Kensington Loan Not Mortgage
Options
Christabelle
Posts: 10 Forumite
Hi everyone!
I need some advice please.
We consulted an independent financial advisor for our current Kensington mortgage and received a letter from them recently to say that the "loan" we had with them would now be referred to as a mortgage?We've had the mortgage/loan over 20 year and as far as we were concerned it has always been a mortgage but this brought back memories of when we were unfortunately unemployed and we were refused help towards our mortgage payments because it was insisted it was a loan not a mortgage? We didn't think anything of it at the time. We have never thought of it as any other than a mortgage so it looks like we actually had/have a loan
The question is do we have grounds for complaint/compensation and if so who do we approach because if this is/was in a fact a loan it was most definitely mis sold to us. Not sure if the advisor is still around, can't see any evidence of his business still being in existence?
Many thanks
I need some advice please.
We consulted an independent financial advisor for our current Kensington mortgage and received a letter from them recently to say that the "loan" we had with them would now be referred to as a mortgage?We've had the mortgage/loan over 20 year and as far as we were concerned it has always been a mortgage but this brought back memories of when we were unfortunately unemployed and we were refused help towards our mortgage payments because it was insisted it was a loan not a mortgage? We didn't think anything of it at the time. We have never thought of it as any other than a mortgage so it looks like we actually had/have a loan
The question is do we have grounds for complaint/compensation and if so who do we approach because if this is/was in a fact a loan it was most definitely mis sold to us. Not sure if the advisor is still around, can't see any evidence of his business still being in existence?
Many thanks
0
Comments
-
If it's a secured loan, it doesn't matter whether you call it a loan or a mortgage.0
-
We consulted an independent financial advisor for our current Kensington mortgage and received a letter from them recently to say that the "loan" we had with them would now be referred to as a mortgage?
The classifications of secured borrowing changed. It doesnt change terms of the mortgage but they will be referred to generically in a different way. Secured loan, second charge loan, further advance, second mortgage. Doesn't matter what you call it really. A mortgage is a loan.The question is do we have grounds for complaint/compensation and if so who do we approach because if this is/was in a fact a loan it was most definitely mis sold to us.
How have you lost out financially by your opal fruit now being referred to as starburst?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?0
-
Christabelle wrote: »Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?
It is a mortgage. A second charge mortgage. It isnt the name that prevented you getting benefits. Support for mortgage interest is available on first charge mortgages or loans taken out for certain repairs and improvements to your home. You also have to be claiming income support, jobseekers, E&SA or UC.
SMI is ending as a benefit. It is being replaced with a loan which you have to repay.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Christabelle wrote: »Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?
SMI only pays (paid?) the interest on loans used to purchase a property. Did you use the Kensington loan for another purpose?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards