Product Transfer/Switch

Hi
I have been offered a product switch on Kensington's system.  My fixed rate does not end until 31/03/23 - the rate is quite high and I am exploring other options.   If fixed rates do come down a bit do these switch options also change? Probably a stupid question but there's so much to consider at the mo!

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  • edited 8 November 2022 at 4:20PM
    GiantTCRGiantTCR Forumite
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    edited 8 November 2022 at 4:20PM
    Stella76 said:
    Hi
    I have been offered a product switch on Kensington's system.  My fixed rate does not end until 31/03/23 - the rate is quite high and I am exploring other options.   If fixed rates do come down a bit do these switch options also change? Probably a stupid question but there's so much to consider at the mo!
    - In theory YES, if the BoE base rate comes down, mortgage rates should/may come down as well.
    - In practice, with your current deal ending on 31/03/2023 it may not make a huge difference. Even if the base rate miraculously comes down, it won't come down by much and therefore the change in the mortgage rates offered will be minimal. 
  • K_SK_S Forumite
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    Stella76 said:
    Hi
    I have been offered a product switch on Kensington's system.  My fixed rate does not end until 31/03/23 - the rate is quite high and I am exploring other options.   If fixed rates do come down a bit do these switch options also change? Probably a stupid question but there's so much to consider at the mo!
    @stella76 If fixed rates come down across the market then yes they do usually reflect in product-switch (PT) rates as well.

    Kensington just updated their new-business (new customers) rates today so it might be worth re-checking whether there's any change in the PT rate they're offering.

    Given that you're less than 5 months away from the end of your fix, do explore other non-Kensington options if at all available to you. Good luck!

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    Please do not send PMs asking for one-to-one-advice, or representation.

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