kensington...are thy this bad ???

midebt

We are in the process of getting a re/mortgage with Kensington
And have had the offer from them on 31st aug and suddenly thy have changed solicitors / so that now we have to go through the whole process of form filling again/ the original solicitors were fee free and have since changed……..so now Kensington have gone to an alternative fee free solicitors./
I’m thinking of ditching the whole process…………it seems like we are not supposed to be helped out here.
We are doing this to consolidate

is this really showing us what thy are like...

we were on planning to do this mortgage at a fixed rate of 7.4% for 3 yrs then change to a high st lender.............

homer_j_3

they are a last resort lender. Without knowing your other options and circumstances its difficult to say whether you should ditch them or not

luckyfool

homer_j wrote: »

they are a last resort lender. Without knowing your other options and circumstances its difficult to say whether you should ditch them or not

The danger is, that if you do have an impaired credit history and are unable to obtain a mortgage from a high street lender then ditching Kensington and looking elsewhere is unlikely to be a good option. In recent weeks turbulence in the UK sub prime market has mean rates going up almost across the board with criteria also being tightened and some lenders withdrawing from the market completely. It may well be that any alternate lenders are going to be on less advantageous terms than Kensington.

Having said that I don't understand why you are having to fill new forms in. Is this a remortgage questionnaire from the solicitor, or is it a full new application form from Kensington?

vikingaero

A family friend got into trouble with the Woolwich and they didn't take any court action until 6-9 months payments were missed. They remortgaged with Kensington and with 2 months arrears Kensington immediately applied for possession. Fortunately they were able to pay off the arrears quickly and get back on their feet.

My caveat with Kensington is that in the event of any financial mishap or redundancy you really will be in trouble. Kensington tops the tables of repo actions in county courts.

midebt

luckyfool wrote: »

The danger is, that if you do have an impaired credit history and are unable to obtain a mortgage from a high street lender then ditching Kensington and looking elsewhere is unlikely to be a good option. In recent weeks turbulence in the UK sub prime market has mean rates going up almost across the board with criteria also being tightened and some lenders withdrawing from the market completely. It may well be that any alternate lenders are going to be on less advantageous terms than Kensington.

Having said that I don't understand why you are having to fill new forms in. Is this a remortgage questionnaire from the solicitor, or is it a full new application form from Kensington?

its anew re- mortgage questinaire from new solicitors..?????

we recieved the offer from kensington this week but meanwhile thy have changed solicitors becasue the the older ones are no longer FEE FREE!!! so now we have to go through the long process again with the nre solicitors ( thats if we decided to )

thy have not even told the other solicitors

Conrad

All subprime lenders are a lesson in complexity which leads to errors. You are unlikely to be better off elsewhere, same !!!!!!, different smell as they say.

As another poster points out, you would be advised not to hang about. Some lenders have recently withdrawn mortgage offers after they were made due to them closing down. Others are hiking rates, some by 2 or 3%. Most are tightening criteria.
Not a time to dither.

luckyfool

midebt wrote: »

its anew re- mortgage questinaire from new solicitors..?????

we recieved the offer from kensington this week but meanwhile thy have changed solicitors becasue the the older ones are no longer FEE FREE!!! so now we have to go through the long process again with the nre solicitors ( thats if we decided to )

thy have not even told the other solicitors

But you already have a mortgage offer in place, you're unlikely to get things done faster by changing lenders at this stage. Get the new remortgage questionnaire returned asap, on a remortgage the legal work can be done quite quickly once they have the questionnaire back and the mortgage offer.

luckyfool

vikingaero wrote: »

A family friend got into trouble with the Woolwich and they didn't take any court action until 6-9 months payments were missed. They remortgaged with Kensington and with 2 months arrears Kensington immediately applied for possession. Fortunately they were able to pay off the arrears quickly and get back on their feet.

My caveat with Kensington is that in the event of any financial mishap or redundancy you really will be in trouble. Kensington tops the tables of repo actions in county courts.

The bottom line here is Kensington and other adverse credit lenders are offering a "second chance" to people with credit problems. Any adverse lender is going to be understandably quicker on the trigger than high street lenders and if I was the lender then I would behave in exactly the same way. If you have had credit problems in the past and had mortgage arrears, and are not in a position to be confident that you can maintain your payments on a new mortgage with an adverse credit lender then people in that scenario should consider renting.