SWITCHING MORTGAGE PRODUCT WITH KENSINGTON

View your mortgage switch options online and if you find a product that meets your needs, request to switch in 3 simple steps. Or if you would prefer to speak to your mortgage adviser, they can also complete the switch on your behalf via the Broker Product Transfer Portal.

Read on for more information or view our ‘Frequently asked questions'.

 

  Important notice

We’re carrying out some important maintenance work this weekend, so please note that our online product switch services will be unavailable on Sunday 21st July between 12am and 4pm.

If you are comfortable choosing your own mortgage product, switching mortgage has never been easier.

You will need your mortgage account number to log in and we will ask you to answer a couple of questions to confirm that you are the mortgage account holder.

Once you are logged in, you can view the new mortgage deals available to you today. Remember, product availability can change regularly, so we cannot guarantee that the same products will always be available; a product that you view today, may not be available tomorrow.

If you choose a product and would then like to understand if our rates have changed before your product switch completes, please call us on 0800 358 2750. If you choose to cancel your product switch, we need 5 working days’ notice before your new rate is due to start.

Switching your mortgage to a new fixed rate deal

Switching is straightforward and fee free. There is no credit check, no application form and no valuation.

Simply log in, choose a new product, and view your personalised illustration.

If you would like to compare one of our products to others that may be available in the market, you can download and save the illustration. If you find a product that meets your needs, you can agree to the terms of switching online and then request to complete the switch.

Product availability can change regularly, so if you choose a product and would then like to understand if our rates have changed before your product switch completes, please call us on 0800 358 2750. If you decide to cancel your request to switch product, we need 5 working days’ notice before your new rate is due to start.

Please see our ‘frequently asked questions’ for more information on the process.

Get advice or help switching; speak to your mortgage adviser. Choosing the right mortgage is important and whilst we can provide you with information, we do not give mortgage advice. It is important you understand that you are responsible for the product you choose.

If you would like advice or help switching product, please speak to your mortgage adviser. They will be able to assess whether the product(s) available meets your needs and can even complete the switch on your behalf. If your mortgage adviser needs any help accessing the Broker Product Transfer Portal, please ask them to contact our Sales Support Team on 0800 111 020.

If you don't have an adviser, you might want to contact Like Mortgage Advice* who can offer advice on Kensington’s products without any obligation or cost to you, both before and during the mortgage application process.

Please note, Like Mortgage Advice can only advise you on Kensington Mortgage products and do not advise on products provided by any other lenders.

You can call them direct on 0203 827 8940 or email them at open@likemortgageadvice.com.

If you prefer, you can find your own broker by visiting unbiased.co.uk where you’ll find a list of mortgage advisers to choose from.

*Like Mortgage Advice Limited is an appointed representative of Hawke Financial Services LLP, who are authorised and regulated by the Financial Conduct Authority (FCA Register No. 478284).

Frequently asked questions

What is switching a mortgage product?

When you move from one Kensington mortgage product to another, this is known as switching.

Can you offer me advice on this mortgage switch?

No, we do not give mortgage advice.

Where can I get mortgage advice?

If you would like to receive advice on the suitability of any alternative mortgage product, you may wish to contact your mortgage adviser.

If you don't have a mortgage adviser, you might want to contact Like Mortgage Advice* who can offer advice on Kensington’s products without any obligation or cost to you, both before and during the mortgage application process.

Please note, Like Mortgage Advice can only advise you on Kensington Mortgage products and do not advise on products provided by any other lenders.

You can call them direct on 0203 827 8940 or email them at open@likemortgageadvice.com.

If you prefer, you can find your own broker by visiting unbiased.co.uk where you’ll find a list of mortgage advisers to choose from.

*Like Mortgage Advice Limited is an appointed representative of Hawke Financial Services LLP, who are authorised and regulated by the Financial Conduct Authority (FCA Register No. 478284).

