| Product: |
Kensington Mortgage Company |
| Date: |
09/08/00 (1593 review reads) |
| Rating: |
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Advantages: Will lend in very difficult circumstances
Disadvantages: VERY expensive
This is one lender that I would be very cautious to recommend to anyone. They are a specialist lender to people who would find it difficult to get mortgages elsewhere. In other words they are a high risk lender, lending to borrowers with less than perfect credit histories.
The problem with this is that where a lender takes a greater risk they want a greater reward, so anyone who borrows from them will have to pay for this and as such the interest rates charged by the company are a lot higher than the normal rates, additionally there will also be very high redemption charges.
The charges can be so high that if anyone cannot get a mortgage elsewhere I would really recommend taking a rented property and some time out to fix your credit history, otherwise you could be faced with a very high mortgage and the options to use them as a short term lender and then change to a better one after a few years and a good payment record is often prevented by the redemption charges.
Please please do not use this lender.
Summary:
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Last comments:
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- 17/04/07 I HAVE NEVER JOINED IN A FORUM LIKE THIS BUT JUST BROWSING THE KENSINGTON BLOGS FELT I HAD TO GIVE A WARNING TO ALL THOSE OUT THERE DESPERATE TO GET ON THE PROPERTY LADDER. MY PARTNER AND I ARE 3 MONTHS AWAY FROM THE 3 YEAR LOCK IN, GETTING THIS MORTGAGE WAS THE WORST THING WE COULD HAVE EVER DONE, SCARED THAT WE MAY MISS OUR FINAL OPPORTUNITY TO GET ON THAT FIRST RUNG, WE HAD A BROKER WHO AFTER LOOKING THROUGH OTHER LENDERS ADVISED US TO GO FOR KENSINGTON AS WE HAD A CCJ AGAINST US (UNUSED GYM MEMBERSHIP!!) OUR PAYMENTS BEGAN AT £1200 AND AFTER THE FIRST YEAR HAVE ROSE AND ARE NOW AT £17500 PER MONTH FOR A £211,000 MORTGAGE - NOT A MANSION! I HAVE BEEN WORKING 5 DAYS AND 3 NIGHTS TO KEEP UP WITH THE PAYMENTS, SO WISH WE HAD RENTED AS PREVIOUS ADVICE SUGGESTED, WE COULD HAVE SAVED A FORTUNE THIS KIND OF FINANCIAL PRESSURE CAN COST YOU MORE THAN MONEY! SUCH AS HEALTH AND RELATIONSHIPS - VERY STRONG WARNING STAY WELL AWAY. ITS NOT JUST A QUESTION OF KNOWING THE LAWS AROUND THE POLICY MY PARTNER FELL ILL AND HAD OPEN HEART SURGERY AND AT 35 YOUR NOT THINKING ABOUT LIFE INSURANCE, AND WAY ENOUGH OF MY BLEATING ON PLEASE BE CAREFUL |
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- 11/05/06 As with anything, if you know what you are getting into and what the law is surrounding your mortgage then that isn't a problem. If you havea bad credit rating you can't expect a low interest rate - if you don't pya, you can expect to be penalised and possibly repossessed for it.. as long as you stick to your agreement it is a good place to tidy up your credit rating. |
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- 06/01/05 Kensington are a sub-prime lender with rates so high they will make you feel sick. I wish I had followed Amyrlin's advice and waited till my credit rating was sorted out before borrowing from Kensington.
Fortunately it is now and I have moved mortgages and even with the sizeable Kensington early redemption penalty added onto to my original borrowing amount I am still over £500 a month better off.
Avoid Kensington at all cost and if they are suggested by your mortgage adviser; seek out another adviser.
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