Kensington Mortgage application timescale

mrsrielly

@Happydays127 thank you! Hope you got the keys all ok

Olivia42

Our application was submitted last Wednesday and today we were told that the valuation had been instructed but we were also asked about a billion questions and clarifications ranging from explaining payments on our statements to uploading clearer payslips, they also said my place of work was not commutable from my address why was this- I work from home 🙄🤣 think that would be fairly obvious. Can I relax a bit having been told about the valuation or should I continue the anxiety and sleepless nights 😬

mrsrielly

Hi @Olivia42 I am in the same boat, our valuation was yesterday, no idea time etc but patiently waiting to hear!! That's crazy about the work not being commutable lol everyone nowadays (nearly everyone) is working from home, surely this should have been an option before they questioned it. My solicitor, the broker, the sales agent at the development (we have reserved a new build) and my friend who is a solicitor have all said they would not have instructed the valuation if they were not going to say yes but I still haven't been able to ditch the anxiety or restless nights!  just put me out of my misery and tell us lol x

mrsrielly

so Kensington have come back to say that our own house needs to be on the market before anything else happens. Our valuation came back satisfactory so have got everything organised for our house to go on the market next week with the home report being carried out on Friday, hopefully soon as this is done we get our offer!

Smokey8899

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.

We received our offer today! 🎉🎉🎉

it feels like it’s been the longest wait, ever! 22 working days in total. Which is in line with their SLAs.

We had to provide lots of statements to show where our deposit had come from, just because I’d moved it around quite a bit. And they asked for the same thing a couple of times. But we got through it! 

So happy, still can’t quite believe it. 

For those of you going through it - I completely empathise with what you are feeling, and there isn’t anything I can say to help - but just have faith in the process, and valuation is definitely a good sign! 

Now to wait for exchange and completion. 

mrsrielly

@Smokey8899 that's great news!! Congratulations!!

still waiting unfortunately, our house is on the market now though and I sent the link to it and the home report to our broker yesterday so hoping to hear this week.

kppeanut09

Hello. I’ve been reading everyone’s posts and we’re in a similar boat. They’ve had a few queries that we have answered as soon as we’ve received them and I am hopeful to receive a mortgage offer soon. Full application went in on 2/3/22. Keeping everything crossed for you all! 

mah0109

Hi All,

I think I’m subconsciously looking for a bit of reassurance that things are going okay.

10/03 - Full application sent
15/03 - “initial assessment completed” a number of questions were asked and we responded accordingly. Valuation also requested.
17/03 - Valuation carried out.
17/03 - Broker advised that the underwriter needs to review the documents they received following the requests for more info on 15/03.


does this all suggest that the application is progressing well? 

My main concern is that we’re just going to get an email at any given moment saying that the application has been declined. Have we got past the main checks? Or could this still fall apart?

RRS1999

Hi there we have full application in with Kensington 1 week ago and today we have been told that the valuation has been instructed and planned for Wednesday this week 

Is this a good sign that all the documentation, questions and answers supplied are all OK with the underwriter and now it just comes down to the property valuation ?

mah0109

RRS1999 said:

Hi there we have full application in with Kensington 1 week ago and today we have been told that the valuation has been instructed and planned for Wednesday this week 

Is this a good sign that all the documentation, questions and answers supplied are all OK with the underwriter and now it just comes down to the property valuation ?

My understanding is that the valuation is instructed upon receipt of the application.
we’ve had our application with Kensington since the 10th March. Valuation and initial checks all completed. We get the odd question every now and then but the latest update from our broker suggests they’re just reviewing the information contained within the valuation.