Kensington Mortgage application timescale

Happydays127

Brilliant news 

Lisja1979

Our application is in final review. The waiting is painful! 

danielleb91

Lisja1979 said:

Our application is in final review. The waiting is painful! 

Ahh that sounds promising... not much longer for you to wait I wouldn't have thought!

Smokey8899

Been lurking here for a couple of weeks - trying to keep positive as we await our decision with Kensington. 

What I've learnt is that every situation is very different, so it's difficult to gauge - but here is a little background of our application to date: 

We're FTB. We've got pretty shoddy credit, with satisfied CCJs from over 4 years ago (bloody private parking tickets!) - otherwise we don't have defaults etc, and we have pretty good affordability. We hadn't intended on buying until 2024 when the CCJs would be off of our reports. But my foster parents very generously offered to help top up our deposit, and recommended we see what was available mortgage wise. 

We're with a broker who was recommended by my foster parents financial advisor, he doesn't specialise in poor credit, and was honest with us that our situation wasn't the greatest but felt Kensington could be someone that would accept us with 90% LTV. We applied for a DIP straight away, before getting over excited and booking viewings. 

The DIP came back approved, so we started our hunt. We found a couple of properties where offers were accepted, but then the vendor or chain fell through. Until last Wednesday (9th Feb) when our offer was accepted. Mortgage application went in 11/2 - we provided, bank statements, p60s, deposit proof, ID, and a small vial of blood for good measure ;-). We also got a notification of a Hard Search on our Credit report on the same day. 

Today my broker came back with additional questions and documents requests (18/2). He also confirmed that the valuation had been instructed. 

As I said every situation is different, I'd been reading through the forum wondering what would happen for us, I'll be honest I haven't slept properly since the application went in. And kept finding ways where we could be declined. The biggest concern for me came from our gifted deposit. Kensington say they do not accept gifts from anyone who is not immediate family - and they don't define 'parents', so we weren't sure if our deposit would be accepted.

Today with the additional questions - Kensington said they would consider a gifted deposit from my foster parents, but needed proof that I had been placed in long term care with them.. Luckily  my Mum pre-empted this and dug out letters and files from 20 years ago. So I was able to share this information back super quick. 

The estate agent also dropped me a note to say the valuation had been booked 22/2. I know from reading on here, that it doesn't mean final offer is imminent or guaranteed but it does give me some comfort that they haven't straight up refused us, and that it's being review by a human. 

I'll keep you all posted! And I wish you lots of luck with your applications.

Lisja1979

Smokey8899 said:

Been lurking here for a couple of weeks - trying to keep positive as we await our decision with Kensington. 

What I've learnt is that every situation is very different, so it's difficult to gauge - but here is a little background of our application to date: 

We're FTB. We've got pretty shoddy credit, with satisfied CCJs from over 4 years ago (bloody private parking tickets!) - otherwise we don't have defaults etc, and we have pretty good affordability. We hadn't intended on buying until 2024 when the CCJs would be off of our reports. But my foster parents very generously offered to help top up our deposit, and recommended we see what was available mortgage wise. 

We're with a broker who was recommended by my foster parents financial advisor, he doesn't specialise in poor credit, and was honest with us that our situation wasn't the greatest but felt Kensington could be someone that would accept us with 90% LTV. We applied for a DIP straight away, before getting over excited and booking viewings. 

The DIP came back approved, so we started our hunt. We found a couple of properties where offers were accepted, but then the vendor or chain fell through. Until last Wednesday (9th Feb) when our offer was accepted. Mortgage application went in 11/2 - we provided, bank statements, p60s, deposit proof, ID, and a small vial of blood for good measure ;-). We also got a notification of a Hard Search on our Credit report on the same day. 

Today my broker came back with additional questions and documents requests (18/2). He also confirmed that the valuation had been instructed. 

