Kensington Mortgage application timescale

Rach54322 · 11 August 2017 at 10:52PM

Hi hun.

It was about a week and a half. The report went back to the valuer on a mon/tuesday and then we got the offer on the thursday the week after. So...on the offer one of the conditions is that the work that needs doing needs to be completed within 6 months of completion xx

Decorachael91 · 12 August 2017 at 6:32PM

So it has taken 11 weeks, BUT we finally got our offer last Friday, this glorious letter came through the door with our offer!
I'm so so happy I really was losing hope! So searches are currently taking place with the solicitors and we're finally getting the all rolling again!
Our asbestos survey came back as negative, and we didn't end up paying for it either - the vendors did. I really hope the worst is over and the rest will go a bit more smoother. So guys if you're waiting still - have hope! It took us ELEVEN WEEKS. But we've got it!

Rach54322 · 14 August 2017 at 5:27PM

Brill news @decorachael91!!! I would be going bonkers if it had taken 11 weeks!!!

Our searches are back except for one from the local authority! Im not googling how long to exchange Haha!! Solicitors have been a bit of a pain to get hold of but i think were futher along that we expect! Just havent got a clue in terms of weeks how long it takes from offer to exchange and completion! Im so excited yet im still trying to contain it until alls signed and completed cause it can all still go wrong cant it!!

Good luck to anyone else waiting on their offers!! Xx

Denzel85 · 21 August 2017 at 7:09PM

Our sale was agreed 12th July had valuation and survey through connells on 1st August. Solicitors were appointed and searches carried out all we are waiting on now is mortgage offer. They requested a little more information last Monday but not heard a thing yet and it's driving me crazy. The house we are purchasing is vacant and had a 4 week timescale and that's now passed we are in limbo. It's the silence and not knowing that's driving me mad. Back to chasing tomorrow as my broker said he esculated the case last week

Denzel85 · 29 August 2017 at 10:33AM

Thank God for that our offer came through at 5 pm Thursday 24th August 2017 broker rang to inform us. We have just had an inconvenience of a bank holiday tho so see solicitor tomorrow I prep for exchange and completion :beer:

Tecks · 14 September 2017 at 10:05PM

Hi all. New to this site but currently going through application with Kensington. Me and my partner are about 6 weeks into the process now and valuation is booked in for Monday 18th. Had a hard time getting this far with my bad credit and my partner working for a family business. Endless amounts of documents requested from Kensington but hopefully now valuation is booked we can see the light. Was wondering, what are the chances of them requesting more information or doing more checks once valuation has been completed? Or is it likely they will proceed with mortgage offer? The wait is driving us both crazy with it being our first home and desperately needing it to go through ok!!
Hope everyone else's case is proceeding well!!
Thanks

Mrpear · 16 September 2017 at 10:45AM

Ok I'm now joining the list!

06/09 Agreement in principle for 301k
13/09 Found and viewed the house
14/09 Offer in and accepted
21/09 Booked in with my broker to go through the application

House had the offer accepted at 330k, we have 15% (49k) as per the AIP, and are in no chain.

I'm a contractor with poor (old) credit but very good credit within the past 4 years hence Kensington.
Expecting tons of paperwork... Accounts, accountants certificate, proof of deposit, contract, bank statements and remittances.

We are paid up with our rent until mid December so I am in no rush for this to be sorted in two months and the current owner seems relaxed enough.

Now comes the pain! Will update any joys/troubles I encounter!

mrpear_2 · 18 September 2017 at 10:57AM

Tecks wrote: »

Hi all. New to this site but currently going through application with Kensington. Me and my partner are about 6 weeks into the process now and valuation is booked in for Monday 18th. Had a hard time getting this far with my bad credit and my partner working for a family business. Endless amounts of documents requested from Kensington but hopefully now valuation is booked we can see the light. Was wondering, what are the chances of them requesting more information or doing more checks once valuation has been completed? Or is it likely they will proceed with mortgage offer? The wait is driving us both crazy with it being our first home and desperately needing it to go through ok!!
Hope everyone else's case is proceeding well!!
Thanks

Hi there.

Congrats on getting this far!

We are basically at day 1 with the application, what kind of documents did you have to send to get the far?

Other than the basic.. Statements, income etc.

I've heard Kensington's underwriters are incredibly anal around detail and even go to the level of "How do you commute to work?"

Mrpear · 21 September 2017 at 2:06PM

I’m going to keep updating this as a kind of sanity stress reliever and also to help anybody else!

Saw the broker today – documents gone in are such;

Last 6 months

Business
Personal current account
4 Personal credit cards (all of the at a zero balance every month)
Remittances from my current contract

Copy of current contract with employer, agency and day rate confirmed
Current log book of car (the sale of which is being used as the deposit)
Passports
Driving Licenses

In the meantime I have been in touch with my accountant who has requested my SA302 forms for my first 2 years trading as a ltd company and I’ve also scanned the Kensington website and sent him a copy of the accountant certificate they will no doubt send to them. Just so they are aware of the current Kensington process.

My only 2 concerns are:

Myself and my wife have very high monthly bills, we pay a lot of rent and have a car on finance. Meaning NO savings. We actually didn’t plan long term to get a mortgage. It just sort of happened. I was put in touch with a broker who said that if I wanted a mortgage we could probably make it work. I had bad old debt so I was waiting for it to fall off my account in 2 years before I even considered it. So we haven’t saved in the slightest. Although I am incredibly lucky that I earn quite a good living. Worried that Kensington may believe we are spend happy. Which I guess before we decided to go for a mortgage – we were.
Touching on the point above, while we have no savings we have a car that is worth circa. 40k. Around 40% of the cars value is on finance which my father has kindly agreed to clear instead of going via the gifted deposit route. So the sale of this car is where the deposit is coming from. Kensington have suggested they will need to see proof of ownership and I believe we can just list the car while their underwriters commence with our application

middy991 · 21 September 2017 at 3:24PM

dont you need your deposit in place ie funds in an account when you make the application we had to but we used a different lender

Kensington Mortgage application timescale

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