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    • Kittenclaws
    • By Kittenclaws 12th Oct 16, 11:12 PM
    • 2Posts
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    Kittenclaws
    Kensington interest charges - how far back?
    • #1
    • 12th Oct 16, 11:12 PM
    Kensington interest charges - how far back? 12th Oct 16 at 11:12 PM
    Hello there,

    We had a mortgage with the dreaded 'Kensington Mortgages' over a decade ago We took it out in 2002 then switched to the RBS in 2004. I've been going through some old files and happened upon the final statement which shows an astronomical Redemption Interest AND interest fee totalling almost ten grand. I'm not certain if PPI was involved as it doesn't refer to that in any way on the closing statement.

    Is it too late to make a claim? Do I have a claim? Thank you K x
Page 1
    • dunstonh
    • By dunstonh 13th Oct 16, 12:21 AM
    • 85,145 Posts
    • 50,158 Thanks
    dunstonh
    • #2
    • 13th Oct 16, 12:21 AM
    • #2
    • 13th Oct 16, 12:21 AM
    I'm not certain if PPI was involved as it doesn't refer to that in any way on the closing statement.
    Kensington didnt have a PPI product.

    I've been going through some old files and happened upon the final statement which shows an astronomical Redemption Interest AND interest fee totalling almost ten grand.
    Statements show the redemption figure and costs. However, you only pay the ERC if you repay the mortgage only.

    Can you verify what you mean by redemption interest as that doesnt sound right. Was it a redemption charge, such as an early redemption charge?

    If you chose to repay the mortgage during a tie in period then it is normal to suffer a penalty charge.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Kittenclaws
    • By Kittenclaws 13th Oct 16, 3:04 PM
    • 2 Posts
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    Kittenclaws
    • #3
    • 13th Oct 16, 3:04 PM
    • #3
    • 13th Oct 16, 3:04 PM
    Thanks for clarifying the issue of PPI. It was such a long time ago.

    Yes it was an early redemption. I'm not aware of a 'tie in' period though. It was an interest only mortgage arrangement which was an unfortunate necessity at the time. As soon as we were in a position to move, we did.

    Redemption fee is £125.00
    Sundry Debts £35.00
    Redemption Interest £7209.63
    Interest £2466.00


    Does that make sense?
    Thanks very much
    K
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