Future Mortgages is a subsidiary of citi group. They provide mortgages for people who cannot obtain mortgages from high street lenders and focus on those with bad credit.
Future mortgages don’t seem to be accepting new mortgage applications any more but are now managing all previous mortgages which have been granted.
Future mortgages offere a host of variable rate and fixed rate mortgages which may be suitable to you based on your financial needs and current situation.
What types of mortgages can I get with Future Mortgages?
Fixed rate mortgages: With these mortgages, the rates are fixed for a period of 2, 3 or 5 years and provides you certainty over your Future mortgage for that time frame.
Variable rate mortgages: You can access a host of variable mortgages through Future mortgages and this mortgages will have a variable rate which can be increased or decreased at any time by Future mortgages.
Tracker mortgages: You can access a host of tracker mortgages from Future mortgages. These mortgages will usually track the bank of England’s rate and will move in line with it although it may not be the exact rate but rather a rate which will increase by the same point or increase by the same point as the bank of England rate.
Remortgages: You can access a host of remortgages on any of Future mortgages products.
Buy to let mortgages: Future mortgages also offer a host of buy to let mortgages for buy to let investors.
You may be able to access mortgages on Future mortgages with up to 95% Loan to value (LTV).
Future mortgages may also allow you to make overpayments on your mortgage but there may be a fee for doing so and a limit on how much you can overpay your mortgage each year.
Eligibility for Future Mortgages
- Future mortgages don’t have a minimum income level for residential mortgage applicants but they will not accept people on temporary or zero-hour contracts.
- For a buy-to-let mortgage, you must have at least £25,000 in income.
- If you will still be paying off your mortgage at 75 years of age then Future mortgages ( Future intermediaries) will likely not lend to you.
- For leasehold properties, Future mortgages (Future intermediaries) will accept properties with a minimum 85 years on the lease and a maximum ground rent of £1,000.
If you are considering getting a mortgage then using a mortgage broker may be a good choice as mortgage brokers usually have access to many more products than any specific mortgage lender.
Mortgage brokers will also usually have access to specific deals from mortgage lenders as well as experience on which mortgage lenders will be more likely to accept your case. This will help you avoid getting rejected on a mortgage application and having to build credit due to the damage a rejection might do to your credit score.
If you have bad credit or are self-employed then specialist mortgage brokers such as bad credit mortgage brokers or self-employed mortgage brokers may be useful.
You may also want to consider the government schemes which are available for first-time buyers and home movers such as:
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to own- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
Disclaimer: The offers compared on this page are chosen from a range of products Huuti has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms “Best”, “Top”, “Cheap” including variations, are not product ratings and are Huuti is not recommending anything here. You should consider seeking independent financial advice when necessary and confirm the validity of the information above for your personal circumstances. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR MONTHLY REPAYMENTS
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.