Having read every review on this site for Future Mortgages I immediately became disturbed at the reactions and negative feedback that so many people have had towards this particular mortgage lender.
However, after digesting each review it became apparent to me that, although they are from ... Read review
Advantages: An excellent sub prime lender with very competative rates Disadvantages: They only deal with brokers or mortgage packagers
...review on this site for Future Mortgages I immediately became disturbed at the reactions and negative feedback that so many people have had towards this particular mortgage lender.
However, after digesting each review it became apparent to me that, although they are from personal opinion, and of course, we are all entitled to our opinions, I felt they were unfairly directed towards the mortgage company itself.
Many of ... ...criteria offered by Future Mortgages, but it seems that the fact they are a sub prime mortgage lender has been forgotten. Sub prime mortgage companies do offer rates higher and sometimes considerably higher than the high street rates as their customer base is made up of people with current or historical adverse credit history.
Many people who fall into the sub prime category are serial 'non-payers' of their credit commitments, they ... more
Having read every review on this site for Future Mortgages I immediately became disturbed at the reactions and negative feedback that so many people have had towards this particular mortgage lender.
However, after digesting each review it became apparent to me that, although they are from personal opinion, and of course, we are all entitled to our opinions, I felt they were unfairly directed towards the mortgage company itself.
Many of the complaints were focusing on the high rates and other criteria offered by Future Mortgages, but it seems that the fact they are a sub prime mortgage lender has been forgotten. Sub prime mortgage companies do offer rates higher and sometimes considerably higher than the high street rates as their customer base is made up of people with current or historical adverse credit history.
Many people who fall into the sub prime category are serial 'non-payers' of their credit commitments, they over borrow and take little to no responsibility in paying back what they have borrowed. Others may have had an unfortunate period in their life and simply not been able to manage what they had, therefore, entering them into the sub prime category.
The reason the rates are higher is to compensate for those customers that do not pay for what they have borrowed. If you have a history of adverse credit or non payment then, of course, the mortgage company will view you as more of a security risk for them, after all, it is the mortgage company who are deciding to loan you their money. Therefore, they will still lend you the money, but to safe guard themselves they will charge you a higher rate. It is unreasonable for you to expect them to offer you the same rates as high street lenders, when you can not prove you are a good payer.
Let's look at it a different way. Would you lend someone £200,000 if they had a consistent history of non payment and there was a big chance that you might not get that money back? No, you wouldn't. But if you did decide to lend them the money you would certainly charge them more for the privileged of it in order to make sure you started to re-coup the money!
Also, since Future Mortgages rarely, if at all deal direct with customers to sell their products, it is not their fault if someone has been miss-sold a product. I would suggest that would be either the responsibility of your chosen mortgage broker, and frankly, there are some unscrupulous characters out there that do not explain things well and do take advantage of their customers' good nature and naivety.
If you are going to have a 6 month discounted rate and then be tied in at their standard variable for a further 2 years with a 6% early redemption penalty then A) you have been robbed, B) you would have been advised of this at the outset by your adviser on the Key Features Illustration (KFI) and also on the mortgage offer, C) if you didn't bother to read this then it is your own fault, and also the fault of the adviser for not doing their job properly NOT the lender who has not actually sold you the product in the first place!
With regards to their customer service I have never had an issue when calling them and they answer within a few minutes and are always polite and helpful.
If you are having delays with your application process then that would generally be down to your advisers processing skills, or lack of. The house buying process, and indeed, the mortgage process is actually not that complicated or difficult, unless you have inept people helping you. Trust me, I have dealt with many inept mortgage lenders, estate agents, brokers and advisers, they do unfortunately exist!
I also read that when people were struggling with meeting their payments for various reasons due to sickness and reduced income that Future Mortgages were not interested in assisting you. My answer to this is as follows: I have come across numerous people who only show interest in getting their mortgage and house to live in and give no real thought whatsoever to actually protecting it once they have got it. People rarely consider that it might actually be a good idea to have income protection so that if they are unable to work due to sickness, accident, and disability they would still be able to receive an income so they can pay their bills and continue with their standard of living. It doesn't take a genius to figure out that if you can not work you will not receive an income and without having an income you would then be unable to pay your bills!!
Nobody wants to pay for insurances and they are always regarded as little more than an afterthought that is never needed - that is, of course, until you actually need them! People would spend £30 a month insuring their lump of metal of a car but ask them to spend the same amount on life insurance and income protection to protect themselves and their family... will they do it? The answer is rarely!
So when you haven't given the time of day to protecting what you own and you are then unable to pay for it, don't cry to the mortgage company and expect them to say 'oh well that's ok you continue having something without paying for it' they will, of course, do all they can to help you and contrary to popular belief they do not like repossessions and do not actually want to evict you from your home...
So the next time you read or write a review for a mortgage company, please give thought to what you are reading or writing!!
