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Frequently Asked Questions (FAQs)

A list of questions we frequently receive and the answers to them.

Changes to your account number and the way your mortgage is serviced

As part of our continued service offering to you we would like to make you aware of some changes we are making to the way in which we service your mortgage in 2017.
 
If you have had a change to your account number and the way your mortgage is serviced you will have a letter dated between 13th - 24th November 2017.

The letter will have set out some key changes you will have needed to be aware of and any action you may need to take in the areas listed below:

·  Change of Mortgage Account Number
·  Change of contact details and operating hours
·  Making Payments
·  Account statements and letters
·  Buildings Insurance
·  Interest charging
·  Concessionary rate

If you would like an additional copy of the letter you were sent please contact our Customer Services Department on 0333 300 0921; agents will be available 9am to 5:30pm Monday to Friday.

Are you coming to the end of your mortgage?

When does my Early Redemption Charge period end?

Please refer to your mortgage offer. The section entitled 'What happens if you do not want this mortgage any more' will provide full details.

What happens with Early Redemption Charges if the borrower is deceased?

In this situation the charges will be waived.

Do you accept Redemption monies by cheque?

We do accept cheques. However if the account is charged daily interest a further 5 days of daily rate must be supplied to allow time for the cheque to clear.

How do I Telegraphically Transfer redemption monies?

You need to go to your own bank with the account details supplied on the redemption statement. Your bank will then forward the funds onto us.

Can I use the Redemption Statement beyond the date it is valid?

The notes that accompany the redemption statement will advise you when the figure is valid to and in what circumstances you can add additional interest.

What are the charges associated with redeeming my mortgage account?

There may be Early Repayment Charges applicable upon redemption of your mortgage. You can find this information in your Mortgage Offer. There will also be a redemption administration and deeds release fee charged upon redemption. These fees can be found in your Mortgage Offer. All applicable fees will be detailed in full when you request a full and final redemption statement.

What are the 'Projected Solicitors Costs' included in my redemption statement?

These are predicted costs provided to us by the external solicitors acting on our behalf. They are over estimated to cover any works that may be undertaken within that month in order to redeem your account. If no further work is undertaken at the time the account is redeemed, this amount is refunded back to you.

How much of an LSO (Lump Sum Overpayment) can I make? Is there a fee for doing this?

The amount you can make as an LSO depends on the original mortgage or credit agreement. Please ring Customer Services for more information. We may require to seek your confirmation and evidence of sources of fund.

General questions about your mortgage

What are the benefits of taking independent advice?

The main benefit to having professional advice is working with a professional that is giving you advice based on what's best for you.

What does execution only mean?

In certain circumstances, you can apply for a mortgage or make a change to your Mortgage without taking advice; this is known as an "execution only" mortgage application. However, you will need to know the details of the mortgage or change you want, and be able to deal with the application yourself without speaking to an adviser.

Where can I find information about interest only mortgage?

The Money Advice Service is a free, unbiased and independent source of information that is available to everyone. Click here to access their information.

Can I extend or reduce the term of my mortgage?

If you wish to change the term of your mortgage please contact us on 0333 300 0921 to discuss this.

What interest rate is my mortgage linked to?

If you have a Tracker mortgage that is linked to Bank of England Base Rate then the rate that you are charged will reflect variations in this.

However, in general, our variable mortgages take into account movements in LIBOR (London Interbank Offered Rate), which is the rate at which banks lend money to each other.

We review the variable rate each quarter and make changes accordingly. These changes do not directly reflect movements in LIBOR as the rate is set at the discretion of Kensington within agreed parameters, as set out in your General Mortgage Conditions.

Can I let my property out?

If your property was purchased with a residential mortgage, in certain circumstances we may consent to letting. If you would like us to assess the application, please write to us.

Should we agree to your request the interest rate on your mortgage may increase and you will incur an additional fee for us to carry out the assessment. We will advise you of your new monthly payment and interest rate

What do I do if I want to add, or take off, someone from my mortgage?

Please contact us on 0333 300 0921 to discuss. We may only be able to help in certain circumstances provided you meet our eligibility criteria.

Can I take my mortgage with me to another property?

Taking your mortgage with you to another property is known as Porting. We have a limited number of products where porting can be considered. Please refer to your General Mortgage Conditions to identify whether it is permitted on your mortgage

Can I borrow more money against my property?

We do not currently offer further advances.

Can someone visit me to talk about my mortgage?

We can arrange for a Field Representative to visit your home to discuss your mortgage. This will incur a charge.

Does interest charge daily or monthly to my account?

Your interest calculation will depend on your product. Please refer to your Mortgage Offer for further details.

Who can I speak to about taking out a new mortgage with Kensington?

Kensington mortgages are not available directly to consumers, so please speak to your mortgage adviser about how our criteria might suit your circumstances. Click here to find a mortgage adviser in your area.

Can someone else speak to you on my behalf?

Yes, we require a letter of authority. If you are not sure, call our Customer Services Department on 0333 300 0921.

Can I change my mortgage repayment type?

