TML and Kensington

Olives

Hi all.

It is not often i post on this site but have recently been concerned on aspects of my mortgage provider.

We origionally took Kensington Mortgages as ourprovider when we remortgaged in 2003. We contacted a company called TML who charged a hefty fee to scour the market to find a suitable mortgage comapny. They came back to us with Kensington mortgage company. We were ok with this as we thought that they would have looked around and these would suit our needs.

I have since heard talks of secret commisions and was actually wondering f we fit into this catergory as we didnt realise that TML were actually owned by Kensington so we paid near on £3000 in fees for them to find and arrange a mortgage with their own comapny.

Any advice
olives xx

koexelek

The brokers you used should have disclosed up front whether they were
" whole of market" , were working with a panel of lenders, or just a specific lender.
If you can prove they did not do this, you could have justified cause for complaint.

I'm no legal expert, but I believe that some borrowers have been able to get compensation on their mortgages where underhand commission was earned.
There was a specific court case about this.

Can't remember the name of it, but I'm sure some switched on person on here will know

Tiddler_2

Your mortgage was taken out before the FSA's regulation of mortgages, and so would have come under the voluntary Mortgage Code. If I recall correctly under the Mortgage Code, brokers and lenders did not have to say whose products they offered, just whether they gave Advice & Recommendation, Information Only, or offer 1 product.

The second problem you have is that TML have ceased trading. If you go to the TML website it is now owned by a company called Resolve Mortgages who charge a minimum fee of £3495 for a mortgage! Bargain - why anyone uses such companies really does baffle me

_Andy_

Yep, TML finally went bust last year after years of squandering their money on large premises and obscene staff bonuses.

I believe they offered a panel (Kensington, Preferred, etc.) and a WOM service, both non-advised.

Although the £3000 is expensive I don't see there's any reason to be able to claim it back as you had the choice to go elsewhere

Olives

I know TML has ceased trading. I had only heard this recently though when I got a call from resolve telling me that they now have all TMLs info. I gave him a very quick clear off.

I did have my suspisions once I had signed the mortgage as paperwork was the same sort of design ect.

They said they would search the market or panel of lenders which in my own sillyness believed to have meant the same.

Yes we could have gone elsewhere but we thought by going with TML they would look at everybody for us and select who we would be best suited with. My hubby is a London commuter and has a 3hour journey to work each day so nipping out in his lunchtime to sort mortgages out was not really an option. This we thought would be easier.

Only over trhe last few months did I find that KMC outright owned TML so of course thy would only sell KMC.

The way i was thinking was complaining to or about KMC as they owned TML. As far as proof is concerned I am currently serching the net for an old advert and will also search for paperwork in the hope of finding something

olives xx

_Andy_

But they didn't just sell Kensington products.

There isn't a valid complaint I'm afraid (although I do agree their arrangement fees were high).