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| kevin b | Apr 11 2006, 07:51 PM |
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hi whistleblower Just over a year ago we decided to put our flat on the market as it was getting too small for us. We had edverse credit rating so we had 2 plans of action. 1 Sell the flat and reat a proprty for a year or two to get our feet back on the ground. (we had quite a bit of equity) or 2 aprroach TML to see if they could help us out in anyway, after all it was thier big selling point, helping out people in our position. We approached TML first, told them our situation, what we had to sell, what we were hoping for loan wise, how much deposit we had to pay (£20k). All the usual stuff. Now you would be thinking why be apprehansive with TML if with a £20k deposit and thier promises on TV. Well here goes Around 2 years ago, we were hoping to sell our flat and move into something bigger, the market wasn't as bouyant as it is now, so the equity we had was only about £7,500. So we spoke to TML and they said yes they would lend us £52K if we put a £5k deposit down. We duly arranged this and had our flat just about sold to a work colleague, this is when the trouble started, things were getting held up and everytime i rang it was one excuse after another as to why the loan hadn't gone through. In the end I approached someone and asked outright what the hold-up was, and he told me that the finance company at that time would only lend us the money if we raised our deposit to £10k. There was no way we could do this so the sale of the flat fell through, and everything else ground to a halt. On top of this we lost £395 deposit we had to pay up front, which we could ill afford to lose.  So, that is why we apprehensive about going back to TML. This time however, we had a very nice financial advisor come to our house and took us through all the stages of what was going to happen and what could happen if things ever went wrong. (this time there were no up front fees). As he left he said "thank you very much and I hope you enjoy your new house" Yeah we thought, another one that will never materialise. But, to our surprise the mortgage was through within 6 weeksand moved into our new house 12 weeks after selling our flat, (it took that long because the person buying ours took so long getting her money together). So, all in all the mortgage was through Kensington via TML and we had no problems with them, right from the very beginning phoning up, them organising solicitors, and to the very end where we signed the contracts both TML and Kensington were and still are excellent examples of how some sub-prime lenders can work.  Hope this information is of use to you, but we as yet can not pick fault with Kensington Mortgages. regards kevin |
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| Kensington Mortgages · Kensington Mortgages | |
3:51 AM Nov 26