We may permit customers to convert from Interest Only to Capital and Repayment. Please call us on 0333 300 0921 to discuss further.

Why is my balance not reducing when I make my payments each month?

If your account is operating on an Interest Only basis then you will only be paying the interest due each month and your balance will not reduce.

I find your telephone system very frustrating. Why does it keep selecting the wrong options?

As a company we are continually looking at ways of improving this service and where necessary we are introducing changes to this process to improve our customers’ experience. This system is very sensitive and if you are in an area with a lot of background noise then this can affect the information that is heard. There is also an option to answer the majority of the questions using your phones keypad should your responses not be understood. Unfortunately there is no option to bypass the system.

What is Lenders Interest Only (LIO)? Am I covered?

LIO is a policy that covers the amount owing to the lender and is arranged because a customer has not provided the requested evidence of buildings insurance cover on the property. This policy only insures us and protects our financial interest in the property. It does not provide you with any cover and does not insure the rebuilding cost. This is why it is important for a customer to arrange their own buildings insurance.

Questions about payments

Can I change my regular payment date?

We do not generally offer alternatives to the payment date that is specified in your mortgage offer. If this is causing you problems, please call us to discuss.

Why can't we set up a Direct Debit in the name of a third party?

The money used to make the regular payments must come from a person named on the mortgage. Having the direct debit in the name of mortgage holders is the only way to ensure this is the case.

Can I make additional payments?

Overpayments may be made, however there may be conditions in doing so, such as a minimum or maximum amount. You may also be charged an Early Repayment Charge in some circumstances. Please refer to your mortgage conditions for full details.

What methods can I use to make payments to my mortgage?

Our preferred method of collecting payments is by Direct Debit, however it is possible to also make payments by other methods such as:

  • Debit Card
  • Standing Order
  • Internet Banking

If you are unsure about what payment methods are available, please call us on 0333 300 0921.

Faster Payment

Please ensure your mortgage account number is quoted on all payment methods. If not there is a risk this will not replace your mortgage account.

We are not able to take payments by Credit Card.

Please be aware that additional interest will be incurred if your payment is received after the date it is due.

What if I am having problems making my mortgage payment?

We have a range of forbearance options available to assist customers who are experiencing financial hardship. Please contact our office as soon as possible to discuss the options and ensure a contact method is available. Please also ensure you seek independent financial advice and free debt advice agencies.

Details of two free debt advice agencies that are available are included below:

Citizens Advice Bureau
www.citizensadvice.org.uk

National Debtline
Tel: 0808 808 4000
www.nationaldebtline.co.uk

Questions about deeds

Can you give me information about the boundaries of my property?

Providing the details are held with the original deeds we can supply copies of plans and boundaries upon receipt of a written request. If we do not hold the required details we will provide a leaflet regarding boundaries from HM Land Registry which will show you where you can find the required information.

Questions about insurance

Can I arrange my own buildings insurance?

It is part of your terms and conditions of the mortgage that you ensure that you have adequate buildings insurance in place at all times. Please send us a copy of the schedule each time your insurance is set up or renewed. Please note, if we do not have satisfactory evidence that your property is appropriately insured we will add your property to our Lenders Interest Only policy. See below for more details.

What happens if I don’t arrange my own buildings insurance?

If you cannot prove that there is adequate buildings insurance in place we will set up a Lenders Interest Only (LIO) policy to cover the mortgage balance. This covers Kensington’s financial interest only and the costs for this policy will be added to your mortgage and included in your monthly payments.

Please remember, Lenders Interest Only insurance is not a suitable alternative to your own buildings insurance, as you will not benefit and will not be able to make a claim if any insurable damage occurs to the property. You are therefore advised to arrange your own cover.

If you cannot prove that there is adequate buildings insurance in place, we will automatically arrange cover on our Lenders Interest Only (LIO) insurance to protect our interest in your property. The cost of this will be charged to your mortgage account. As this policy is in Kensington's name only, you will NOT benefit from this insurance and will NOT be able to make a claim if any insurable damage occurs to the property.

What is an acceptable schedule?

One of the mortgagors must be named as policyholder
The insurance must cover the mortgaged property
The insurance must be in force
One of the mortgagors must be named as policyholder (if your property is leasehold this is not required)
The schedule must confirm buildings cover

What are your contact details?

Kensington Mortgage Company Limited 
Ascot House,
Maidenhead Office Park
Maidenhead
Berkshire
SL6 3QQ

Telephone 0333 300 0921

Fax 0333 300 0923

Can I email my buildings insurance schedule to you?

Yes, please email them to insurance@kmc.co.uk
Please note that we are unable to reply by email at this time.

Please note we are only able to accept email attachments in the following file types: .pdf / .tif / .jpeg / .bmp / .doc / .txt

While we will deal with any email in a timely manner, we are unable to respond via this method of communication so any correspondence from us will be issued, in writing, to your correspondence address.

Why do you need a copy of my insurance schedule?

As we hold a financial interest in your property we need to ensure that all our records are up to date and our interest is protected.

 

If you can't find the answer to your query and you're an existing customer, telephone our Customer Helpline on 0333 300 0921