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kensington / engage credit

connor08
connor08 Posts: 93 Forumite
Ninth Anniversary 10 Posts Combo Breaker
edited 20 July 2023 am31 11:30AM in Mortgages & endowments
I hope this post will help people like me . 
I am a mortgage prisoner i was identified in october 21 that i was a mortgage prisoner Kensington mortgages to reduce my rate offered a rate change to reduce my interest rate . in march 2022 kenington sold my account to engage credit . Since then Our interest only mortgage balance was increasing for no reason at all . because they said we had been in arreas when it was with kensington . but this is not correct . So long and the short of it when kensington offered us the new rate they didnt offer a range of products that they offered to their current customers . we also found that we qualified for a fixed rate ad this was not offered . so kensington have been in breach of principle 6 (A firm must pay due regard to the interest of their customers ad treat them fairly ) they are in breach of MCOB RULES (11.8.1 e) 
so the ombudsman have upheld my complaint and told my new lender engage credit . to  re - work the mortgage back date to december 2021
Give me a kensington mortgage fixed rate poducts from the rate list that kensington had for their existing customers in 2021 for the appropriate ltv bracket .having the resulting over payments paid back to us .by adding 8%simple interest to each payment as if we took the account out in 2021. I can either then have the overpayments refunded to me or have the capital compounded off my mortgage balance . Kensington has stated that they use a securitization method for their mortgages and its quite unfair . because it is based on the time that you took out the mortgage with them to qualify for certain products . which is wrong the characteristics are the here and now not what your mortgage used to be 18 years ago when we took it out . so please it is worth looking at .  Start by getting an evaluation of your home in that period of time if this applies to you . (this will tell you what ltv bracket you fell into at that time )

Comments

  • I’ve had something similar happen to me. We took out an interest only mortgage with Kensington in 2003 and had a shock when the company had been taken over by Ensure. We’d had no correspondence to inform us etc. We then had a lovely letter from Kensington thanking us for settling the outstanding amount and paying off the loan. I was a bit lost as to what was going on as myself and my ex had parted and he’d remained at the property with the agreement of paying the mortgage. I then contacted the land registry and had a search done which stated we owned the house outright. The mortgage has always continued to be paid on time, no arrears etc. but when we had some strange financial advisor call us asking us to sign a ‘charge’ for the property I refused. Apparently Ensure had failed to secure this at the time of changeover from Kensington. I’ve now had a High Court hearing issued in London fir February 2024. I’m assuming it’s to get me to sign a charge? Any advice please 
  • chanz4
    chanz4 Posts: 11,050 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    kymoja4 said:
    I’ve had something similar happen to me. We took out an interest only mortgage with Kensington in 2003 and had a shock when the company had been taken over by Ensure. We’d had no correspondence to inform us etc. We then had a lovely letter from Kensington thanking us for settling the outstanding amount and paying off the loan. I was a bit lost as to what was going on as myself and my ex had parted and he’d remained at the property with the agreement of paying the mortgage. I then contacted the land registry and had a search done which stated we owned the house outright. The mortgage has always continued to be paid on time, no arrears etc. but when we had some strange financial advisor call us asking us to sign a ‘charge’ for the property I refused. Apparently Ensure had failed to secure this at the time of changeover from Kensington. I’ve now had a High Court hearing issued in London fir February 2024. I’m assuming it’s to get me to sign a charge? Any advice please 
    thing is they will get the charge, your just incurring costs for something that will happen. 
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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