Advantages: The future? A means to the end?? Disadvantages: Adds on galore, usually well hidden
...the future. Hmm, for some Future is the future, for many more, future only disrupts and destroys the future, well the foreseeable anyway. Although they serve their purpose in the sub prime mortgage industry (at a hideous cost) most of my experience of Future while I worked in the industry was seeing yet another sub prime lender "home in on consumers who are financially stuck or lacking the standard criteria to go to high street such as on insufficient ... ...payments seeming more often, the future is often bleak. - How long will Future be your future? Many sub prime lenders, Future included tend to sell their mortgage accounts, willy nilly, one minute you are with Future, the next minute you have been sold to a company which you specifically choose not to lend with. Not only is it totally cheeky, but you always end up with higher payments and when you choose to read the small print of the smaller section ...
jjllss 19.11.2007
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Ciao members have rated this review on average: very helpful Review of Future Mortgages
Advantages: To be fair I am finding it hard to thing of one. Disadvantages: Customer service is bad. Promises not kept. Do not solve queries or communicate.
...be transfered.
I joined Future Mortgages on a 6 month variable discount rate of 6.8%. After the 6 months then the rate would increase to 7.980%. As it is variable my acccount would be review every quarter.
There first mistake was to take me off the discount rate before I made the first payment. It took me 6 phone calls, including speaking to a supervisor before they understood what they had done. This conversions were getting quite heated by the ... ...let me know as I would be interested to find out whay on is when it comes to "Future Mortages."
On my ending note all I can say is if I treated my customer like Future Mortages have treated everyone who had review them - I would be Sacked! ...
Symbol0683 21.12.2005
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Ciao members have rated this review on average: very helpful Review of Future Mortgages
Advantages: I can now get through on the phone in 15 minutes instead of 45! Disadvantages: Where do I begin!
...told it would be with Future Mortgages wasnt much worse - maybe in the region of £20.00 per month which wasnt breaking the bank.
After what felt like decades with the Mortgage broker we signed the paperwork and left that day to a warm smile, a welcoming handshake and told "All you have to do now is find your house".
Within a week we had found our new home, the offer had been accepted and the mortgage process began. From the word go it was stressful ... ...and wage slips. Future then came back asking for further documents, which we sent right away. This was about the 3rd week in November. They came back on a further 6 or 7 occassions asking for more paperwork. To the extent where I was waiting for them to come back and ask for blood as proof that we were human. The asked for every document you could possibly imaging but rather than ask for it all at once they spread their requests over a fortnight. ...
honey2cm 19.01.2006
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Ciao members have rated this review on average: helpful Review of Future Mortgages
Advantages: None whatsoever Disadvantages: Pig ignorant, bullies, absolutely brainless moronic staff, criminally high monthly increases in mortgage payments
...say, after several years with Future Mortgages they arejust about the worst company I have ever had the misfortune to deal with. Even with my qualifications in Nursing/Training/Stress Management/NLP/Coaching they reduce me to a quivering wreck on occasions. There are many many reasons to avoid them altogether. Firstly, they offer you a fixed rate which seems reasonable, especially of you have credit problems and are therefore limited on choice. Secondly, ... ...hike up your repayments by £100 per month, then EVERY month after that it is increased even further, usually by £20-30. My mortgage was originally £600 per month. I have just had another mortgage increase letter (the second this month). It is set to go up to £825 per month. Interest rate 8.34%. There is no way of finding out whether they just pluck a figure fromthe air or whether all customers pay this rate. These people are PARIAHS feeding on vulnerable ...
leapyearnurse 29.08.2007
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Ciao members have rated this review on average: helpful Review of Future Mortgages
Advantages: Being signed off work due to the stress of the mortgage!?? Disadvantages: Oh far too many....
...a family problem and future mortgages have made our life hell! We went to the county court after trying to stop this by speaking to future morgages who where basically a joke-so unhelpful-do not bother! Then we came to an agreement via the court to pay an extra £25 pm to clear our arrears. Three days later we are told our morgage will be going up tp £654 pm from £590 not including arrears-our mortgage began at £420 16 months ago!!! We are now unable ... ...and if the rate goes up again we will have to let them reposses the house leaving me,my husband and 2 daughters homeless and no doubt with an even worse credit rating.
They should be stopped,have no concern for anything but money and how the hell are they allowed to put up interest every month by £30-£100 each time I have no idea! If any one knows how we can stop this ridiculus rise please let me know. I have had to leave other bills just to keep ...
mrs.pip 29.06.2007
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Ciao members have rated this review on average: helpful Review of Future Mortgages
Staff courtesy
Promptness of service
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Advantages: Good Customer service, control over your money Disadvantages: Not for anyone who is bad at managing their own money
This has to be the future of mortgages. As long as you pay the interest every month, you can pay as much or as little as you like on top of it, as long as it?s all paid off at the end of 25 years. It operates as a bank account into which you have to pay your salary. Say you borrow £70,000 ? it?s effectively like having a £70,000 overdraft which you gradually repay. If you come into a bit of money you can put it straight in and it will immediately go towards your mortgage. Similarly, if you?re strapped for a few grand in an emergency you can take it out and repay it at a later date.
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