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Kensington - timescales
vjacx
Posts: 84 Forumite
Hi, just wondered if anyone had any experience with this lender, can't see anything recent when I search the forum. Going with them as I'm self employed with 1 year accounts.
Got AIP quickly, but since submitting full application we've been waiting a while and today they have asked broker for approx. 8 further pieces of information. Most of it he has and has sent/dealt with, and this is fine, but they asked for letters of explanation from my husband and I re a few late payments in the last 12 months (mail order accounts, ie Next & Very - tend to forget as small amounts and always pay more than minimum but have now put them on direct debit to avoid the late issue). We have written truthful letters, explaining just that and pointing out no missed payments on any other credit commitments (ie credit cards, existing mortgage etc.)
Getting a bit panicky, 1. about getting the application approved and 2. doing it within a reasonable timescale for vendor! EA & vendor haven't raised any concern yet, and house was on market for about 12 months prior to our offer, plus we have nothing to sell, so I think everyone's expecting a quick sale - we aren't too bothered about quick/slow etc but I don't want to upset anyone and potentially lose the house. I realise none of you helpful people have a crystal ball, but if anyone has any recent experience with Kensington and can give me any indication re usual queries/issues/timescales I'd appreciate it.
Thanks!
Got AIP quickly, but since submitting full application we've been waiting a while and today they have asked broker for approx. 8 further pieces of information. Most of it he has and has sent/dealt with, and this is fine, but they asked for letters of explanation from my husband and I re a few late payments in the last 12 months (mail order accounts, ie Next & Very - tend to forget as small amounts and always pay more than minimum but have now put them on direct debit to avoid the late issue). We have written truthful letters, explaining just that and pointing out no missed payments on any other credit commitments (ie credit cards, existing mortgage etc.)
Getting a bit panicky, 1. about getting the application approved and 2. doing it within a reasonable timescale for vendor! EA & vendor haven't raised any concern yet, and house was on market for about 12 months prior to our offer, plus we have nothing to sell, so I think everyone's expecting a quick sale - we aren't too bothered about quick/slow etc but I don't want to upset anyone and potentially lose the house. I realise none of you helpful people have a crystal ball, but if anyone has any recent experience with Kensington and can give me any indication re usual queries/issues/timescales I'd appreciate it.
Thanks!
November make £10/day challenge = £874.14/£300
December make £10/day challenge = £98.10/£155
December make £10/day challenge = £98.10/£155
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Comments
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Kensington's underwriting is manual, slow and detailed (and they don't like sloppy account management - which you have admitted to).
They are very good at accepting 'big events in your life' but not lack of attention to detail. That doesn't mean you won't get it but your broker will be working for his money.
If it is just one year's accounts (and a few ones on your credit catalogue accounts) there may be other options if this doesn't work.
My opinion - get rid of the catalogues, they are all designed to make it difficult to comply with their accounting terms (and thereby generate fees - and incidentally the late payment markers on your file). More info on this here http://www.mortgagelady.co.uk/?p=146Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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