Kensington Mortgages and 2nd Charge

Noobie2011

Hi All,

Looking for some advice if possible.

We are in the process of hopefully selling and buying our new house but seem to be getting some confusing information on our existing 2nd Mortgage.

We are going through Kensington due to a couple of late payments in the year and not managing our debt very good as in always pay on time but a high utilisation rate.

Anyway we were waiting until Mrach this year as we were advised by a brokerthat our 2nd charge needed to be 6 minths old before Kensington would consider us. We have now just been advised Kensington would not accept the 2nd charge at all so this has confused me as in essence the 2nd charge would be paid off in the house sale so why have a rule they would not accept it. We are also speaking to another broker who had never heard of this 6 month rule.

So I have gone back to both and asked to query this as does not seem right and can only find info on remortgaging with Kensington that states “no remortgage allowed with 12 months of previous purchase or remortgage” but nothing about a new mortgage with them.

Just wondered if anyone had experience like this

Thanks

Neutrinno

I think the broker you have been speaking to has got this wrong. Kensington don't accept remortgages within 6 months of a purchase or previous remortgage. Since you are getting a new mortgage with them and just repaying a second charge out of the equity as part of the sale this would not make any difference to them.