Kensington and Derbyshire Home Loans Ltd.

[slang]

Looks like its 7% as my dad has a Buy to let ( again originally with kensington ) with them also and his deal just ended.

 

- The strange thing is that my dad has a portfolio of over 60 houses... and this is the only lame mortgage he has. I can only think that the product kensington had on the market for that day must have been a good one compared to everyone else.

 

- Do you think that this could be a mis sold product - i.e. - My dad would not have taken this product if it was known that it would be sold to a sub prime lender.

 

Same for me really - I only chose KMC because they were listed on the FTSE200 and I needed a self cert.

 

I would have never have taken a mortgage with DHLL.

 

Would it be fair to compare this to buying a rolls royce and being tied in to a serrvice contract only for the services to be actually carried about by a back alley cut and shut garage that doesn't do the job properly but keeps insisting on being paid top $. ( by work i mean - setting dd's properly, responding to letters and phone calls, not back dating letters , giving adequate notice of changes to pricing etc )

[OLIVE.FAMILY]

Hi all I am with KMC and always have been. I hate them with a passion and they are soon going to regret even knowing me. It is interesting about being mis sold the mortgage. I went with TML for my broker and was under the impression they were going to search the market for my re mortagae. We had a less than perfect credit record but I do not feel it justified Sub prime Anyway it turns out that KMC own TML so the near £3000 i paid them to arrange my mortgage after "searching " the market really went to KMC anyway. mmmm Feeling very ripped off.

 

olives xx

[stuartangelsx4]

2 yrs ago we wanted to change our mortgage from d,h,l after a 2yr deal, so we got all sorted with another company, we have 2 houses with these people, 1 in essex 1 in lincolnshire, house in lincs went through 1st, d,h,l released wrong deeds to wrong house, so deeds for house in lincs has the deeds for house in essex on it, this coursed all sorts of problems, so we are paying mortgage for house in lincs to another company and d,h,l want money for it as well, it was their fault all his happened but will not take responcability for it, so they threaten us with all sorts of action, this was 2 yrs ago now, so they must know this is their mistake as it has been going on for so long, they will not sort it out, solicitors are just to blame and they will not take responcability either.

we now do not know where to turn now. i would like to sue them for all the stress they have coursed me and my family.

g mac had our mortgage 1st and sold it to these muppets.

[slang]

Why not just go through their complaints procedure - Dont accept anything they offer you - get their final response and then take it to the FSO. Im sure you will win and you will also be compensated.

 

I am thinking of making individual complaints about every issue I have had with them. I will not accept anything they offer me as I understand that once a complaint reaches the FOS - DHLL will be billed £300 by the FOS. I will just waste their cash like they waste my time.

 

If we all did this over and over again - for every little thing, such as back dated letters then maybe they would release us without ERC - or at best - go bust.

[stuartangelsx4]

perhaps if we all printed of these messages and we all sent them to every new paper, watch dog, gordon brown, and to a complaintes department, some one would have to take action against them, oh who are the f,s,o because i wll write to them now.

thank you for your relpy.

dawn and stuart thompson

[everton2008]

Hi all,

 

Sorry for keep asking this again but anyone know that the current SVR with DHL is (or if anyone know what it has been over the last 12 months ?

 

This must be really important for anyone who's DHL mortgage fixed rate is coming to an end in the next 2 years, because Sub prime is almost dead and therefore I will need to consider staying with DHL as it will be difficult getting a mortgage with a normal high street lender etc. I am really worried DHL will increase the rate after the fixed term to a huge amount on purpose to reposses me and sell my property to get the money back quickly.

 

At the moment I am paying 6.39% fixed for 2 years and it states in my mortgage offer (which is Kensington) Quote:

 

"followed by Kensignton's SVR currently at 6.90% PLUS 1.35%."

 

My other concern is because the mortgage got sold from KMC to DHL, will Derbyshire use KMC SVR (as thats what it states in the offer from KMC) or will DHL use there own SVR whatever that is. I am worried they use a much higher SVR than KMC.

 

Surely most people who used KMC here but have a poor credit histroy and therefore as sub prime is dead then who is going to servce these people after all sub prime is risky now, which means sub prime borrowers will either have to get rid of the property or pay the SVR that DHL will set until the market picks up.

 

Surely someone out there is paying DHL SVR who can tell me what its like and has it increased or gone down over this year.

