Kensington Finance : Advice for a 22yr old FTB :)

freestyler

Hi again folks !

I was just wondering if any one has taken out a mortgage through Kensington Finance ? I would appreciate some feedback about them..As mentioned in my previous posts my Dads quite old and I'm helping him out buy a house.His source of income is mainly the NHS pension [used to be a doctor] while my Mum has 2 part time jobs.Kensington seems to be the best in our case but since I've never heard of them I'd like to know what the members here think about it ? Are they reliable ? Any catches ?

Cheers for any advice !
Bob

The_Eye_Of_Sauron

Fine if you keep up your mortgage payments, but Kensington don't mess about if you get into arrears.

I have heard it said that they do appear in county court mortgage possession lists a lot more often than their percentage share of the lending market would normally merit.

As a sub-prime lender, I suppose that they feel they have to, as if they let defaulting borrowers have as much leeway as some high street lenders do, they would be facing losses on repossessed properties.

This is especially so if they are lending high percentages as against the value of a property. They would be caught in a falling market if they dragged their heels, so you can't blame them for taking a strong line.

homer_j_3

I would go and see an experienced broker before going into any contract with this company. They have their place and your circumstances may not warrant such a lender.

Jennifer_Jane

They were bought by Investec in July 2007. Here's some info on Investec:


"Investec is an international, specialist banking group that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec is organised as a network comprising business divisions:

• Investment Banking
• Capital Markets
• Private Client Activities
• Asset Management
• Property Activities

Since Investec was founded in South Africa in 1974, it has expanded through a combination of substantial organic growth and a series of strategic acquisitions in South Africa, the United Kingdom, and other geographies in which Investec operates. Investec’s strategic goals and objectives are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas. The group’s philosophy has been to build well-defined, value-added businesses focusing on serving the needs of select market niches where the group can compete effectively. The group employs approximately 5400 people world-wide."

So, quite frankly, I would expect Investec to be taking quite a hard line with things, they're going to be wanting a return on their money, aren't they.

In general, Investec are a reputable, well-respected Company in South Africa.

I realise this isn't really the answer to your question, but hope it adds another dimension to your thinking

Jen

freestyler

Thanks for the replies !!

Yeah i've heard that the not so high streety mortgage lenders tend to be quite strict and would take away ur home without giving much opportunity to take things to court...so i will reconsider my options though

The_Eye_Of_Sauron

Freestyler

No mortgagee can take your house unless they get a Court order (unless you actually hand in the keys and give up possession).

Point I was making is that the gap between your being in arrears actually lighting the blue touch paper- and the explosion that is a Court possession order, is a rather short gap with the likes of the Kensington.

fistfullofdollars

IIRC they are a sub prime lender. Why have you been advised to go down this route?

Go and see a broker before signing up with them.

freestyler

I've been advised to go down this route by my broker due to my dads circumstances...being a retired doctor he has a considerable pension as well as some savings to make a higher than normal deposit ; however not many [pretty much no one] high street banks/building societies would actually still offer a mortgage because of his old age...however it seems kensington do deal a lot with similar cases as my dad's and seem the best option for us

homer_j_3

hmm...

If its just age and retirement income that your broker is struggling well then I think that they are incorrect as there is one definite lender that I could place with.

Clearly if credit history is a problem, I would need more information.

Have you sought a 2nd opinion?

herbiesjp

Indeed - is your broker a true whole of market adviser?

There could well be a few options with no upper age limit

luckyfool

Are we sure the mortgage lender is Kensington, and it is not the broker? There is a broker called Kensington Finance, the lender is Kensington Mortgage Company?

As sub-prime lenders go Kensington are very flexible with older applicants, however if your dad's credit is fine, and his retirement income is sufficient to support the loan, then there is no need to be going down this route. High street lenders like Halifax are happy to lend based on retired income.