Website: Future
Phone: 0800 389 1221
This company, part of Citigroup, specialises in bad credit cases, buy to let and right-to-buy mortgages. Fees on your Future mortgage will be high, so try other places first; but provided you can prove your income on a case-by-case basis, you may find credit here where others decline your business.
If you haven't heard of a Future mortgage, you'll know their parent company Citigroup (which used to be Citibank). Future Mortgages are a lender in their own right, and not an independent adviser. The company deals only in specialist mortgages in four areas: buy-to-let, right-to-buy, self-certified and status-led. All of these are particularly appropriate for those with bad credit ratings, and in all cases the maximum LTV (loan to property value ratio) is 90%; i.e. you will need a minimum 10% deposit; sometimes more.
As you would expect with these specialist areas, because you have less options, the fee structure is fairly high- an application fee of £200 is automatic (£250 for right-to-buy mortgages. Lenders feel that if you're winning against your council, they'd like a pound of flesh too, please). The completion fee is a whopping 1%; minimum £495. If you get your buildings insurance elsewhere, that will be another £35.
You cannot apply online- for a Future mortgage they will want to know you'll be able to repay the loan, and that requires a telephone conversation at least. The price is high, but if nobody else can lend you the money, this might be the place to go; and you'll have the backing of a global lending player.