Can my mortgage adviser complete the product switch for me?
Yes, your mortgage adviser also has access to our product switch range and will be able to provide you with advice on the product(s) available and complete the switch on your behalf. Should your adviser need help accessing the Broker Product Transfer Portal, please ask them to contact our Sales Support Team on 0800 111 020. If you choose to speak to your mortgage broker and ask them to complete the switch on your behalf, they may charge you a fee.
Can I borrow more money when I switch my mortgage?

No, we cannot increase the amount of the current mortgage or make any other changes as part of the product switch.

Do I need to pay a fee to switch mortgage product?

No, any product switch made in response to a letter you have received or an invitation to switch, will be made free for charge. If you, as a director of the company, chooses to get advice from a mortgage adviser, they may charge you a fee.

Are the new products available to me the same as those available to new customers?

The rates we offer to our existing customers are the same as our fee-free ‘Select’ products offered to new customers.

How can I guarantee my switch date?

If you’re still in your current deal, which could have an initial fixed or tracker rate, and you would like your new product to start when your existing deal ends, please make sure we receive your request to switch by the 12th of the previous month.

If your deal has already ended and you would like your new product to start as soon as possible. We need to receive your request to switch product by the 12th of the month to make sure there is enough time to complete the switch and provide you with your new payment information for the first of the following month.

What happens if I don't switch mortgage product?

If you’re still in your current deal, which could have an initial fixed or tracker rate, then at the end of your deal you will move to your reversionary rate; this is a variable rate with a fixed margin. Notification of the change to your interest rate and your new monthly payment will be sent to you in writing before your new payment is due.

If your deal has already ended, you will stay on your variable reversionary rate.

I am interested in switching; how do I get more information on the products?

You will be able to see what new products are available to you and what your new monthly payment will be for each product when you log in. Explore your product switch options here.

Are there different types of products available to me?

Our product range can change on a regular basis, but you may see deals with an initial fixed rate or an initial variable rate. A deal with an initial variable rate is often called a tracker.

How does a mortgage with an initial variable rate work?

A mortgage with an initial variable rate has an interest rate that tracks our Kensington Standard Rate (KSR), plus a fixed margin. This type of mortgage is often called a tracker, which means the rate could go up or down in line with KSR.

After your initial variable rate has ended, your mortgage would move to your reversionary rate, which still tracks KSR but with a higher fixed margin, unless you remortgage or switch to a new deal.

How can I find out what the monthly mortgage repayments would be for my chosen product?
You can view the monthly payments for the products available to you online. If you select the product you are interested in switching to, you can view the summary information which includes the new monthly payment. You can also select to view a full personalised illustration, which you can download and save. 
Are there any other products available to me?

Other mortgage products may be available from other lenders. You may wish to speak to your mortgage adviser if you want to compare the products we have available to those from other lenders.

Will the products available to me change?

Yes. We change our mortgage products regularly, so we cannot guarantee that the same products will always be available. However, once you have chosen your product and completed the online switch, that product is guaranteed if you continue to maintain your monthly payments. 

What if I choose a product and interest rates decrease?

Providing your product switch has not completed you have time to change your mind. If you’ve chosen a product and would like to understand if our rates have changed before your product switch completes, please call us on 0800 358 2750. If you choose to cancel your product switch, we need 5 working days’ notice before your new rate is due to start. This allows us time to process the cancellation.

What terms will I need to agree to?

You will need to agree to applying without advice, confirm that no other changes are being made to the mortgage and that you have consent from all the mortgage account holders to complete the switch.

Is there a deadline for switching a product?

If you’re still in your current deal, which may have an initial fixed or tracker rate, you should think about when that initial deal ends. If you would like a seamless switch between deals, we need to receive your request to switch by the 12th of the previous month to ensure we can complete your switch in time.

If your deal has already ended and you would like your new product to start as soon as possible. We need to receive your request to switch product by the 12th of the month to make sure there is enough time to complete the switch and provide you with your new payment information for the first of the following month.

