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  • FIRST POST
    • mgxeab
    • By mgxeab 31st Mar 17, 10:05 PM
    • 15Posts
    • 3Thanks
    mgxeab
    Valuation complete but no offer
    • #1
    • 31st Mar 17, 10:05 PM
    Valuation complete but no offer 31st Mar 17 at 10:05 PM
    Valuation was completed 8 days ago by Kensington. Broker says it went fine. Employment references were sent and only query was regarding the second applicants method of working as it's a 2 hour commute. Hopefully the references have satisfied, but we still haven't received an offer. Any idea of this is normal for a case to be stuck after valuation ? Could we get declined even at this stage ?
Page 1
    • Thrugelmir
    • By Thrugelmir 31st Mar 17, 10:08 PM
    • 55,160 Posts
    • 48,361 Thanks
    Thrugelmir
    • #2
    • 31st Mar 17, 10:08 PM
    • #2
    • 31st Mar 17, 10:08 PM
    Underwriters have busy in trays. Your case has thrown something up which is not the norm. Due consideration will therefore be required.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • mgxeab
    • By mgxeab 31st Mar 17, 10:21 PM
    • 15 Posts
    • 3 Thanks
    mgxeab
    • #3
    • 31st Mar 17, 10:21 PM
    • #3
    • 31st Mar 17, 10:21 PM
    Thanks, but am I'm correct in thinking that if there was a real problem and they wanted to decline, then it would have declined already? In other words no news is good news? We're still in there?
    • doversole
    • By doversole 2nd Apr 17, 12:01 PM
    • 2 Posts
    • 0 Thanks
    doversole
    • #4
    • 2nd Apr 17, 12:01 PM
    • #4
    • 2nd Apr 17, 12:01 PM
    Just following this as we are in the same boat and am interested in how you get on
    • mgxeab
    • By mgxeab 8th Apr 17, 4:16 PM
    • 15 Posts
    • 3 Thanks
    mgxeab
    • #5
    • 8th Apr 17, 4:16 PM
    • #5
    • 8th Apr 17, 4:16 PM
    So just to update then. They approached my wife's employers no less than 5 times. The HR department have completely satisfied their requests (ability to work remotely, flexible working policies and permanency of the job as well as its continuation). The actual "working pattern" cannot be defined and HR are not obliged to confirm and commit to any of these aspects due to unpredictability of week by week work patterns. On that basis alone Kensington underwriter has declined the mortgage.

    This is unacceptable but our hands are completely tied. My broker has managed to resurrect some re-evaluation of the case by offering to provide (by my wife) a written statement providing an example typical working week involving the flexible working and office based working. Along with potential costs involved.

    We are providing this now, however, seriously considering some kind of legal action as they simply cannot expect employers to dictate or confirm a working pattern that is no fixed.
    • Thrugelmir
    • By Thrugelmir 8th Apr 17, 5:19 PM
    • 55,160 Posts
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    Thrugelmir
    • #6
    • 8th Apr 17, 5:19 PM
    • #6
    • 8th Apr 17, 5:19 PM
    We are providing this now, however, seriously considering some kind of legal action as they simply cannot expect employers to dictate or confirm a working pattern that is no fixed.
    Originally posted by mgxeab
    You are barking up the wrong tree I'm afraid to say. There is no right to a mortgage. The lenders underwriters are the ones to decide whether they'll accept your application. If there's aspects that do not meet their own internally set criteria. Then to say no is their prerogative. That's the nature of lending in general.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • mgxeab
    • By mgxeab 8th Apr 17, 5:42 PM
    • 15 Posts
    • 3 Thanks
    mgxeab
    • #7
    • 8th Apr 17, 5:42 PM
    • #7
    • 8th Apr 17, 5:42 PM
    No company is immune to complaints legal or otherwise - especially if the outcome results in placing a customer in an unfavourable position both with their employers, financially and undue stress. Sure they can decline but to do so in such a manner is not something they are allowed to just get away with.
    • Ashlea9175
    • By Ashlea9175 3rd May 17, 7:00 PM
    • 3 Posts
    • 0 Thanks
    Ashlea9175
    • #8
    • 3rd May 17, 7:00 PM
    • #8
    • 3rd May 17, 7:00 PM
    I'm the the process of waiting for an offer from Kensington. The house was bought 4 weeks ago. Full submission went in last week and now waiting for an offer. Wondering how long the process takes. Getting a little impatient.
    • BLOW FLY
    • By BLOW FLY 3rd May 17, 8:00 PM
    • 102 Posts
    • 79 Thanks
    BLOW FLY
    • #9
    • 3rd May 17, 8:00 PM
    • #9
    • 3rd May 17, 8:00 PM
    I'm the the process of waiting for an offer from Kensington. The house was bought 4 weeks ago. Full submission went in last week and now waiting for an offer. Wondering how long the process takes. Getting a little impatient.
    Originally posted by Ashlea9175
    Here is a quote from ACG on another thread about Kensington:

    "Kensington do usually get there, they are just ridiculous when it comes to underwriting. I always pre-warn my clients if we use kensington (and one or 2 other lenders) that they will make it hard work and that it is not a sign of their application being a bad one, it is just kensington being a nightmare for everyone."

