End of Fixed rate with Kensington and switched to their variable.

monkeybrains

My current fixed rate is coming to an end on the 31st of December and then is moving to a variable rate of 5.1% on a remaining mortgage of £80,000

I'd like to move to a 3.9% fixed rate mortgage with Santander but it is going to be another month until I can switch to them.

Can I ask that now my current mortgage with Kensington will be on a variable rate, do I have to pay a leaving fee? I did phone but I couldn't get a clear answer from them and they just said they'd send an early repayment letter out.

dimbo61

Well as we are on the 21st today and most banks are shut over Xmas I think it can wait till the new year.
Check the Terms and conditions of your mortgage with Kensington and you will have some fees to pay.

"What are the charges associated with redeeming my mortgage account?
There may be Early Repayment Charges applicable upon redemption of your mortgage. You can find this information in Section 10 of your Mortgage Offer. There will also be a redemption administration and deeds release fee charged upon redemption. These fees can be found on Section 8 of your Mortgage Offer. All applicable fees will be detailed in full when you request a full and final redemption statement "

https://www.kmc.co.uk/mortgages/existing-customers/faqs

ACG

There will be an exit fee/deeds release fee. Its normally around £80-100.
Check your mortgage offer - section 8 (fees) and section 11 I think is the Early repayment charges.

obay

monkeybrains wrote: »

My current fixed rate is coming to an end on the 31st of December and then is moving to a variable rate of 5.1% on a remaining mortgage of £80,000

I'd like to move to a 3.9% fixed rate mortgage with Santander but it is going to be another month until I can switch to them.

Can I ask that now my current mortgage with Kensington will be on a variable rate, do I have to pay a leaving fee? I did phone but I couldn't get a clear answer from them and they just said they'd send an early repayment letter out.

With Kensington, the deed release is £45. Take a look at your Tariff of charges in your KMC online account


How does it feel that you're nearly finished with KMC? I've got 23 months to go for mine to be finished!! I hope you do well with your remortgage!

ACG

obay wrote: »

With Kensington, the deed release is £45. Take a look at your Tariff of charges in your KMC online account


How does it feel that you're nearly finished with KMC? I've got 23 months to go for mine to be finished!! I hope you do well with your remortgage!

Kensington are not that bad, there was a point earlier this year they were cheaper than some of the high street lenders for 2 year fixed rates.

Your right about the £45, I have just checked a mortgage I did earlier in the year and theirs is/was £45.

monkeybrains

obay wrote: »

With Kensington, the deed release is £45. Take a look at your Tariff of charges in your KMC online account


How does it feel that you're nearly finished with KMC? I've got 23 months to go for mine to be finished!! I hope you do well with your remortgage!

I've just logged in but don't see where the Tariff of charges is?

They've been okay to be fair as they were the only people that would give me a mortgage. Have heard some horror stories but that was from people who had unfortunate problems with keeping up payments. Just need to move as the rate is far too much now.

Good luck on yours!

obay

monkeybrains wrote: »

I've just logged in but don't see where the Tariff of charges is?

They've been okay to be fair as they were the only people that would give me a mortgage. Have heard some horror stories but that was from people who had unfortunate problems with keeping up payments. Just need to move as the rate is far too much now.

Good luck on yours!

Look at this link here;
https://kensington.webcustomerportal.com/customer/my-mortgage/secure/tariff-of-charges

Thats the thing, they're only bad to the people who cannot keep up with the mortgage payments... Otherwise, I'm in the same boat as you.

obay

ACG wrote: »

Kensington are not that bad, there was a point earlier this year they were cheaper than some of the high street lenders for 2 year fixed rates.

Your right about the £45, I have just checked a mortgage I did earlier in the year and theirs is/was £45.

Really? We could've picked a TSB 3.29% deal but they declined us so Kensington it is!

Plus it's only been a month but don't really know what's with them yet, they're CS seems to be pretty decent thus far.