Remortgaging FROM Kensington.

obay

So we are putting in a full application with Kensington. We understand that we have to have this mortgage as we have adverse credit.

It was cheaper then precise. That's for sure...

Can anyone tell me if they have successfully moved away from Kensington? We're only going on a two year fix with them but I'd perfer not to stick with them...

AnotherJoe

obay wrote: »

Can anyone tell me if they have successfully moved away from Kensington? We're only going on a two year fix with them but I'd prefer not to stick with them...

If they haven't, that would mean there is a rule that once you have a mortgage with Kensington then for the rest of your life you can never have a mortgage with anyone else. Seems unlikely !

amnblog

You need to keep your nose clean to improve your credit record to move away from Kensington.

Being with them is not the issue to get a more competitive rate later.

Your credit history is the issue, as it is now.

obay

amnblog wrote: »

You need to keep your nose clean to improve your credit record to move away from Kensington.

Being with them is not the issue to get a more competitive rate later.

Your credit history is the issue, as it is now.

Yes I know this but what I am asking is how easy is it to move away from them I am only wanting to stick with them for two years to get on the ladder...

davidmcn

obay wrote: »

Yes I know this but what I am asking is how easy is it to move away from them I am only wanting to stick with them for two years to get on the ladder...

Not sure why you think it might be difficult to move away from them - like any mortgage all you need to do is pay off the amount due. The new lender isn't going to care about who your existing lender is.

obay

davidmcn wrote: »

Not sure why you think it might be difficult to move away from them - like any mortgage all you need to do is pay off the amount due. The new lender isn't going to care about who your existing lender is.

Well, I am a bit worried about it as I've read some stories that they are hard to move from..

What do you mean pay of the amount due? I wanted to remortgage to obviously go to high street lender..

davidmcn

obay wrote: »

Well, I am a bit worried about it as I've read some stories that they are hard to move from..

What do you mean pay of the amount due? I wanted to remortgage to obviously go to high street lender..

What do the people telling these stories mean when they say "they are hard to move from"?

With any mortgage you have a loan account with a balance due - you can pay it off whenever you want (subject to also paying any early redemption charges). That's what happens when you remortgage.

obay

davidmcn wrote: »

What do the people telling these stories mean when they say "they are hard to move from"?

With any mortgage you have a loan account with a balance due - you can pay it off whenever you want (subject to also paying any early redemption charges). That's what happens when you remortgage.

So... so I understand if I after two years have £146,000 left out of my original loan of £151,000 can I pay off this with the remortgage and what happens to kensington? would I be allowed to remortgage?

I'm very noobie, sorry

fewcloudy

obay wrote: »

So... so I understand if I after two years have £146,000 left out of my original loan of £151,000 can I pay off this with the remortgage and what happens to kensington? would I be allowed to remortgage?

I'm very noobie, sorry

Kensington will care not one jot what you do or where you go, once you give them their £146000 if that is the outstanding amount on your mortgage.
The issue is finding another lender, more suitable for your financial position in 2 years time. This time it was Kensington who were able to meet your needs, next time probably a different bank.
Whoever told you Kensington are "hard to move from" doesn't understand how mortgages work.


fc

davidmcn

obay wrote: »

So... so I understand if I after two years have £146,000 left out of my original loan of £151,000 can I pay off this with the remortgage and what happens to kensington? would I be allowed to remortgage?

You pay them what you owe them and wave goodbye. That's it. A remortgage is basically just getting a new loan to pay off the old loan.

obay

fewcloudy wrote: »

Kensington will care not one jot what you do or where you go, once you give them their £146000 if that is the outstanding amount on your mortgage.
The issue is finding another lender, more suitable for your financial position in 2 years time. This time it was Kensington who were able to meet your needs, next time probably a different bank.
Whoever told you Kensington are "hard to move from" doesn't understand how mortgages work.


fc

In two years time my default will drop off my credit report, which is why I wanted to know. I only did a quick google search for their reviews or whatever..

Do you think my plan is plausible? Will the high street lend to me?

Does Kensington have an online banking facility to view statements and make overpayments?

I'd like to either OP or save in an interest account to overpay once I remortgage...