Kensington Mortgage application timescale

Rdt12344

mah0109 said:

We’ve just had our offer through!!!

not taken long at all (around 3 and a bit weeks).
a few payslips requested from my other half initially but that was it.
I was the one with adverse credit and didn’t even need to answer any additional questions.

Hi at what point was the valuation instructed cheers

mah0109

Rdt12344 said:

mah0109 said:

We’ve just had our offer through!!!

not taken long at all (around 3 and a bit weeks).
a few payslips requested from my other half initially but that was it.
I was the one with adverse credit and didn’t even need to answer any additional questions.

Hi at what point was the valuation instructed cheers

Right at the very start, in fact I think it was the first thing they did after double checking the affordability

ecoco

Rdt12344 said:

Quick update, application 20/4, a few questions asked on 27/4 nothing too major. Just heard valuation arranged for next Thursday , so far so good I think 

Hello! We’re a similar timeline.  Our application went in on the 21/04, a few questions to clarify SE income on the 27/04.  Heard nothing since.  

Rdt12344

Broker thinks things are promising as valuation instructed and few follow up questions. Will know a bit more after tomorrow’s valuation 

Clelja2442

Hi, we have just submitted a full application. Our mortgage broker says Kensington take 1-2 days for ‘initial checks’ - any ideas what these
checks are? We have submitting everything short of a blood sample!

mah0109

Claire2442 said:

Hi, we have just submitted a full application. Our mortgage broker says Kensington take 1-2 days for ‘initial checks’ - any ideas what these
checks are? We have submitting everything short of a blood sample!

I think it’s just a quick review of the affordability.

Rdt12344

Claire2442 said:

Hi, we have just submitted a full application. Our mortgage broker says Kensington take 1-2 days for ‘initial checks’ - any ideas what these
checks are? We have submitting everything short of a blood sample!

Hi I think they do the credit checks and if ok an underwriter gives it a first review to see if it’s also affordable. If credit is ok and affordable I think they then ask for any additional docs and instruct the valuation. Hence , I think if the valuation is instructed it’s positive 

Clelja2442

Rdt12344 said:

Claire2442 said:

Hi, we have just submitted a full application. Our mortgage broker says Kensington take 1-2 days for ‘initial checks’ - any ideas what these
checks are? We have submitting everything short of a blood sample!

Hi I think they do the credit checks and if ok an underwriter gives it a first review to see if it’s also affordable. If credit is ok and affordable I think they then ask for any additional docs and instruct the valuation. Hence , I think if the valuation is instructed it’s positive 

Thanks, it is the affordability that makes me nervous, even though our broker seems to think it is ok! We are putting in two applications, a buy to let mortgage and a residential one.

mah0109

Claire2442 said:

Rdt12344 said:

Claire2442 said:

Hi, we have just submitted a full application. Our mortgage broker says Kensington take 1-2 days for ‘initial checks’ - any ideas what these
checks are? We have submitting everything short of a blood sample!

Hi I think they do the credit checks and if ok an underwriter gives it a first review to see if it’s also affordable. If credit is ok and affordable I think they then ask for any additional docs and instruct the valuation. Hence , I think if the valuation is instructed it’s positive 

Thanks, it is the affordability that makes me nervous, even though our broker seems to think it is ok! We are putting in two applications, a buy to let mortgage and a residential one.

Yeah I lost a lot of sleep over the full application. But from experience, the pros of having your application manually underwritten is that they take a sensible approach to everything…..and, in fact, a surprisingly lenient approach to certain elements of your monthly spend.

Rdt12344

I have zero affordability issues at all, my issue is that years ago my credit score was zero with multiple defaults etc. although we are pretty much debt free I just can’t seem to accept someone will actually give us a mortgage. We haven’t missed a payment or had anything late for two years now and no defaults in over 3. Our broker thinks there’ll be no issue but I just feel like the idea of getting a mortgage offer letter is the stuff of science fiction !