FCA forces Kensington to change 7,000 borrowers' mortgage terms

The regulator said the terms contained in the Money Partners mortgage conditions booklet were ‘likely to be unfair' as they provided Kensington with too much discretion. This was first published in 2004 and used for mortgages made under the Money Partners brand until 2007. The terms included the right to demand full repayment of the mortgage if any term was breached or there was a change in the customer's circumstances. Kensington was also able to raise a customer's monthly payments if they were insufficient to clear the debt by the end of the mortgage term. The FCA also stated ...