    BF
    • Ajhoyle
    • By Ajhoyle 25th May 17, 8:23 PM
    • 7 Posts
    • 1 Thanks
    Ajhoyle
    Hi. We've just done our mortgage application today with Kensington... anyone any ideas on timescales start to finish. Full mortgage app to offer?
    • MrMortgages
    • By MrMortgages 26th May 17, 5:04 PM
    • 12 Posts
    • 0 Thanks
    MrMortgages
    I have just completed one with Kensington for a client, it took 5 weeks to get a full offer. They are painfully slow and awkward to deal with, but needs must.
    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.
    • sunny1985
    • By sunny1985 11th Aug 17, 12:08 PM
    • 5 Posts
    • 0 Thanks
    sunny1985
    Same here, waiting for reply, all asked for submitted and just two weeks in so can't moan yet. Wish decision could be made quicker, yes or no and life goes on. Going on holiday now for a week (booked before knew will have to move) and now stressing what if they need something else and quick as we can't afford delays, need to be out by 13th Sept, please calm me down that's doable
    • amnblog
    • By amnblog 11th Aug 17, 12:16 PM
    • 9,744 Posts
    • 3,761 Thanks
    amnblog
    Are you saying you have put a case in two weeks ago with Kensington and need to be complete by the 13th of next month Sunny?
    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.
    • Thrugelmir
    • By Thrugelmir 11th Aug 17, 12:18 PM
    • 55,160 Posts
    • 48,361 Thanks
    Thrugelmir
    Same here, waiting for reply, all asked for submitted and just two weeks in so can't moan yet. Wish decision could be made quicker, yes or no and life goes on. Going on holiday now for a week (booked before knew will have to move) and now stressing what if they need something else and quick as we can't afford delays, need to be out by 13th Sept, please calm me down that's doable
    Originally posted by sunny1985
    The fact that you've applied to Kensington rather than a mainstream lender. Means that your application is more complex than the norm. It will be appraised on it's individual merits by an underwriter rather than simply being rejected because the computer says no. As a consequence the time taken will be longer. With underwriters dealing with multiple applications at any one time. When questions are asked your file will go back to the bottom of the pile.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • globetrotterEB
    • By globetrotterEB 11th Aug 17, 1:04 PM
    • 8 Posts
    • 0 Thanks
    globetrotterEB
    Having now completed and moved in and enjoying our new house (almost 2 months moved in) - I can say that the wait was worth it. Hang in there everyone. Don't lose patience. Keep supplying them with info but ONLY the info they requested. If you provide more than what they wanted - even just a few extra lines - they will ask for something else.

    Its true what they say. Forget counting days, just get on with life and keep providing them with info. You WILL get there and the positive thing is if you cleared credit search and employment search the rest is just a formality - you have more or less got the mortgage, its just a case of them completing there assessment.
    • Getting impatient
    • By Getting impatient 16th Sep 17, 12:30 PM
    • 4 Posts
    • 0 Thanks
    Getting impatient
    Hi all.
    Any advice will be greatfully received.
    Everything is done Now, we had the valuation done 9 days ago.
    How long are we expected to wait for final offer?
    Thanks on advance.
    X
    • amnblog
    • By amnblog 16th Sep 17, 12:33 PM
    • 9,744 Posts
    • 3,761 Thanks
    amnblog
    They suggest they are currently looking at post within 3 working days.

    You should ask your broker what is happening.
    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.
    • Getting impatient
    • By Getting impatient 17th Sep 17, 10:26 AM
    • 4 Posts
    • 0 Thanks
    Getting impatient
    My broker is not getting back to me.
    Is it usually ok if they instruct a valuation?
    • Getting impatient
    • By Getting impatient 18th Sep 17, 5:01 PM
    • 4 Posts
    • 0 Thanks
    Getting impatient
    On day 12 after valuation and still no offer. Has anyone else experienced This? The anxiety is a joke! Is 5his normal?
    • purpleparrotuk
    • By purpleparrotuk 19th Sep 17, 5:55 AM
    • 192 Posts
    • 17 Thanks
    purpleparrotuk
    On day 12 after valuation and still no offer. Has anyone else experienced This? The anxiety is a joke! Is 5his normal?
    Originally posted by Getting impatient
    I got my offer next day with Halifax.
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