place.

They are a bit 'nit-picky', but surely that is to be expected from a lender offering 100%, ignoring defaults and taking 100% of all your income into account.

Future's main downfall is the fact that their deals are not portable and they have a reputation for an agressive collections policy when customers fall into arrears, but as I said, they have their place and uses and some of their deals can be rather good in the right circumstances.

Your first broker is correct to remind you that Future should be looked at as a stepping stone. Rebuild your credit over the next 3 years and look to get on a better deal after the one with Future finishes. At least the majority of Future's deals have no extended tie in.

With regards to the second broker, I would actually be more interested in what they suggested as an alternative. If he was just slagging off someone else's advice just cos he could not better it, that makes me wonder how good/professional an adviser they may be. If he has no alternative, it is all well and good to point out that there are negatives to using a particuar lender, but just to slag off a choice without offering alternatives is a bit rich.

If homer's suggestion of otaining a deposit is a reality, there may well be other options. At 100%, I do not know enough about you and the size/age of your defaults, let alone whatother things you need from your mortgage to comment any further.

DazRS_2

that the annoying thing defualts aint that high and could pay them off the whole thing comes to about £550 nealry £400 to a phone network we didnt even know about, i heard clearing a default with a phone company hard work esp when you have to prove it not you, and i would pay them off for a good mortgage deal but i dont see the point in paying them if it make no difference, the other one my fiancee admit liability too and that a catalogue reckons she never got the goods, but tbh i dont really know the full story to that.

HelpWhereIcan

If the defaults were repaid it would improve the overall picture to a lender looking at it. £500 is not that bad and you may have a chance @ 100% elsewhere once her file is updated with them being repaid.

Depending on other factors such as income and other commitments etc, 95% on a decent deal should not be a problem and you will find it very worthwhile if you are able to raise a deposit or have a family member willing to help out by gifting you a deposit.

Have you spoken with your first adviser to let them know the concerns you have.