Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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
    • 47 Posts
    • 15 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
    • 12 Posts
    • 1 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
    • 12 Posts
    • 1 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
    • 12 Posts
    • 1 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
    • 3 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
    • 12 Posts
    • 1 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.
    • amnblog
    • By amnblog 18th Oct 17, 3:31 PM
    • 10,070 Posts
    • 3,925 Thanks
    amnblog
    They are ridiculously slow.

    If that is your experience, it is most likely nothing to do with your case and just to do with the way KMC work.

    Extreme patience required.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Mrpear
    • By Mrpear 19th Oct 17, 12:08 PM
    • 12 Posts
    • 1 Thanks
    Mrpear
    So I want to update the entirety of our application, warts n’ all. Yesterday we heard from the broker with word that Kensington had declined us.

    Last May I bought something on eBay. After I paid for it, I noticed I selected my business account rather than my current account in error.

    My business account at the time had £200 credit and the item was £1,150.

    So I went into my (authorised) overdraft by £950.

    The problem was, I only noticed the next day that I had chosen the wrong card to pay with on PayPal, and a direct debit for my accountant came out which was £65.

    Putting me £15 *over* my overdraft and bouncing the direct debit.

    I immediately resolved this and sent over £1100 from my personal account, also informing my accountant.

    It was just a simple mistake, but I am being held to that by Kensington.

    So my broker has spoken to the Business Development manager who they use, and she is going to speak to the underwriters – possibly challenging their decision…. Fingers crossed but I genuinely believe this to be over.

    We are lucky in the fact that we have a boat load of cash in the bank, a landlord happy for us to stay in a very nice house, and obviously our health and a well-paid job… However, we are so very deflated and in utter limbo, as we cannot inform the vendors or our landlord until she can provide a yes or no.
    • feekerry
    • By feekerry 19th Oct 17, 1:02 PM
    • 39 Posts
    • 10 Thanks
    feekerry
    Hello.

    Another one joining this but we are in the early stages. We are very straightforward in regards to income etc but do have historical credit issues. We did get an air from them and full application has been submitted this week.
    Mrpear- your last post does concern me tho?! Why would you be declined for using an authorised overdraft? We use our overdrafts regularly.. is this an issue?
    • Mrpear
    • By Mrpear 19th Oct 17, 1:41 PM
    • 12 Posts
    • 1 Thanks
    Mrpear
    Mrpear- your last post does concern me tho?! Why would you be declined for using an authorised overdraft? We use our overdrafts regularly.. is this an issue?
    Originally posted by feekerry

    I think you misunderstood.


    I went £15 over my authorised overdraft of £1000.
    • feekerry
    • By feekerry 19th Oct 17, 2:15 PM
    • 39 Posts
    • 10 Thanks
    feekerry
    Ah yes sorry. Hoping you can provide your explanation and it is acceptable
    • sam1431
    • By sam1431 19th Oct 17, 6:12 PM
    • 6 Posts
    • 0 Thanks
    sam1431
    Mortgage timescale
    Hi to all who seem to be in the same boat as me, my broker submitted my full application today and has advised a timescale of 7 days before the underwriting team get in touch. After reading all the comments here in a little disheartened and feel it's going to be a really long process.
    • feekerry
    • By feekerry 19th Oct 17, 8:16 PM
    • 39 Posts
    • 10 Thanks
    feekerry
    Sam -we seem to have applied at the same time! Will be interesting to see how they pan out. Mine is a remortgage though
    • obay
    • By obay 19th Oct 17, 8:30 PM
    • 452 Posts
    • 329 Thanks
    obay
    I was wondering if KMC do product switches when the remortgage is up? I'm looking at some of there rates, and instead of getting all the hassle of a new deal, etc i'd rather just stick with KMC, but lower my interest rate to there 2.94%.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • sam1431
    • By sam1431 20th Oct 17, 1:30 PM
    • 6 Posts
    • 0 Thanks
    sam1431
    Mortgage timescale
    Feekerry I have a remortgage to release equity for a btl so 2 things going through them. We will have to keep each other updated to see if our timescales differ. I did ring them today and was told it's 3 days turnaround to see what basic information they need and then 5 days turnaround for everything that is sent off after that.
    • sterow
    • By sterow 20th Oct 17, 4:36 PM
    • 10 Posts
    • 1 Thanks
    sterow
    I am also in a similar position - recieved dip end of august.
    Property found and offer accepted 29/09.
    Full application put in on the 10/10
    Valuation fee taken
    More docs required 16/10
    Further docs required 19/10
    Now today, been told the interest rate has changed from 2.89 to 3.44 So broker is again querying this, but doesn't look good, as the rates changed in october and previous KFI was built on the old rate.

    Only good thing about this is our broker is in regular contact and seems as though Kensington are processing things at an ok pace!

    fingers crossed, but dont really have any other option!
    • sam1431
    • By sam1431 21st Oct 17, 9:22 AM
    • 6 Posts
    • 0 Thanks
    sam1431
    I am also in a similar position - recieved dip end of august.
    Property found and offer accepted 29/09.
    Full application put in on the 10/10
    Valuation fee taken
    More docs required 16/10
    Further docs required 19/10
    Now today, been told the interest rate has changed from 2.89 to 3.44 So broker is again querying this, but doesn't look good, as the rates changed in october and previous KFI was built on the old rate.

    Only good thing about this is our broker is in regular contact and seems as though Kensington are processing things at an ok pace!

    fingers crossed, but dont really have any other option!
    Originally posted by sterow
    Were you asked for a lot if additional documents im dreading what they will ask for I have already submitted pay slips p60 and ID and yesterday I handed my statement with deposit which my mortgage broker will scan onto the application.
    • sterow
    • By sterow 21st Oct 17, 9:36 AM
    • 10 Posts
    • 1 Thanks
    sterow
    Similar Documents to what you have mentioned. Plus a statement to confirm build up of a deposit.
    They have also request a letter of why i have a ccj and why it isnt settled.
    Broker i am using doesn't seem to fazed by it all. So hopefully we will finally get there
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,424Posts Today

8,802Users online

Martin's Twitter