As I said every situation is different, I'd been reading through the forum wondering what would happen for us, I'll be honest I haven't slept properly since the application went in. And kept finding ways where we could be declined. The biggest concern for me came from our gifted deposit. Kensington say they do not accept gifts from anyone who is not immediate family - and they don't define 'parents', so we weren't sure if our deposit would be accepted.

Today with the additional questions - Kensington said they would consider a gifted deposit from my foster parents, but needed proof that I had been placed in long term care with them.. Luckily  my Mum pre-empted this and dug out letters and files from 20 years ago. So I was able to share this information back super quick. 

The estate agent also dropped me a note to say the valuation had been booked 22/2. I know from reading on here, that it doesn't mean final offer is imminent or guaranteed but it does give me some comfort that they haven't straight up refused us, and that it's being review by a human. 

I'll keep you all posted! And I wish you lots of luck with your applications.

Sounds promising! From what my brokers said, if you passed the initial affordability checks and they then instruct valuation, it’s a really positive sign. Hopefully all will be good for you. We’re still waiting for our offer. I know what you mean about not sleeping. It’s all I can think about 🤣 Doesn’t look like we will hear today, so another weekend to get through! Fingers crossed for you that all goes well 

Neiljment

Hi All, 

Has anyone been in a similar situation, I just missed a direct debit which showed on my latest statements (it was since paid manually). According to MA it’s the only thing stopping my approval as they currently not comfortable approving the application because of it. I’m so gutted missing it. 

Lisja1979

Neiljment said:

Hi All, 

Has anyone been in a similar situation, I just missed a direct debit which showed on my latest statements (it was since paid manually). According to MA it’s the only thing stopping my approval as they currently not comfortable approving the application because of it. I’m so gutted missing it. 

Oh no! Have they declined you because of that? I have not missed any direct debits or payments but am getting uneasy that I have not heard anything since early last week when it went to final review. MA advised he would chase them up today but he didn’t come back to me which is panicking me. I’m so sorry to hear of you have been declined because of that. 😢

Neiljment

Lisja1979 said:

Neiljment said:

Hi All, 

Has anyone been in a similar situation, I just missed a direct debit which showed on my latest statements (it was since paid manually). According to MA it’s the only thing stopping my approval as they currently not comfortable approving the application because of it. I’m so gutted missing it. 

Oh no! Have they declined you because of that? I have not missed any direct debits or payments but am getting uneasy that I have not heard anything since early last week when it went to final review. MA advised he would chase them up today but he didn’t come back to me which is panicking me. I’m so sorry to hear of you have been declined because of that. 😢

They haven’t declined me yet but, my MA is trying to convince them, so I’ve  sent them my statement from car finance account that I missed my DD on to show its up to date. I hope it sufficient it was literally an error on my side forgetting to transfer the money urgh. 

Loosing hope to be honest. I just want them to decline it so I can move forward with different provider

Lisja1979

Neiljment said:

Lisja1979 said:

Neiljment said:

Hi All, 

Has anyone been in a similar situation, I just missed a direct debit which showed on my latest statements (it was since paid manually). According to MA it’s the only thing stopping my approval as they currently not comfortable approving the application because of it. I’m so gutted missing it. 

Oh no! Have they declined you because of that? I have not missed any direct debits or payments but am getting uneasy that I have not heard anything since early last week when it went to final review. MA advised he would chase them up today but he didn’t come back to me which is panicking me. I’m so sorry to hear of you have been declined because of that. 😢

They haven’t declined me yet but, my MA is trying to convince them, so I’ve  sent them my statement from car finance account that I missed my DD on to show its up to date. I hope it sufficient it was literally an error on my side forgetting to transfer the money urgh. 

Loosing hope to be honest. I just want them to decline it so I can move forward with different provider

Yes you just want to know one way or the other don’t you. It’s so frustrating. Fingers crossed for you that they accept you. 

Lisja1979

we got our offer! So happy 😀😀