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  • FIRST POST
    • Christabelle
    • By Christabelle 18th Dec 17, 1:34 PM
    • 10Posts
    • 1Thanks
    Christabelle
    Kensington Loan Not Mortgage
    • #1
    • 18th Dec 17, 1:34 PM
    Kensington Loan Not Mortgage 18th Dec 17 at 1:34 PM
    Hi everyone!

    I need some advice please.

    We consulted an independent financial advisor for our current Kensington mortgage and received a letter from them recently to say that the "loan" we had with them would now be referred to as a mortgage?We've had the mortgage/loan over 20 year and as far as we were concerned it has always been a mortgage but this brought back memories of when we were unfortunately unemployed and we were refused help towards our mortgage payments because it was insisted it was a loan not a mortgage? We didn't think anything of it at the time. We have never thought of it as any other than a mortgage so it looks like we actually had/have a loan

    The question is do we have grounds for complaint/compensation and if so who do we approach because if this is/was in a fact a loan it was most definitely mis sold to us. Not sure if the advisor is still around, can't see any evidence of his business still being in existence?

    Many thanks
Page 1
    • zx81
    • By zx81 18th Dec 17, 1:44 PM
    • 17,287 Posts
    • 18,403 Thanks
    zx81
    • #2
    • 18th Dec 17, 1:44 PM
    • #2
    • 18th Dec 17, 1:44 PM
    If it's a secured loan, it doesn't matter whether you call it a loan or a mortgage.
    • dunstonh
    • By dunstonh 18th Dec 17, 1:52 PM
    • 93,048 Posts
    • 60,443 Thanks
    dunstonh
    • #3
    • 18th Dec 17, 1:52 PM
    • #3
    • 18th Dec 17, 1:52 PM
    We consulted an independent financial advisor for our current Kensington mortgage and received a letter from them recently to say that the "loan" we had with them would now be referred to as a mortgage?
    The classifications of secured borrowing changed. It doesnt change terms of the mortgage but they will be referred to generically in a different way. Secured loan, second charge loan, further advance, second mortgage. Doesn't matter what you call it really. A mortgage is a loan.

    The question is do we have grounds for complaint/compensation and if so who do we approach because if this is/was in a fact a loan it was most definitely mis sold to us.
    How have you lost out financially by your opal fruit now being referred to as starburst?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Christabelle
    • By Christabelle 18th Dec 17, 1:56 PM
    • 10 Posts
    • 1 Thanks
    Christabelle
    • #4
    • 18th Dec 17, 1:56 PM
    • #4
    • 18th Dec 17, 1:56 PM
    Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?
    • dunstonh
    • By dunstonh 18th Dec 17, 2:06 PM
    • 93,048 Posts
    • 60,443 Thanks
    dunstonh
    • #5
    • 18th Dec 17, 2:06 PM
    • #5
    • 18th Dec 17, 2:06 PM
    Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?
    Originally posted by Christabelle
    It is a mortgage. A second charge mortgage. It isnt the name that prevented you getting benefits. Support for mortgage interest is available on first charge mortgages or loans taken out for certain repairs and improvements to your home. You also have to be claiming income support, jobseekers, E&SA or UC.

    SMI is ending as a benefit. It is being replaced with a loan which you have to repay.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • fatbelly
    • By fatbelly 18th Dec 17, 2:17 PM
    • 12,362 Posts
    • 9,403 Thanks
    fatbelly
    • #6
    • 18th Dec 17, 2:17 PM
    • #6
    • 18th Dec 17, 2:17 PM
    Well yes because we were refused help benefits wise because it was a secured loan rather than a mortgage. Surely the difference means our rights are affected in some way?
    Originally posted by Christabelle
    SMI only pays (paid?) the interest on loans used to purchase a property. Did you use the Kensington loan for another purpose?
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