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
    • rakoczigabi
    • By rakoczigabi 14th Sep 17, 10:35 PM
    • 2Posts
    • 0Thanks
    rakoczigabi
    Kensington Mortgage help please
    • #1
    • 14th Sep 17, 10:35 PM
    Kensington Mortgage help please 14th Sep 17 at 10:35 PM
    Hi all ,

    Our story is a bit complicated. We currently selling my husband's flat , after the sale we should make around £48k.

    Because of he's bad credit and a 2 x 5.5year old CCJs wedecided to go with a mortgage broker company ( AMS). 1 ccj will G!l of in December and the other will fall off from his report in June 2018 , they pass the 6years. We submitted our details to him and he came back with our mortgage in Principal in 180k, 26 July 2017.

    Went to see a few houses then made an offer , offer been accepted for £177k.

    Because of husband's bad credit we offered to pay £27k deposit straight away so only needed a mortgage for £155k. This was back in first week of August.

    Every week we had to submit different papers, bank statements , ccjs records etc. But our broker said everything is okey.

    2 weeks ago house valuation came back at £177k so we were all happy.

    Payroll confirmed our salary , plus guaranteed allowances. We working for the railway. Husband is full time and I part time.
    Broker guy said it's all okey, confirms husband's salary as we stated at the beginning which was 31k and mine was 11k.

    This week Monday got a call from our broker saying Kensington don't take allowances so only includes husband's basic salary 22k.
    Even though our payroll and payslips confirmed that the allowances he gets is definitely guaranteed , it's not over time.
    So now the highest they offer is 135k

    We are absolutely devastated. Our broker said he can't do anything else. If we want the mortgage we have to take the 135. But that's won't be enough for the house.

    So we had to pull out from our buy.

    My question is , if we find another property for about 160k and offer to pay 30k deposit , could we still use that mortgage what Kensington offered 135k?
    Or do we need to start the whole application process from the beginning ?

    We emails our broker and tried to call him but he didn't answered in the last 2 days.

    So just wondering if anybody has any advice ?

    Thanks all.
Page 1
    • ACG
    • By ACG 14th Sep 17, 10:59 PM
    • 15,778 Posts
    • 8,071 Thanks
    ACG
    • #2
    • 14th Sep 17, 10:59 PM
    • #2
    • 14th Sep 17, 10:59 PM
    You should be able to transfer it over from memory but I do try to avoid kensington as they are horrible to deal with.

    I hope you never paid the broker any fees, it sounds like they have made the mistake and an application should never have been submitted as your income was never enough to get the mortgage.
    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.
    • rakoczigabi
    • By rakoczigabi 15th Sep 17, 5:43 AM
    • 2 Posts
    • 0 Thanks
    rakoczigabi
    • #3
    • 15th Sep 17, 5:43 AM
    • #3
    • 15th Sep 17, 5:43 AM
    You should be able to transfer it over from memory but I do try to avoid kensington as they are horrible to deal with.

    I hope you never paid the broker any fees, it sounds like they have made the mistake and an application should never have been submitted as your income was never enough to get the mortgage.
    Originally posted by ACG
    Thank you ACG,
    We only have paid the initial £159 but no other frees because we didn't get the mortgage.
    The problem I find strange is that the brokers title is " manager " and he got al our payslip banstatements etc on day one. And because he said he found a lender who takes people on with old ccjs and they offer us the money that's why we went with him / them.
    If he would of told us that there's no chance for a mortgage because no lenders can take on people with shift allowances then we wouldn't of wasted our time.
    And also to be honest Kensington is so slow. 8-10days turnaround for each document , just a long wait.

    Thanks again for your answer. Hopefully the broker answers soon and see if we can transfer the mortgage application to the other property.
    • ACG
    • By ACG 15th Sep 17, 9:40 AM
    • 15,778 Posts
    • 8,071 Thanks
    ACG
    • #4
    • 15th Sep 17, 9:40 AM
    • #4
    • 15th Sep 17, 9:40 AM
    Have you got a 10% or 15% deposit?
    If 15% deposit, I am pretty sure there are better options out there and potentially cheaper.

    If 10% then you are quite limited.
    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.
    • amnblog
    • By amnblog 15th Sep 17, 10:04 AM
    • 10,024 Posts
    • 3,902 Thanks
    amnblog
    • #5
    • 15th Sep 17, 10:04 AM
    • #5
    • 15th Sep 17, 10:04 AM
    Rakoczigabi

    You have selected your broker and should trust them to do the work for you.

    Yes, a change to a new property is less involved than a new application.

    Yes, Kensington are very slow and very picky, but with respect you do not present as clients the Lender's are lining up to assist.
    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.
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

182Posts Today

1,869Users online

Martin's Twitter