Advantages: You get what you need out of them Disadvantages: Obscenely high interest rates, no reward for loyalty.
I took over a mortgage with my partner in 2005 following her messy divorce and our of desperation with all the debts her ex left her.
We were directed to Kensington via a local Broker, which I have now learnt to be probably more to do with their high rate of commision to the broker and little to do with our own personal circumstances.
The most they would offer us was £60,000 despite the value of the house being £30,000 more. This was largely due to the absolutey massacred state of my partners credit rating because of the joint finances the ex left her paying..... and the fact I was only on a modest full time wage (NHS!)
By the time all the kinks were ironed out, including removal of a charge on the house thanks to the cursed ex, we were relatively happy to have settled, had enough left over for the rest of the double glazing ...
Advantages: none Disadvantages: very expensive and our always delaying by 2 months plus ? joining they interest rate drop
hi every one heres the snag iv got 2 mortgages kensington & capital home loans kensingtons mortgage £233.000 im paying £833 a month capital home loans £296. 500 im paying £433.00 a month im also in a tied in for 3 years with kensington wich ends in december thank god £14000 charge if id of sold before my 3 year contract ended as plus they dont allow you un der no circumstances to be able to draw down off your property no matter how much equity you.v got also there lack off comunication . so in a nut shell big deposit ? high rates compared to other lenders? impossible to draw down ? and if you should lose your job ,and youv built a lovley extension on your house your shnucked, they cant even get repossetion prices.{1} my advice dont go self cert .{ 2} if you.v got a big deposit keep hold off it and rent why 'buying is dead money ...
Advantages: Self Cert - likely to get a bigger mortgage than you would with other Lenders Disadvantages: Higher interest rate
I used Kensington to get a self certify mortgage. We had a house to sell which my partner owned and it didnt sell but we needed to move to another city. I got a £200,000 mortgage which I would not have been able to obtain through a normal high street Lender on my wage alone which then enabled us to move before the other house was sold. The interest rate is high but it is fixed so I have not been affected by the recent interest rates rises. The downside is a three year tie in, but this ends next June. So we intend to re-mortgage and reduce the mortgage with the funds from the house sale and we will then be able to get a much better rate mortgage on both our incomes. I've found Kensington very helpful to deal with. They were also understanding when I made a late payment whilst on maternity leave. Useful as a short term mortgage but not ...
