Kensington Mortgage

theerroll

Hi all,

I posted the other day regarding my chances of acheiveing mortgage acceptance so I wont go into any great detail.
Basically I have 4 defaults (all 5 yrs old, the lowest £150, the highest £1150 roughly.)

Having spoken to a broker she informs me that Kensington will be the most likley lender for me. But she also mentioned that I should ignore any bad reviews or comments about them as a company as they no longer operate as they used to (words to this effect!)

Has anybody had any dealings or know of anybody who has had dealings with Kensington recently as these comments are slightly off putting and may result in me canning my ambitons of home ownership until these defaults have cleared. That said I'd sooner get on the ladder now before house prices get to high and the quality of home I'm looking at now becomes unacheiveable.

Any comments will be greatly appreciated! But I'm not looking for mortgage advice, just any feedback from the aforementioned lender!

Thanks very much!:beer:

Dave_Ham

We use Kensington frequently and they are absolutely fine.

That said, they are very specific with their criteria and what they will and will not accept. I would be asking your broker how many cases they have placed in the last 6 months with them, as you will be risking £100 administration fee.

Specifically they are very interested in the detail on your deposit, income and commitments. They have exclusions on value, type and location of property so be aware of these too.

Absolutely everything needs to be declared and no short cuts or lapses in memory for you or broker.

If you fit criteria, Kensington will back you with good rates (relative to your situation) although not necessarily the quickest they do what they say they will do..

All the best

amnblog

Bit baffled why the broker would bring up a reputation issue with the lender that had not occured to you in the first place.

Kensington are actually a good lender to deal with in our experience.

ACG

I never dealt with kensington before they left the market.
I have placed one or 2 with them more recently, as Dave says theyre not the quickest and i also found them to be quite thorough in the underwriting (asking questions about minor things). But the rates are not bad and considering your defaults its a small price to pay having a slow processing time.

GMS

You also need to consider the situation of the people posting bad reviews. Generally they are in arrears and being pursued as per contractual terms.

Similarly on this site. The number of 'Lender won't lend', 'This is ridiculous' type posts far outnumber the 'Got a mortgage easily' type.

As has been said Kensington are very thorough but as long as everything stacks up they are fine.

One thing to be aware of is that they will take contractual payments into account for the defaults regardless of hat is being paid now for affordability calculations. If defaults satisfied then no issue.

I.e if an unsatisfied default was for a £100 per month loan which is now being paid back at £10 per month they will take the £100 for calculations.

Ensure you provide totally accurate figures to the broker.

Good luck

theerroll

Thankyou everybody,

I wouldn't be applying for a mortgage if I had outstanding payments on the defaults, and time isn't really an issue as the house is a repo and so i wouldn't imagine the vendor to be in to much of a rush once they have proof of funds. (or am I wrong there??)

Many thanks again everybody!