 

If I have to, I can stay with DHL pay the hight SVR and buy some time until the market improves but surly this has got to be a fair amount (but I would not be supprised if DHL would charge over 10%+ SVR in this current climate. even if BOE Interest rates goes down ) What is to stop them from doing that ! after all they can set SVR at whatever they like !

 

Please anyone help me and I am sure plenty of you will have to pay the SVR at some point and must know what it is now!

 

Thanks for any help on this matter

[everton2008]

HI again,

 

Out of interest anyone know if they have managed to remortgage and better rate with DHL. I would doubt this as they buy portfolio's and are not lenders.

 

Cheers,

[stuartangelsx4]

well if i say we where paying £780 a month, then after 2 yrs it went up to £1200 a month. but they will try and muck things up like they did with us, and now we are in a mess all because of them. we are get legal advice now, and taking them to court for all the stress they cause.

[everton2008]

Hi stuartangelsx4,

 

thanks for your reply.

 

How long ago was this ? are u with DHL now ? thats half of what ur mortgage was. I am not suprised and know this is things to come for me.

 

Would love to hear from rest of you on this forum and specific figures would be appreciated.

 

Thakns again stuartangelsx4 on this.

[2Tiko]

Hi - my fixed rate (variable) ended earlier this year. As of 1st November the rate I am on is 6.84%.

 

I did look around but found that 6.84% wasn't all that bad for sub prime.

 

Let's hope they pass today's 1.5% interest reduction onto us:-)

[everton2008]

Thanks 2Tiko for you reply.

 

Can u tell me if your mortgage was with Kensington before DHL? and does it say in your original offer SVR plus 1.??%+ or are u just paying DHL SVR only ?

 

How long have u been with DHL and have u asked them for a remortgage for another fixed rate.

 

Your response will be useful

 

thanks again.

[2Tiko]

Hi

 

Just realised a slight contradiction in terms (sorry for the confusion). I was on a standard variable rate which was discounted by 0.9% until 1 July 2008. The original mortgage was with GMAC RFC and they passed the account to Derbyshire Home Loans at the end of August 2006.

 

There is no mention of SVR +1%. As far as I know I am just paying their SVR now.

 

I did phone them around the time my discounted rate ended to ask if there were any other deals available but unfortunately they said "no, not at the present time". I didn't look around too seriously, I just checked a few sites on the internet but still felt the DHL rate was better than I could get elsewhere.

 

Regards

2Tiko

[everton2008]

Thanks for the info 2Tiko. I am pretty sure they dont offer new deals. Your rate is good (I be happy with that) but anyone else on the current SVR and is it the same as 2Tiko's SVR or different ?

[slang]

My DHLL product clicked off the offer period last month and was quoted 7%

 

I called KMC to ask what the current KSVR is ( so I could compare ) - but it seems that KMC state that there is no such thing as KSVR as its different for each customer. is that nonsense or what?

 

My original deal I signed up for was KSVR after 2 years of fixed rate. It was subsequently sold to DHLL. Surely they can not change the basics of our agreement "fairly". I understand that "fairly" is a keyword that the FSO have applied to how customers of FO's have to be treated.

 

Note - I am not a sub prime borrower - but I can not get another product elsewhere as its a BTL product that I cant place elsewhere because of the state of the current market.

[rose100]

Hi,

 

My first post !

 

I read Everton's post with some interest.

 

I was on a fixed rate of 6.39%, which expired end of Sept 2008. DHLL RAISED THE RATE TO 8.22%. This was based on SVR of 6.95 + 1.27 %.

 

Therefore based on this info their SVR in October was 6.95%. But obviously the bank base rates have come down alot in NOV

& DEC 2008.

 

I had the same problems as some of you have with regards to finding out their real SVR. I was kept being fobbed of that each customer has a different SVR !

 

If you read their Mortgage Conditions booklet, they can't charge more than 3% above LIBOR.

 

hope the above helps.

[rose100]

Hi,

 

The LIBOR Rate changes on a daily basis, today its around 3.24%. Banks are keeping this high because of year end cash positions. The rate should come down in early 2009.

 

Personally, I have written to DHLL, that my mortgage rate should also come down. Waiting with some interest of their reply.

 

DHLL definitely a cowboy outfit !!!

[everton2008]

Thanks Rose100 for your reply.

 

Your information is helpful and exactly the info that I am looking for.