What does it mean when I agree to ‘apply without advice’?

This is confirmation that you have decided to proceed with switching your mortgage product on the understanding that this is your choice and we have not assessed whether you have chosen a product that is suited to your needs or provided you with any advice.

Do I need to sign anything?

No. You just need to agree to the terms of the switch online.

How do I complete the mortgage switch online?
Once you have agreed to the terms, the final step is to ‘request the product switch’. By selecting this option, you are confirming that you would like us to switch your mortgage to the new product you have chosen.
How would my mortgage adviser complete the product switch on my behalf?

Your mortgage adviser will need to log in to the Broker Product Transfer Portal and with your permission can view the same product information available to you, and then complete the switch on your behalf. If your mortgage adviser needs any help accessing the portal, please ask them to contact our Sales Support Team on 0800 111 020.

Will you conduct a credit search before you complete the product switch?

No. The only requirement of the switch is that you continue to meet your contractual obligations, for example maintaining your monthly payments.

Will the mortgage conditions remain the same?

For those customers who move to a KSR interest rate, one of the mortgage conditions will change to refer to the new way in which the mortgage rate is calculated. How the change works is explained in the personalised illustration you can view online when choosing your product switch. All other terms and conditions remain the same.

The mortgage product(s) offered online are linked to KSR, what does that mean?

Kensington Standard Rate (KSR) is a variable interest rate which is set by us on a quarterly basis and is based on the Bank of England Base Rate (BBR) plus an adjustment of between 0% (zero) and 1% to take account of our costs in funding your loan.

KSR will not be set lower than Bank of England Base Rate or higher than 1% above Bank of England Base Rate at the time we set the rate. If BBR is lower than 0% (zero) at the time we set KSR we shall deem BBR to be 0% (Zero). KSR may vary in accordance with our mortgage terms and conditions.

KSR is reviewed quarterly on the 10 March, 10 June, 10 September, and 10 December (or if this is not a working day the working day immediately prior to these dates) each year. Following any changes to KSR the interest rate change will take effect on the first calendar day of the month in which it is changed.

If I choose a new product, do I need to maintain full repayments on my mortgage in the meantime?

Yes, you must maintain all your monthly mortgage payments to qualify for a product switch.

What if I choose a product and the interest rates decrease?

Providing your product switch has not completed you have time to change your mind. If you’ve chosen a product and would like to understand if our rates have changed before your product switch completes, please call us on 0800 358 2750. If you choose to cancel your product switch, we need 5 working days’ notice before your new rate is due to start. This allows us time to process the cancellation.

Will you confirm the change to my mortgage in writing?

Yes, we will write to you confirming the changes to your mortgage when we have received your request to switch.  We will then write again confirming your new payment amount and the date it is due when we make the final switch.

When will my new mortgage product start?

If you’re still in the initial fixed or tracker period of your current deal, the switch will take effect from the end of your existing deal provided we receive your request to switch product by the 12th of the previous month.

If your deal has already ended, and you would like your new product to start as soon as possible. We need to receive your request to switch product by the 12th of the month to make sure there is enough time to complete the switch and provide you with your new payment information for the first of the following month.

Switching product? Here's what our customers say

Useful information

  • Find an adviser
    If you would prefer the reassurance of a personal recommendation, or have any questions about switching that we've not covered, we always recommend speaking to a mortgage broker or financial adviser.
    FIND AN ADVISER
  • Tariff of mortgage charges
    Download our tariff of mortgage charges for new and existing customers. Please note the tariff is updated from time to time.
    TARIFF OF MORTGAGE CHARGES
  • Independent support and advice
    Sometimes it helps to talk to someone impartial about your complete financial situation. There are many organisations that are there to support you, either face to face, over the phone or online.
    INDEPENDENT SUPPORT

    Please be aware mortgages are secured against your home and your home may be repossessed if you do not keep up repayments on your mortgage.