Kensington Mortgages

KGF02

Hi Piggy if you definately have a mortgage based on Kensington standard variable rate then this confirms what my suspicions are.
I am unsure however that your mortgage is based on a Standard variable rate. You would need to check your original offer to confirm this. If is is and you have more rates this would be very very useful? Thanks KGF

kingstreet

KGF02 wrote: »

Hi Andy
That's the point. they cannot have multiple SVR's. A standard variable rate has to be a STANDARD rate to everyone. They can add a rate on top of this which varies from customer to customer but not the SVR.

Nationwide techically has two;-

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

Based on mortgage taken out before or after 30/4/2009.

Although it could be argued that one is closed to new business, so only one is actively available to new borrowers, or those changing products mid-term.

kingstreet

KGF02 wrote: »

Hi Piggy if you definately have a mortgage based on Kensington standard variable rate then this confirms what my suspicions are.
I am unsure however that your mortgage is based on a Standard variable rate. You would need to check your original offer to confirm this. If is is and you have more rates this would be very very useful? Thanks KGF

IIRC Kensington's MO was to charge "LIBOR +," with the premium varying based on the severity of any adverse credit which applied.

For example, a single CCJ for under £500 may have been LIBOR + 0.5%pa, while 4 CCJs and recent mortgage arrears may be LIBOR + 3%pa.

KGF02

As far as i can see most since 2002 have been charged libor + svr+ margin.
Its the svr part of the equation as this never gets published any where.

kingstreet

TBH I don't recall any SVR margin being included. It was simply LIBOR + the risk-rated premium.

I wasn't a regular Kensington user though, so I have no evidence of my recollection.

Jimbo1976

I agree with Kingstreet. Most of the subprime/specialist lenders had reversionary rates linked to LIBOR plus a margin. The worse the credit/case, the higher the margin.

If you look at the current product literature it shows LIBOR plus 4.10%

_Andy_

OP I'm not sure what your goal is (not having a go, just trying to understand your aims) in this.
Many companies had different SVRs, which was perfectly OK

KGF02

yes true they may have different svr's but they were transparent about them, and published them. The KSVR is never ever published..why?

_Andy_

Why does it matter though? If you took a contract and the SVR was stated to you at the time, where is the issue?

KGF02

Andy
because they keep changing the svr ( as they are allowed to do) but do not inform me what it is. So therefore i can never check whether they are applying the correct rate. In fact I now know they haven't!