My Kensington worries

[leepy]

Hi all,

recently i have been researching my lender kensington mortgages as i was expecting to be paying less for my mortgage due to the drop in interest rates. After a phone call to kensington it seems its going up, the current KM svr is 7.2% i have a feeling they add more on this but im just not sure how it works?

 

From what i read about these sharks they just increase the interest rate until you cant afford the repayments, is this an accurate enough description?

I know i cant remortgage as im self employed went self cert and have lost all equity in our home due to the downturn in the housing market.

 

In a nutshell im terrified i am now at the mercy of their svr, things are tight as it is, but to think the interest rate is going to keep creaping up i know its just a matter of time before i cant make a payment.

 

If anyone knows if a can or how to negotiate a capped or lower rate i would be so thankful, any advice would be great.

 

For all the stories i have read and tough times you have faced my heart goes out to you all, good luck all! x

[brassed-off-2]

welcome to the forum, someone will be along shortly who will be able to help better than i can....b-o-2

 

just bumping

[abroadgirl]

oh my i feel so sorry for you and quite honest where do i start

we were heart broken we was with the sharkes and it came that 3 yrs ago my hubby was made retired from his work now he had all the tests, x rays and oh my i have lost count how many medicals he had yes it was tehm so cut a long story short we took out ppi

we only had it for a year they said and we have to pay for it how come when we are still paying ppi anyway the buggers went for it and court action it was nearly a thousand we owed and they kept putting charges fees interests on top and would u believe every month was trhe same and up n up it went in the end we had to either get out or sell it so we sold it to buy now sell your house and rent it back we didnt want to but that how we were and were still in the house paying private rent

sorry its not really helped we went to a solicitor and she said how much do u owe it was £900 and say 50 pounds she screach it that all she thought it was in there thousands.

abg

[abroadgirl]

hi again if they havent done so yet you will get a letter from them asking for what you owe etc and theres a number they say to call on now i know from my experience this number you can make arrangements with them an amount that you can afford, and they will set it up for you and then however it may be monthly, fortnightly weekly whichever perm you select then you agree to phone this number and make a payment using you c/card or debit card etc

they will let you do this but yes they do put it up themselves

i will be back when i find ourt some more for you

hugs

abg

[gizmo111]

What was the deal in your original mortgage offer?

[leepy]

we went fixed for 2 yrs at 6.69% which ends in june, it thens goes to 7.2%? How they have that figure when the b of e is at 1% is just a mystery?Thankyou for your posts, are you saying i can negotiate a better rate with them, i havent missed payments yet however everyone has a limit to what they can afford and if the repayments are gonna keep moving up its just a matter of time before it will happen

[gizmo111]

it thens goes to 7.2%?

 

Where are you getting this figure from? Is the deal 6.2 above base when the fix ends?

[leepy]

I got this figure from kentsington, i called them and asked for the current SVR, so in june my fixed 6.69 rate goes up to 7.2 svr.

[gizmo111]

So you go to the SVR when your fix ends?

What is your house vlaue and how much is your mortgage?

[OLIVE.FAMILY]

Hi there. Pleased to here you are actually on good terms with KMC. I believe from what I have read in mpst posts around here kmc personalise there rates to the customer so yours in theroy should be one of there better ones as you have been good. Yes the rates are going down but KMC did get really really high at one point. They certainly do not follow the B of E. Having said that they did give us a reduction in December and I believe that they re evaluate the rate every 3 months so I was kind of hoping for a letter soon so that the first reduced payment woukld be in April as they have to give you a months notice befor it changes.

 

Hope this helps a little

 

olives xx

[leepy]

fixed ends and then hit the SVR. home is prob worth what we owe 135000 just.

I dont think a 100% LVT self cert mortgage exists so no chance of a remortgage!