Kensington Mortgages

[ED1237]

Hi all,

 

I need to gather some information for my claim against Kensington Mortgages. If anyone has in the past or currently still has a mortgae with this lot and had or have a tie in, can they let me know what percentage the tie in was/is over the 3 years. I dont want amounts just the percent.

 

Thanks for all your help.

[ih8kensington]

As you can see from my name I'm no fan of kensington mortgages.

 

Ive read the kensington general mortgage conditions booklet for England and Wales (2004-1st edition). This and their mortgage offer are all I have to go on.

 

They actually sent me a copy at my request about a year ago whilst trying to use their usual strong arm tactics in one of our disputes. So I believe this is up to date otherwise they should have sent me an update.

 

THE FACTS AS I SEE IT

 

section 22 headed METHOD OF CALCULATING INTEREST states variable rate will never be less than 1% or more than 3% above LIBOR rate.

 

Thats basically it, although it also says the libor rate is fixed not less than quarterly.

 

section 1 defines LIBOR as that of the London inter-bank market sterling rate at 11am rounded up to next 0.5%.

The rate is the rate that appears on the display designated as the british bankers association's interest settlement rate on the dow jones / telerate monitor screen No 3750.

DOES ANYONE KNOW WHAT EXACTLY THIS IS???

I presume its the standard libor rate as mentioned below.

 

In my so called agreement with Kensington they can charge me 2.5% above their variable rate.

Because Libor is presently less than 2% the above means according to their conditions my rate should be lees than 2+3+2.5=7.5%

I have a letter from Nov 08 stating my rate would be 8.45% from 1st December.

Based on the above I can only assume my rate will drop below 7.5% soon assuming libor stays low.

 

I think this applies to everyone and the only variable is any additional percent you may have in your agreement.

From reading some other threads I wonder why Kensingtons so called customer services are so incapable of explaining this.

 

The BBA website holds historical libor rates which are open to download and go back several years.

Its worth checking that you have been charged correctly in the past. Although don't get your hopes up as the libor rate has been much higher in the past.

 

Finally I have a few questions if anyone can help

 

In the BBA historical libor downloads you can get an idea of the average rate, but would appreciate if anyone can explain what the different figures mean.

 

I believe my mortgage advisor acted purely for their own benefit although on completion they harrassed me to sign a form stating I was satisfied with their advice. Is their anything I can do to return some of the grief this mortgage has given me.

 

Hope this is of some help

 

Viva les revolution! Nationalise the banks! Nationalise the energy companies! Force companies to pay their bills within 28 days! and the world will be a better place.

[pombix04]

Dear ih8ken

 

I fully understand and am in the same position as yourself. I fully understand the frustrating part about not being able to find out the Libor rate thing. They are in fact in breach of their contract for not publishing it as it stipulates in their agreement booklet. You seem to have gone throught the same process that I have gone through in order to find out their SVR. been to the FSA, online blah, blah.... NO ONE SEEMS TO KNOW!!! You know the saying : If it smells like a fish, looks like a fish, well then its likely to be a fish.

 

Maybe we could get in touch and put our brains along with a few others in the SAME position and get ourselves a good SHARP lawer. to get to the bottom of this. What do you think? Feel free to drop me a line on

07958 77 55 63

 

Regards

Astrid

[nomorecrooks]

As you can see from my name I'm no fan of kensington mortgages.

 

Ive read the kensington general mortgage conditions booklet for England and Wales (2004-1st edition). This and their mortgage offer are all I have to go on.

 

They actually sent me a copy at my request about a year ago whilst trying to use their usual strong arm tactics in one of our disputes. So I believe this is up to date otherwise they should have sent me an update.

 

THE FACTS AS I SEE IT

 

section 22 headed METHOD OF CALCULATING INTEREST states variable rate will never be less than 1% or more than 3% above LIBOR rate.

 

Thats basically it, although it also says the libor rate is fixed not less than quarterly.

 

section 1 defines LIBOR as that of the London inter-bank market sterling rate at 11am rounded up to next 0.5%.

The rate is the rate that appears on the display designated as the british bankers association's interest settlement rate on the dow jones / telerate monitor screen No 3750.

DOES ANYONE KNOW WHAT EXACTLY THIS IS???

I presume its the standard libor rate as mentioned below.

 

In my so called agreement with Kensington they can charge me 2.5% above their variable rate.

Because Libor is presently less than 2% the above means according to their conditions my rate should be lees than 2+3+2.5=7.5%

I have a letter from Nov 08 stating my rate would be 8.45% from 1st December.

Based on the above I can only assume my rate will drop below 7.5% soon assuming libor stays low.

 

I think this applies to everyone and the only variable is any additional percent you may have in your agreement.

From reading some other threads I wonder why Kensingtons so called customer services are so incapable of explaining this.

 

The BBA website holds historical libor rates which are open to download and go back several years.

Its worth checking that you have been charged correctly in the past. Although don't get your hopes up as the libor rate has been much higher in the past.

 

Finally I have a few questions if anyone can help

 

In the BBA historical libor downloads you can get an idea of the average rate, but would appreciate if anyone can explain what the different figures mean.

 

I believe my mortgage advisor acted purely for their own benefit although on completion they harrassed me to sign a form stating I was satisfied with their advice. Is their anything I can do to return some of the grief this mortgage has given me.

 

Hope this is of some help

 

Viva les revolution! Nationalise the banks! Nationalise the energy companies! Force companies to pay their bills within 28 days! and the world will be a better place.

 

The LIBOR rate you require is the 90 day - 3 month closing libor rate on the last day of the month in which Libor is setby KMC. Do NOT use the monthly average as this could differ significantly.

 

I would add that the Libor rates KMC has used in my case differ markedly from what the rates are reported as: that it would seem that KMC has been less than honest.