Advantages The future? A means to the end??
Disadvantages Adds on galore, usually well hidden
The meaning of Future: Effective in or looking toward 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 income, mainly benefits as income, poor credit rating or self employed, they love the ones "without accounts". All the consumers who are generally more at risk of not making their payments anyway, again due to many factors such as quiet weeks with little work coming in, less income than usual, perhaps no bonus paid that month on top of the fact you can barely afford it, even on the good months. Especially if you have poor credit and the lender already knows that judging by past payment behaviour, especially when they look over the last 12 months say, they probably sit on their leather chairs with big fat cigars in their mouths thinking of new strategies to get more business, with the result probably being, " just think, these people here with the odd missed payment and maybe one arrear, they're obviously having difficulties, temporarily we can consolidate their debts, cut their initial payment then rack up the rate, that way we will have helped at first, but then we ended raking in the interest and if we are lucky the late payment charges and more interest on that, bonus if we get the house!" Sounds harsh doesn't it and I probably shouldn't focus that spiel at just Future, but probably almost every sub prime lender out there has that vision at the back of them mind. Don't get me wrong, they all serve their purpose, lending to anyone who needs help securing a mortgage without the credit rating or without the income and at the time they build dreams, but most often and not, the dream doesn't last.Of course, if a lender can deal with people with poor credit ratings, usually to a point where it's pretty bad, this comes at a price in more than ways than one. So many lending restrictions and expensive add ons and charges before you even get the offer and this is just because they are lending to those who either have mucked or are at a high risk of doing so, hence the need to go to the sub prime market. The only usual reason for using a sub prime lender if you have good credit rating coupled with sufficient finances to pay sensible for your mortgage is if a mortgage broker has pushed you, the innocent gullible high street consumer into "consolidating" and moving over to the dark side. Many a time have I seen people with their finances in touch but once they have been giving the savings breakdown, without really thinking about the fact their broker has doubled the term on it (years paying it over) or the 4% discount for one year, shooting right back to the standard interest rate of 7.
|Efficiency of service|
|Competitiveness of charges/rates|
|Promptness of service||Poor|
|Online - Content/organization of site||Average|
|Online - Reliability/speed of site||Poor|
|Online - Ease of applying for products||Average|
Attention, this is the first review from this author
Instead of giving a negative rating, consider:
Help this member by giving your advice
Report fraud (for example plagiarism) or other issue with the review to the Ciao support team
Add your comment