Which mortgage terms and conditions – Kensington or MX?

by Readers Question

8:41 AM, 20th October 2015
About 3 years ago

Which mortgage terms and conditions – Kensington or MX?

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Which mortgage terms and conditions – Kensington or MX?

I took out my mortgage in 2006 with Kensington and that then changed to MX.
We unexpectedly moved to Australia on a 4 year visa (2013) and rented out our house in the UK. I spoke to MX and they sent out the letting agreement pack which was completed and returned along with our new Australian address.which one

Moving on 2.5 years I have spoken to MX several times to ask for my mortgage balance in case we decide to sell. Every time I ring I discuss that I now live in Australia and mention our tenants that have a 12 month agreement in place. They have my address in Australia and I have been open and honest about our tenancy agreement from day one.

We probably won’t move back to the UK but would like to pay off some more of the mortgage before we sell the house.

MX said they didn’t have an agreement in place for me to rent out the house so I raised a complaint with them as they had been sent the required information upon us departing the UK.

They sent out new forms for completion (a year later) – to the wrong address.
I rang again and they sent out more forms that have now arrived. I have completed the forms but after googling MX issues I found this website and its scary to read some of the issues.

Before I send anything back to them, I’m wondering what mortgage terms and conditions I should be following – Kensington or MX?

My original documents are in the UK but will be coming over for me to look through in December.

Any advice or help would be hugely appreciated please.

Ali

 



Comments

Neil Patterson

8:42 AM, 20th October 2015
About 3 years ago

Hi Ali,

I will see if Peter Fisher can help on this question 🙂

Neil Patterson

9:37 AM, 20th October 2015
About 3 years ago

Hi Ali

Peter said that this is "not an easy one without the paperwork, but in theory the Kensington Terms could apply over MX, but as I say I would need to see the T & C’s of both and how the ‘transfer and or securitisation’ happened.

It does not surprise me that MX say they did not get the forms – were they sent in normal post or signed for? One other point is was this a normal residential mortgage from the start – could be different rules apply ?

Alison Johnston

10:13 AM, 20th October 2015
About 3 years ago

Reply to the comment left by "Neil Patterson" at "20/10/2015 - 08:42":

thank you

Alison Johnston

10:17 AM, 20th October 2015
About 3 years ago

Thank you.
Yes it was a self cert mortgage and we had no intention of letting it out. The job offer here in Australia meant a quick move abroad.
It's an Interest only mortgage and only 1% above base rate so now that we are more financially stable we are able to use the rent to start paying more off the mortgage.
My thought process was to drag my feet responding and see if they contact me again. If they then don't gove the go ahead to let at least the tenancy agreement will be up in May and we could put it on the market without losing money on it in March time. Ideally we wouldn't sell but I'm hoping to have a plan in
Place if they refuse.
I can't remember how the letter was sent but even if it was recorded I don't have proof

Neil Patterson

10:43 AM, 20th October 2015
About 3 years ago

Hi Alison,

You may want to make contact with Peter Fisher who is an expert on legal issues with MX.

Please see his members profile >> http://www.property118.com/member/?id=7217


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