Does anybody have anything positive to say about Kensington Mortgages?

milkn2sugars

Hi,

my husband and i are FTBs and have recently put in a mortgage application though a broker to Kensington Mortgages. We dont have much choice of mortgage lender as my husband has some adverse credit.

I have just read a depressing amount of bad press on Kensington, it seems that getting a mortgage with them is one thing. Actually having one is a whole other issue.

We thought that we would use them as a stepping stone to build up our credit profile, and then move along to a 'better' lender.

However, some of the scare stories imply that they are no better then loan sharks, who corner you into further debt/home repossession.

Please tell me this isnt true.

Can anyone give me a good review/ experience of dealing with them?

Thanks in advance.

Thrugelmir

Kensington cater for a particular segment of the mortgage market.

If you really want a house now then its your choice to go with them or not.

So weigh up whether waiting a while improving your credit rating and increasing your deposit may be a better long term option.

milkn2sugars

Thanks,

i do really want a house and we feel that we are in a comfortable position to take on a mortgage at the moment. I just dont know whether we are about to walk blindly into some sort of nightmare.

I dont expect that anyone will ever confess to loving their lender, but 'like' maybe? or possibly even just 'happy to put up with'?

Dont have the mortgage offer yet, only the AIP so this may all be a bit premature.... stress head that i am!

GMS

Kensington were a big player in the sub prime market some years ago but have now relaunched as a 'Specialist Prime' lender.

Most reviews you read will relate to the sub prime days. Also keep in mind that complaints are generally from people who have failed to keep to the conditions of the mortgage in one form or another.

If you are happy with the payments and keep up your side of the deal then they will be the same as any other lender. Once your credit situation improves then hopefully you will have access to more lenders and/or better rates.

Thrugelmir

You'll only get "hassle" if your default on payments. Due to the nature of their client base Kensington will have far more issues with borrowers than the mainstream lenders. Their interest charges and administration charges will reflect the same. Along with their attitude to repossession etc.

Statisically people who mismanage their financial affairs are highly likely to re-offend. Its human nature. As people fall into distinct character camps.

Hence my earlier comment about waiting. As house purchase ideally should be for life. Its a 25 year committment that you'll be signing up to.

milkn2sugars

I agree with both of you and appreciate your comments.

We have been wanting to buy a house for ages, and have been working solidly to repair my husbands credit / pay off debts for nearly 3 years now. He is a completely different person (when it comes to his finances) then he was when he defaulted on his payments 4/5 years ago. I will put this down to my excellent abilities as a wife (or nagging, if you insist).

All we can hope for is an opportunity to get on to the housing ladder, with a decent lender. I will be happy with anyone who does their bit / whilst we do ours. It was just that the reviews made it sound as though there were evil forces at work in Kensington.

Trollfever

Wealth Warning.

House prices can go down as well as up.

Thrugelmir

Trollfever wrote: »

House prices can go down as well as up.

Does it matter? A house is a home. Not a traded investment.

frillys

milkn2sugars wrote: »

Hi,

my husband and i are FTBs and have recently put in a mortgage application though a broker to Kensington Mortgages. We dont have much choice of mortgage lender as my husband has some adverse credit.

I have just read a depressing amount of bad press on Kensington, it seems that getting a mortgage with them is one thing. Actually having one is a whole other issue.

We thought that we would use them as a stepping stone to build up our credit profile, and then move along to a 'better' lender.

However, some of the scare stories imply that they are no better then loan sharks, who corner you into further debt/home repossession.

Please tell me this isnt true.

Can anyone give me a good review/ experience of dealing with them?

Thanks in advance.

Hi, I would like to say I used to Underwrite for Kensington mortgages, they are a very popular lender and until the down turn they were one of the top of the subprime lenders. even though they are a subprime lender take a 2/3 years fixed rate no longer this will then put you in a very good position to move onto the high street.

Yes the rates are higher than the high street but in regards to customer service and charges they are worse than any other lender!, so long as you keep up with mortgage payments you will have no problems. Hope it all works out for you.

neil421967

GMS wrote: »

Kensington were a big player in the sub prime market some years ago but have now relaunched as a 'Specialist Prime' lender.

Most reviews you read will relate to the sub prime days. Also keep in mind that complaints are generally from people who have failed to keep to the conditions of the mortgage in one form or another.

If you are happy with the payments and keep up your side of the deal then they will be the same as any other lender. Once your credit situation improves then hopefully you will have access to more lenders and/or better rates.

You opinion might be so in some cases, others not.

I fell behind with payments due to sickness once, and redundancy after that, but Kensington did not help one bit, they took their charges and ran up extra interest when I got back on my feet and capitalised the arrears........ What Kensington did not do, in both cases, is tell me I had PPI and would have been covered for both which was hidden on the original agreement as a disbursement.
You think what you want, but Kensington are a dirty player. There customer service is rubbish putting it kindly, their complaints are useless, and at the end of the day, most people with a mortgage over 25 years will have problems sooner or later, and the Mortgage company are obliged to help in most cases, that is the nature of the beast, Kensington have different rules all to themselves.

Anyone needing sub prime, look at The Principality Building Society or believe it or not, The Halifax.
The Halifax will look at sub prime lending in certain instances.

neil421967

milkn2sugars wrote: »

I agree with both of you and appreciate your comments.

We have been wanting to buy a house for ages, and have been working solidly to repair my husbands credit / pay off debts for nearly 3 years now. He is a completely different person (when it comes to his finances) then he was when he defaulted on his payments 4/5 years ago. I will put this down to my excellent abilities as a wife (or nagging, if you insist).

All we can hope for is an opportunity to get on to the housing ladder, with a decent lender. I will be happy with anyone who does their bit / whilst we do ours. It was just that the reviews made it sound as though there were evil forces at work in Kensington.

If your hubbys payments in the last 2 years or so have been good, the try The Halifax