1. How do I know whether I can get a mortgage?
Take our 5 second on-line test to see if you eligible
Or call one of our Relationship Manager’s
2. How do you determine how much I can borrow?
The underwriter takes into account a number of different criteria. This includes: your earnings, cash position, deposit amount, current liabilities (credit cards and loans) and your assets. This information determines how much you can pay on a monthly basis – your ‘affordability’.
Your Relationship Manager will then talk to you about your financial position and the sort of monthly payments you will be expected to pay.
3. What’s the average borrowing time?
It depends on what type of mortgage you take out. Standard Mortgages are usually anything between 15 and 30 years, depending on your age, but Private Mortgages are often between 3 and 5 years and designed to serve a specific purpose.
4. What if I only need a short term mortgage?
Future Finance provides many short term mortgages, as the banks’ lending criteria for this is restrictive and challenging. Clients will usually use Future Loans to service this requirement due to the timescales involved.
For more specific short term mortgages that requires innovative, bespoke lending - outside of the Future Finance risk criteria - the company works with a range of partners to find the appropriate solutions.
5. How long does it take to get a mortgage approved?
The approval process can be as quick as 5-10 days or take significantly longer. It all depends on the number of parties involved and the speed at which they progress. Lawyers, surveyors and other providers all need to perform their responsibilities and complete the appropriate paperwork.
6. What are the various stages?
Stage 1 – the enquiry
This is when you meet with a Future Finance Relationship Manager (hyperlink to Relationship Managers) to talk through your needs, ask questions and consider your options.
Alternatively, you can move straight to the on-line eligibility forms
Stage 2 – eligibility
This involves assessing your income and expenditure to come up with your ‘affordability’ rating
Get a view now … (hyperlink to the ‘Are you eligible for a loan?’)
Stage 3 – application
This involves filling in the relevant application forms.
Information required includes: personal and employment details; income and expenditure estimations; an outline of assets held; and your credit history.
Stage 4 – approval
A decision will be made by the underwriter who will approve or decline your application, based on your affordability and credit history.
Stage 5 – offer letter
This is the official letter you will receive once your mortgage has been approved. It outlines your mortgage offer and payment details
7. What information will I need to provide?
You will need to provide personal identification and proof of your address. Most people use their passport and a utility bill and / or bank statement. However, there are many other forms of identification, including a driver’s licence, property lease and mortgage statements.
You will also need to provide information and supporting documentation on your financial position.
8. Who gets to see my data?
Your key relationship manager and the underwriter.
9. How do you store information on me?
Future Finance creates an electronic and paper file on each and every client. We use a specific, secure IT platform - with password protection - to store all client data and paper copies are kept in locked filing units.
We keep your contact details on our Client Relationship Management system so that we can send you useful communications, but you can opt out of this at any time.
10. Will getting a mortgage impact my credit rating?
Yes. If your mortgage is serviced according to the agreed terms it will have a positive impact. If you miss a payment, then your credit rating may go down.
11. What happens if I have had a mortgage refused in the past?
This does not mean that you will be refused if you try again. Talk to one of Future Finance’s Relationship Managers who will be able to assess whether we can help you.
12. What happens to my mortgage if anything happens to me?
Most people take out life insurance to ensure that loved ones are taken care of should something happen to you. To find out more about these products, visit our Resource Centre.
13. What can I do to improve my chances of getting a mortgage?
Look at ways of improving your credit.
14. I’m not eligible for a conventional mortgage - are there other options available?
Yes, Future Finance is renowned for helping find a solution to a customer’s needs. We offer ‘Private Mortgages’.