Kensington Mortgage application timescale

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  • Beebe
    Beebe Posts: 35 Forumite
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    Krowden18 wrote: »
    Hey I’ve just had my valuation done today for a Kensington remortgage.

    I just wondered if anyone knows how long the offer is valid for? I need to watch an early repayment charge on my current mortgage! Thanks Kim :j

    I had an offer from Kensington this week and it is valid until 17th May. So, in my instance at least, it is 5 months.
  • Krowden18
    Krowden18 Posts: 2 Newbie
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    Yay thanks so much!!
  • Steveg63
    Steveg63 Posts: 9 Forumite
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    New to the forum. Just made our application via a broker, he has informed us we should hear within 2 weeks, have a Ltd company trading 21 months, 1yrs accounts with 1 yrs Tax Return and Tax overview. Have sent the following:
    3 months personal bank statments
    Proof of deposit - savings account statement
    Proof of ID
    Proof of address
    HTB Acceptance
    Tax Overview for last tax year.

    So the waiting begins, or so it would appear.
  • Steveg63
    Steveg63 Posts: 9 Forumite
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    OK, update on time frame,
    02/02/18 application made
    08/02/18 request for 3 months bank statements, also told that Valuation has been requested, should have an offer by Monday 12/02/18! if we do that will be just over a week from full application to offer.....here's hoping
  • mrpear_2
    mrpear_2 Posts: 3 Newbie
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    After being declined back in October by Kensington on a 325k mortgage at 15% deposit (pre-war semi) we have decided to give it another go on a new build using Help to Buy.


    For anybody reading this who has seen my old post about the original decline I actually understand why Kensington declined us back then.


    Our money management wasn't the best and although we didn't live beyond our means at all, cash was a bit all over the place.


    My wife and I sat down after the decline and decided to manage it better. So the plan since October has been to be more sensible.


    We have not touched the deposit since the decline, not a penny.
    I've made one transfer of funds from my business account to our current account monthly.
    We live in our credit card and NILL it every month.
    We use our current account solely as an account to clear bills.
    We pay our rent at the same time every month.... Previously, I used to pay our rent 2-3 weeks earlier just to get it out of the way, Kensington didn't like this (although I never ever have paid rent late)


    Our broker currently has said that our bank statements are incredibly boring - which is a good thing - but I've also sent over 4 months of credit card statements to show we actually have a social life.


    I don't gamble etc...


    He did say that KMG are actually a lot better at turning around new build applications because lenders want the HTB business from builders.


    Fingers crossed again! I'm hoping that going in with the government 20% as well as our 5% will be a lot stronger for us.... You never know!


    So.... 12/02 Application IN.
  • Steveg63
    Steveg63 Posts: 9 Forumite
    edited 20 February 2018 at 3:49PM
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    Another update on our application:
    02/02/18 application made
    08/02/18 request for 3 months bank statements, also told that Valuation has been requested, should have an offer by Monday 12/02/18! if we do that will be just over a week from full application to offer.....here's hoping
    15/02 Valuation done
    16/02 Valuation received by Kensington
    19/02 Request for more - 6 months Business Bank statements, they already have 3, confirmation from
    accountant that the Business account can handle the monies needed for deposit and payment
    of a few bills.
    All of which was sent as soon as was requested. So far we are into our 3rd week with no idea on if they want anything further, have been told by our broker that they will be looking at the application today!

    Here's hoping.
    20/02 no news - broker said it maybe today, think they have everything now, but we await just in case they want more info :eek:
  • Steveg63
    Steveg63 Posts: 9 Forumite
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    WOW, JUST WOW!
    Broker just phoned me to say our application has been DECLINED due to the valuation!
    So Kensington request more info yesterday knowing full well the valuation did not meet the purchae price, question is WHY?
    Now I don't get this, brand new house, last of its kind on the development, largest plot and same price as the last one that was built and sold (for the asking price), broker as stated that he has NEVER experienced a New Build being valued at a lower price than the developer is selling for.
    State of shock................
    Any ideas anyone?
  • feekerry
    feekerry Posts: 76 Forumite
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    Sorry to hear that...
    I think if you search there are a lot of threads about new builds coming in lower on valuation. Seems to be quite a lot of builders/developers over pricing
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Steveg63 wrote: »
    same price as the last one that was built and sold (for the asking price), broker as stated that he has NEVER experienced a New Build being valued at a lower price than the developer is selling for.

    Smoke and mirrors are used by developers to massage selling prices, i.e. incentives, inflated p/ex. Your broker cannot be very experienced if that's the case! Been going on for decades.
  • Steveg63
    Steveg63 Posts: 9 Forumite
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    Saga continues, back to builders now with the valuation report, lets see what they think of this, need to drop the price by 7% to get to the valuation!
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