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  • FIRST POST
    • Bunneroo
    • By Bunneroo 10th Mar 17, 6:22 AM
    • 4Posts
    • 1Thanks
    Bunneroo
    Kensington Mortgage application timescale
    • #1
    • 10th Mar 17, 6:22 AM
    Kensington Mortgage application timescale 10th Mar 17 at 6:22 AM
    Hi- I hope this is the right place to post. We are waiting (almost 3 weeks) to hear from Kensington about our application. We were expecting lots of extra paperwork requests from what I have read on here. Anyone been through this that can maybe reassure me please? How do I know when they have done a valuation? The credit checks have been done though. Thank you!
Page 5
    • middy991
    • By middy991 21st Sep 17, 3:24 PM
    • 34 Posts
    • 6 Thanks
    middy991
    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
    • Mrpear
    • By Mrpear 21st Sep 17, 3:51 PM
    • 10 Posts
    • 0 Thanks
    Mrpear
    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
    Originally posted by middy991

    Yes. Their website does state funds need to be in place for a minimum of 6 months. However, I believe this is to show a build up of cash for anti money laundering.


    From what I gather, for the time being proof of ownership if good enough and that they just won't do any valuations until it's there.
    • mogrvi
    • By mogrvi 25th Sep 17, 7:28 PM
    • 1 Posts
    • 0 Thanks
    mogrvi
    I'm getting concerned. Our application went in on 27th July. That house then fell through so we moved the application to a different house a couple of days later. The survey was done 2 weeks ago but we still don't have an offer. They have asked for a letter from my parents to say some money they gave me a while ago was a gift but I haven't heard anything else.

    I'm trying to reassure myself that it seems to be that most people who get to valuation do get an offer, I hope that's correct
    • Mrpear
    • By Mrpear 26th Sep 17, 1:10 PM
    • 10 Posts
    • 0 Thanks
    Mrpear
    I'm getting concerned. Our application went in on 27th July. That house then fell through so we moved the application to a different house a couple of days later. The survey was done 2 weeks ago but we still don't have an offer. They have asked for a letter from my parents to say some money they gave me a while ago was a gift but I haven't heard anything else.

    I'm trying to reassure myself that it seems to be that most people who get to valuation do get an offer, I hope that's correct
    Originally posted by mogrvi

    I think you are past the worst bit. They are now just validating your deposit, and that's a good sign.


    Ticking boxes!
    • jkevind
    • By jkevind 27th Sep 17, 4:00 PM
    • 3 Posts
    • 0 Thanks
    jkevind
    Hi I think they are just really really slow!

    Our application went in early August, valuation done 20 days ago, valuation confirmed as ok but nothing more heard since.

    Its frustrating but nothing we can do but wait and hope - good luck!!
    • Mrpear
    • By Mrpear 4th Oct 17, 10:18 AM
    • 10 Posts
    • 0 Thanks
    Mrpear
    First request of documents to come back....


    - Business Bank Statements for the last year
    - Proof of deposit (I only have 44k at the moment - the deposit of 15% is 49k - which I will have in 2 weeks) Broker has suggested to just send what we have currently as it's still a large sum of money.
    - SA302 forms


    Going back to them tomorrow, so lets see how long it takes to come back.


    So far, I have had 3 credit checks from Kensington - two weeks tomorrow since the application went in....


    Will keep you all updated!
    • Keekee21
    • By Keekee21 5th Oct 17, 7:53 PM
    • 1 Posts
    • 1 Thanks
    Keekee21
    Hi everyone,
    I hope you donít mind me joining in.
    We applied to Kensington.
    My husband is self employed and
    I am employed. We got a DIP from Halifax, but due extra Self employed income my husband earned a high street lender would not take this into account unless it was for +3 years, so we were signposted to use Kensington. Our broker warned us of the time scales.
    We are first time buyers so get the help to buy scheme which makes a huge difference in what we can borrow.
    We were forced into a position to buy quicker than we planned as our rental property that we had lived in for many years was put on the market and sold within a week, so we panicked and put in an offer on the 8th aug which was accepted based on our DIP from Halifax.
    Timescales-
    14/09- request to sign declaration, DD mandate and request for P60
    All paperwork was put through to Kensington on the 18/09 (p60, IDís, tax returns- 3 years, bank statements, payslips etc). Delay was due to getting all the accounts together.
    Later that week they sent the request for an independent valuation, if was only due to luck that the valuer was also doing another property on the same site so this was completed on the 21/09. No problems with the valuation
    22/09- they requested a reference from our accountant
    25/09- accountant sent report to Kensington
    26/09- Kensington request for us to clear some debt off 2 credit cards and prove I have cleared a loan off this month, also request letters from shareholders in the business, and a business forecast from accountant, as well as accountants certificate.
    Currently awaiting for statements to send across to prove we have cleared off debt. Once this is altogether which will be in the next two days, they will take up to 8 days to come back with an answer.
    Our builder has threatened to pull out twice, so very stressful experience, considering we are now living with family awaiting to have an answer. There is no doubt we can afford the mortgage, we have been paying more in rent for over 6 years. Just donít want to lose a property we love over the waiting period. I know we havenít waited long compared to some, but we have been given bad advice along the way which has caused delays.
    Iíll keep you posted with any future updates!
    • Mrpear
    • By Mrpear 17th Oct 17, 3:40 PM
    • 10 Posts
    • 0 Thanks
    Mrpear
    06/09 Agreement in principle for 301k
    13/09 Found and viewed the house
    14/09 Offer in and accepted £329k
    21/09 Application in
    04/10 First request of documents to come back....
    - Business Bank Statements for the last year
    - Proof of deposit
    17/10 Query on some transactions from bank accounts

    Getting there, just very, very slowly.

    Viewed the house at the weekend, luckily we have very nice vendors and they are happy to wait (within reason)

    My broker did mention that once they are satisfied with the responses from the bank statements, a valuation viewing will be arranged by Kensington…. Although I’m keeping my accountant on standby if they require a reference.
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