Bad Advice on Remortgaging

Kazzaa_2

We have recently moved and were advised to take out a mortgage with Kensington as we had missed payments on our previous mortgage and we also needed self certification. We were told our repayments would be 1000 per month for the 1st year rising to 1200 for the 2nd and 3rd year. We thought we had only 1 missed payment on our mortgage. We had never received a mortgage offer through the post, we trusted our financial advisor on the information he had given us. Just after we exchanged we found out that we have in fact had 3 missed payments and Kensington put our interest rate up! (The 3rd missed payment was me cancelling the direct debit too early). So we now are paying 1200 per month for the first year and 1600 for the 2nd and 3rd year. I spoke to our financial advisor and asked why i was not told about this sooner as we wouldnt have gone ahead and he said he had only found out the day we exchanged! His company ended up giving us 1000 pound to help pay some of the extra payments. Also we never knew about the redemption penalty, which is around 10,000 again until the last minute. We are now tied in to a mortgage we really cant afford. Any suggestions????

herbiesjp

Did you not get a mortgage offer letter for the new deal?

I would question Kensington and find out at what point they found about the extra arrears - if you exchanged, it means you have had to have accpested the first offer.

payless

Having NEVER placed business with Kensington, I don't know if you have to formally "accept" their offer directly with them, but regardless surely your solicitor checked that you were happy with the offer before exchanging.

Are you saying you never rec'd an illustration (Key Facts - on old or revised terms) that detailed any redemption penalty? BEFORE your application was submitted