Rate Query 17 October 2022 at 12:57AM in Mortgages & endowments 5 replies 683 views

CharlieChops

I currently have a fixed rate mortgage with Kent Reliance which is coming to the end.  My broker submitted a product transfer request on 27th Sept the rate at the time was 4.59%. Although there is a backlog I have been assured the product transfer will be completed before the end of October - this is when my current fixed rate ends. Since I submitted my product transfer request as of yesterday the rates have jumped to 5.99%. Will they honour the rate of 4.59%? 🤞

K_S

@charliechops I can't speak for a KR PT specifically but with a recent PT with a lender in the same group of companies, they said that the rate would be 'secured' only when the offer was issued. Hopefully that's not the case with KR.

CharlieChops said:

I currently have a fixed rate mortgage with Kent Reliance which is coming to the end.  My broker submitted a product transfer request on 27th Sept the rate at the time was 4.59%. Although there is a backlog I have been assured the product transfer will be completed before the end of October - this is when my current fixed rate ends. Since I submitted my product transfer request as of yesterday the rates have jumped to 5.99%. Will they honour the rate of 4.59%? 🤞

CharlieChops

I spoke to my mortgage broker KR have agreed to honour the rate as he originally submitted the Product Transfer request at the end of August, when he chased them at the end September they said they hadn’t received it so he submitted it again and they agreed to honour the rates 

amnblog

KR are taking weeks to issue this offers. If your current rate is not ending in the current month, expect to wait even longer for your offer.

As far as we have seen, they are honouring the rates applied for.

Mzuk

Hi, we are with KR with fixed term ending in January. I am told we will get an options letter in Nov which is real close. The mortgage portal doesnt accept out account number either. What is the experience of the fix term ending, do they reach out about 8 weeks before? Sounds like they take their time to process aswell even if an existing customer? First mortgage term coming to an end so all new to me.

Ps the rates are even worse now. Dreading seeing what rates they come back with. More like 6.9%.

CharlieChops

We got the options letter beginning of August, our rate runs out end of October, the account number we have doesn’t work on Kent Reliance’s portal 🤷‍♀️. I contacted the mortgage broker we used to arrange the mortgage a couple of years ago he done a product transfer with Kent Reliance the rate at that time was 4.59% and they’ve only just confirmed the change this week, but they have honoured the rate.