Future Mortgages. Dont even bother!!!

THE_DON_7

Because of my bad credit history a was advised by my broker that future are the only company that would touch me. However after 12 weeks of them asking for the same documents time and again and for info that i just dont have ( proof of address ) which was explained to them from the start they are now threatening to withdraw the offer of a mortgage. Now it looks as though i will be out of pocket for all solicitors fees, survey costs ect....
Not a happy bunny i can tell ya!!!!
In short DONT USE THIS COMPANY. They are a bunch of clowns or cowboys ( not sure which yet but ill let you know )
If anyone else has any recomendations on any sub prime mortgage lenders i would appreciate it.
:mad: end of rant.

maninthestreet

Surely no lender, prime or sub-prime, are going to lend money to someone who can't prove their current address?

THE_DON_7

I can prove my current address which ive been at for 2 years but nothing before that.

Conrad

A lender has a responsibility to lend other people's money (ie thier investors and share holders) prudently and that of course means assesing the applicants credit worthiness, which is based on address searches over at least 3 years.

You cant just pop out of thin air like a martian an expect everyone else to turn a blind eye, and in fact the state Money Laundering legislation places a serious burden on lenders to comply with establishing exactly where someone has been - otherwise you could be a terrorist and liven in a training camp for that third year.

All lenders must comply with this legislation.

Not having proof may mean the applicant changed thier identity 2 years ago. No lending manager will risk signing that one off especially where someone has adverse credit history - the lending manager would open themselves up to litigation if you dont keep up the payments.

Dan_Collins_2

THE_DON wrote: »

Because of my bad credit history a was advised by my broker that future are the only company that would touch me. However after 12 weeks of them asking for the same documents time and again and for info that i just dont have ( proof of address ) which was explained to them from the start they are now threatening to withdraw the offer of a mortgage. Now it looks as though i will be out of pocket for all solicitors fees, survey costs ect....
Not a happy bunny i can tell ya!!!!
In short DONT USE THIS COMPANY. They are a bunch of clowns or cowboys ( not sure which yet but ill let you know )
If anyone else has any recomendations on any sub prime mortgage lenders i would appreciate it.
:mad: end of rant.

Sorry Don, as Conrad says the lender has to check your ID for lots of different reasons. Why cant you prove your address for that year? Surely you had a bank account or insurance documents. I had the same issue with another lender and if Future do this so will any other. Sorry to say but you are the problem in this case!

THE_DON_7

i was living with my girlfriend for 8 years, she paid all the bills i just gave her my wages to pay the bills, so nothing was in my name. my bank account was empty for so long that they closed it and i couldnt open a new one anywhere.
My gripe is that i have supplied proof of address for 3 years which was in the form of my p60 tax forms that has my NI number / address and every other thing they asked for. I managed to open a bank account too, but after i sent them my first statement they asked me for statements for dates that i didnt have an account (i explained this to them and they said ok, they inderstand and it wont be a problem only to send another letter 4 days later asking for them again!!). proof of income came as 4 years worth of wage slips and again all my p60's. I have been with the same employer for 6 years so that shouldnt have been a problem. So, i have supplied every thing they wanted, but they still wont play ball. Honest, Look for some reviews for future mortgages online, they are terrible.
If they werent my only option, i wouldnt bother.

THE_DON_7

http://www.ciao.co.uk/Future_Mortgages__Review_5555716

Here you go, this is a typical example of there reviews.
Make sure you have your reading glasses on, its a long one.

Conrad

But Don that still does not answer how the lender is supposed to fulfill it's obligations under the Governments Money Laundering rules which stipulate waht documents are acceptable as proof of residency, namely Utility bills or Bank or Credit Card statements.

You might be best getting yourself on the voters role and then trying again in 1 year and try to avoid changing address as this will mean more info will be required and it also can reduce your credit score.
The reason this is so is down to a study that was done of the profile of repossessed people which revealed startling simarlarities for the majority of those people;

They tended not to vote, they were far more likely to be smokers, they tended not to have pensions, they tended to rely on mobile phones and not have a landline, they tended to be paid weekly, they tended TO MOVE ADDRESS FREQUENTLY.
In a nutshell you are more likely to be repossessed the more disorganised and chaotic & care free is your lifestyle. Not saying any of this applies to you, just mention this in case others wonder why such things decrease thier credit score.

Dan_Collins_2

I know future can be hard work, I have dealt with them. But again Conrad has a point and I know how frustrating it is from your point!

EdInvestor

Conrad wrote: »

A lender has a responsibility to lend other people's money (ie thier investors and share holders) prudently and that of course means assesing the applicants credit worthiness, which is based on address searches over at least 3 years.

One of the things seems rather strange about these credit searches is that they never check people's assets.For instance, a person might own their own home outright, no mortgage - this is easily checkable at the Land Registry.Should make them a decent credit risk, right?

Wrong.They don't check on this, so the result is there is no record of the individual repaying a mortgage = bad credit risk.

... otherwise you could be a terrorist and liven in a training camp for that third year. Not having proof may mean the applicant changed thier identity 2 years ago.

I suppose they could also have faked their death and moved to Panama too.

Blimey, you can imagine what it's going to be like getting life cover from now on. :rolleyes:

People will have to prove they don't own a canoe.