Kensington Rip Offs

Caitie815

I am trying to sell my house after Kensington Mortgages set an unbelievable exit fee which included £19000 of interest I have investigated them and the figure quoted myself is still not as high as others if they continue to ask for this redemption figure I cannot sell my house albeit I have a buyer and I cannot afford to keep it can anyone help I have written to them using the template supplied but no response

toonfish

if this is an early redemption penalty can you not transfer the mortgage to the next property you are buying?

_Andy_

Don't really see the problem here - you signed up to a subprime lender with a motgage that had hefty ERCs.

Anyway, according to their website, the mortgages are not portable -
http://www2.kmc.co.uk/HotHouse/product09iv.page

kennyboy66_2

Please ignore all cretinous sniping you will inevitably get here.
I would imagine no-one would use the likes of this company if they had a real choice.

I don't think Kensington Mortgages are portable, however they will waive exit fee (early redemption charge) if you take another mortgage product with them, as long as the loan is more than your existing one. This is so they can rack up more fees & extend the period you would have to pay an ERC

I would avoid them like the plague.

What are the exact details of you mortgage, is it fixed term?, what is the interest rate ? when does the fixed term expire.
A lot of their products are 2 or 3 year terms - if you can afford to wait until the term expires, this would possibly be your best bet.

Discocat

I had exactly the same problem with Kensington Mortgages. I wanted to sell my property but the early redemption charges were very high. Unfortunately their products aren't portable and if you take out a new product when you move, you are back to square one as you get tied in to another 3 years. I had to stay put until the charge period had expired. It was a real inconvenience but as a sub- prime borrower I really didn't have much choice as they pretty much had me over a barrel. Despite the issues I had with them over the term of the mortgage it cannot be denied that they really helped me out. The Kensington were my last resort and the 3 years with them gave me enough time to get myself sorted out and I was able to move straight to a High Street lender when I sold. All in all I felt that the benefits outweighed the inconvenience.

k1mmie

I too had a mortgage with the Kensngton, as they were the only bank to lend on our circumstances at the time. We were tied in to a 3 year ERC. We waited 2 years then took a hit on the last year as it outweighed the price of keeping it for another year.

It was difficult, and we had to try hard to find the money, but I can only thank them for helping us when no one else would - and I think this is usually the case.

Does anybody know how much they charge for Mortgage exit fees? Cant tell you how much we were quoted or charged but would be interested in the fee, and a phone call?

homer_j_3

I know Kensington very well and I know that they are very inflexible. You are in last chance saloon with these people.

You will not get aroung the ERC fullstop. Their ERCs are normally circa 6%.