What are the benefits of taking independent advice?
The key benefit of seeking guidance from a professional mortgage adviser is that they can look at your individual financial situation and discuss the options that are likely to work best
What does execution only mean?
In certain circumstances, you can apply for a mortgage or make changes without taking professional advice. This is known as an "execution only" mortgage application. Please bear in mind; you will need to be familiar
with the details of the mortgage and any changes you wish to make. You also need to be confident about dealing with the application without the help of an adviser.
Where can I find information about interest only mortgages?
The Money Advice Service is a free, unbiased and independent source of information on all aspects of
money management and is available to all.
Can I extend or reduce the term of my mortgage?
If you wish to change the term of your mortgage, please don’t hesitate to contact us on 0333 300 0921 to discuss this. We are always happy to hear from you and discuss your options.
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.
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. LIBOR is expected to have ceased to be available for use by mortgage lenders by December 2021. Before this date we will replace LIBOR with the Kensington Standard Rate (KSR), which will be set by reference to the Bank of England base rate (BBR). KSR will never be lower than BBR (or 0%, whichever is greater), nor more than 1% above BBR at each date on which it is set. At the point of replacement, the KSR will be no higher than the variable rate currently applicable to your mortgage. We will tell customers the incoming KSR rate at least 1 month before we make the change and will ensure they are treated fairly in connection with this change.
We review the variable rate quarterly 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. Please consult your General Mortgage Conditions
for further information.
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 a letting application, please write to us.
Should we agree to your request, your interest rate may increase and you will incur an additional fee for us to carry out the assessment.
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 and you will need to meet certain eligibility criteria.
Can I take my mortgage with me to another property?
Taking your mortgage with you to another property is known as “porting”. Please note, we have a limited number of products where porting can be considered. Please refer to your
General Mortgage Conditions to identify whether porting 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 mortgage 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. Please speak to your mortgage adviser about whether 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 but we will need a letter of authority from you first. If you have any queries, please get in touch by calling our customer services team on 0333 300 0921.
Can I change my mortgage repayment type?
We may permit customers to convert from an Interest-Only to a Capital and Repayment mortgage. Please call us on 0333 300 0921 to discuss these options 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 overall balance will not reduce.
I find your telephone system very frustrating. Why does it keep selecting the wrong options?
We are constantly looking at ways of fine-tuning and improving both our telephone systems and overall customer experience. Please be advised that
our current telephone system is somewhat sensitive to background noise. You are therefore advised to try and call us from a quiet place, if possible.
You are also able to answer many questions using your telephone’s keypad.
What is Lenders Interest Only (LIO)? Am I covered?
LIO is a buildings insurance policy solely for the lender. LIO is arranged in the event of a customer failing to provide 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 for rebuilding costs. It is therefore of vital importance that customers always arrange their own buildings insurance.
Why has my mortgage account number changed?
If you have received a new mortgage account number it means your mortgage has been transferred to Kensington. You would have previously received a letter regarding the sale and transfer of your mortgage. Nevertheless, if you wish to discuss this matter further please do not hesitate to please contact us to discuss this further.
My name has changed. Can I change this on my mortgage?
Yes you can. If your name has changed due to marriage, we’ll need a copy of the marriage certificate (original or certified) along with new & old signatures for verification purposes. If the marriage was outside the UK we will need you to obtain an apostille certificate (original or certified) and supply this along with the above. If your name has changed due to divorce, we’ll need a copy of the decree absolute (original or certified) along with new & old signatures for verification purposes. There are no charges involved in this process.