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Kensington 2nd charge mortgage, on repayment basis, only 23% of each payment


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got 2nd charge mortgage, on repayment basis, only 23% of each payment goes to capital payment, the rest is interest.

 

How can I challenge this, I think I am being robbed here, I was thinking of contacting the ombudsman about it.

 

Is there anything else I can do? Any template letters to send to them?

 

Any help / suggestions, will be greatly appreciated.

 

Thanks

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I think this is correct, this type of mortgage services the interest first because it is front loaded. You will find as you get toward the end of the mortgage, you will start to see the Capital loan reduce as well.

 

Can you let us know what company you have taken the 2nd charge mortgage with ?

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Ah.. well yes the interest on a loan from this crowd is quite high and front loaded which is why you are not seeing the capital loan reduce yet. What length of time is this loan over ?

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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