 

I assume you are refering to the kensington booklet page 9 section 22.6. It does say they cannot charge more than 3% of the LIBOR rate. I take it this means they cannot charge more the 3% of the libor rate after my fixed rate expires. So if the LIBOR rate for example is 3% they will charge +3%maximum. However they will include the extra 1.25% that is stated in the mortgage offer. so amount will be 7.25% for me ?

 

Secondly you say DHLL have a different SVR for each customer. Is that legal? How can they set this rate differently and under what circumstances for each customer? Doesn't make sense.

 

I just hope the govrnment will step in to rid these cowboys of such a high interest amounts. Gordon Brown should enforce a limit/cap on what the SVR rate should be basd on LIBOR rate. (or is this the case already?)

 

Also has anyone asked for a new fixed rate deal from DHLL and what do they say about that? I was told by kensington and TML that it would be good business sense to keep our custom and they will offer a new fixed rate, but begining to believe I was mislead when I raised this question.

 

I hope we can all keep in touch and please everyone keep posting your experiences and info on SVR rates.

 

Also has anyone asked for Consent to Let and what have they said about that. I understand they charge 1% per month extra for doing this. Is this correct ?

 

Everton

[midge61]

Hi

 

Just to say that I think you will find that the LIBOR rates these firms use is the one that is set every 3 months.

 

I am with SPML and I get a new payment every 3 months. The 3 monthly rate has just been set at 3.3775. My mortgage is 4.25% Plus LIBOR so that means my next 3 months payment will be set at 8.02% I hope which is better than the 10% I have paid for the last 3 months!

[wobbles]

HI Everton, I think I am in exactly the same boat as you, i was with kensington who sold to Derbyshire Home Loans.

 

I had a call from them earlier this week to let me know that they are doing everything they can to help customers who get into difficulty, then the lady looked at my file and realised I had never missed or been late with a payment so she said i did noot need their help but to call them if I do start to struggle.

 

Think i might give them a call tommorrow to see if they can offer me a better deal.

Edited December 11, 2008 by wobbles
missed something out

[everton2008]

Thanks Wobles, It would be interesting to know what they will say when you ask them for a new deal ? Please keep me posted.

 

I trust you are off your fixed rate deal now and on the SVR.? If so what is your new S.V rate ?

 

Cheers

[catapultman]

Hello everyone,

 

I just spoke with somebody at DHL and was told their SVR at the moment is 5.1%. Does anyone have anything different?

[everton2008]

Thanks Catapultman,

 

Did they say that SVR is for you specifically or for everyone on their books (like what most other lenders when they apply SVR) Is you rate comin to an end capapultman?

 

I guess as they buy mortagage porfolio's the SVR would depend on where the mortgage came from ie Kensington, GMAC etc. Could someone clairy this please.

 

Cheers

[wobbles]

HI everton, received confirmation of new rate this morning in post, letter reads as follows:

 

30th November 2008

 

We write to advise you of an amendment to the interest rate that applies to your account.

 

The new rate of interest for your account will be 6.27% from 1st December 2008.

We are taking this oppurtunity of the interest rate change to remind you how the interest rate is worked out. The rate of interest you pay is the variable rate applicable to your mortgage plus the margin applicable to your mortgage product.

The variable rate is never less than 1% above the LIBOR rate and never more than 3% above the LIBOR rate.

Your new minimum monthly payment from the last working day of Dcember is £496.39.

 

I have not rung them yet to see if they will offer me a better deal.

[everton2008]

Thanks Wobbles,

 

Thats useful, I guess they are trying to rinse as much as they can becuase that it the maximum they can charge you (3% above the Libor rate) I can;t see why they would charge less (ie 1%) Have you worked out it is 3% ? or is it less than that. I would be suprised if they calculated with less than 3%? Plus would be interesed to know what factor they consider to use 1%-3% (I don;t think it's up for negotiable!)

 

Worth asking them if they will offer you a new fixed rate ?

 

Cheers again. I now know where I stand when my rate ends in 2009.

 

Keep me posted.

 

Thanks

[wobbles]

according to rose the libor rate on 11th dec was around 3.24 so either the libor rate was 3.27 on 1st Dec or im being over charged by 0.03%.

 

So it looks like they add on the full permitted 3% above libor.

 

Think I will give them a ring this week see if they will offer new deal, just out of interest.