Switching your mortgage
We will always write to you when you are coming to the end of the fixed rate period on your Kensington mortgage to remind you that the rate of interest you pay on your loan will move from a fixed amount, to Kensington’s LIBOR linked variable rate.
In some circumstances we will write to you with a selection of new products that you may wish to switch to and, if this is the case, we will include information about these products in the letter we send to you.
If you have recently received a letter containing this information, this page includes some Frequently Asked Questions, to help you understand the benefits and process of switching your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage
Frequently Asked Questions:
A: Switching to an alternative mortgage product is simple and straightforward
- No application forms to fill out
- No fees to pay
- No new property valuation required
All you need to do if you are interested in one of our other mortgage products is review the information enclosed in the letter and select the products you may want to switch to by ticking the relevant box on the Product Selection Form.
Then send back the form marked with your selection in the enclosed postage paid envelope.
Once we receive your returned form we’ll send you an illustration containing more details about the product or products you have selected for you to consider.
If, after considering the illustration, you want to proceed with the new product, please sign the acceptance enclosed with the illustration and offer and send this back to us. That is all you need to do - your new product will take effect from the end of your existing fixed rate period provided we receive your acceptance at least one month before this date.
Eligibility for these products will depend on your personal circumstances and our lending policy.
A: We cannot guarantee the availability of the mortgage products set out in the letter you have received after the date that is provided in the letter.
A: Please note that whilst you can switch to an alternative mortgage product available to you in this range, we cannot offer any increase to the amount of your current mortgage or change the existing term of your mortgage.
A: Choosing the right mortgage is important and whilst we can provide you with information, we are not able to provide you with any advice on whether switching to an alternative mortgage product is right for you. Kensington Mortgages is not authorised by the Financial Conduct Authority to give mortgage advice and can only offer an Execution-only mortgage service.
This means that we will not be advising you or assessing the suitability of your mortgage deal and whether it’s the right one for you. You will not benefit from the protection of the Financial Conduct Authority Rules which require lenders to assess the suitability of the mortgage product for you.
If you would prefer to receive advice, want the protection of a personal recommendation, or have any questions about whether any of these products are right for you, you might wish to speak to a mortgage broker or financial adviser to obtain independent advice on the suitability of these products.
A list of independent mortgage brokers in your area can be obtained by visiting www.unbiased.co.uk