LIBOR is a rate of interest (the London Inter-Bank Offered Rate) which is often used as a benchmark for pricing financial products.
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.