Kensington Mortgage application timescale

Clelja2442

I know what you mean. We have both had DMPs in the past but everything is paid off and no defaults in over 3 three. My credit file is clean with a high score as the defaults weren’t registered on there. We have obviously still declared them to Kensington in an adverse credit letter. Also a bit concerned that one of the bank statements we submitted we were significantly in our agreed overdraft due to car failing MOT and needing significant works etc.

Rdt12344

Claire2442 said:

I know what you mean. We have both had DMPs in the past but everything is paid off and no defaults in over 3 three. My credit file is clean with a high score as the defaults weren’t registered on there. We have obviously still declared them to Kensington in an adverse credit letter. Also a bit concerned that one of the bank statements we submitted we were significantly in our agreed overdraft due to car failing MOT and needing significant works etc.

I don’t think they care what they spend your money on. Lots of people posted that they’d been well in their OD over Christmas etc with no issues. I think it’s more confirmation of income , no undesclosed direct debits to creditors etc

Clelja2442

Quick update - we only put our application in on Tuesday but our valuation for this house has been instructed for Thursday 12th May. It seems quick so wondering if this is just standard practise or is in fact a good sign?

mah0109

Claire2442 said:

Quick update - we only put our application in on Tuesday but our valuation for this house has been instructed for Thursday 12th May. It seems quick so wondering if this is just standard practise or is in fact a good sign?

This is taken from their website….

“Underwriter Review

An Underwriter will review your case to ensure the loan we have agreed in principle is affordable for your client and instruct the valuation”.

Rdt12344

mah0109 said:

Claire2442 said:

Quick update - we only put our application in on Tuesday but our valuation for this house has been instructed for Thursday 12th May. It seems quick so wondering if this is just standard practise or is in fact a good sign?

This is taken from their website….

“Underwriter Review

An Underwriter will review your case to ensure the loan we have agreed in principle is affordable for your client and instruct the valuation”.

Yeah so if a valuation is instructed the credit check is passed and an underwriter thinks it’s affordable. So I’m hoping for us that if the valuation is ok we will get an offer soon 

Needsadvice13

Hey! 

I thought I’d drop by as someone who has recently gone through this process.

I’m writing this from my beautiful new home that I never dreamed would be possible for me…. I had several defaults from 3 years ago and hubby had gambling transactions (only a fiver a few times a month and unrelated to my defaults) 

the point is, Kensington may not be the fastest and I know it’s anxiety inducing but hold on in there, they will offer you the mortgage if you meet their criteria and have been honest and upfront when applying. One day in the not too distant future you will be sat in your lovely new home and all this will seem a lifetime ago. 

Clelja2442

Needsadvice13 said:

Hey! 

I thought I’d drop by as someone who has recently gone through this process.

I’m writing this from my beautiful new home that I never dreamed would be possible for me…. I had several defaults from 3 years ago and hubby had gambling transactions (only a fiver a few times a month and unrelated to my defaults) 

the point is, Kensington may not be the fastest and I know it’s anxiety inducing but hold on in there, they will offer you the mortgage if you meet their criteria and have been honest and upfront when applying. One day in the not too distant future you will be sat in your lovely new home and all this will seem a lifetime ago. 

Thank you for this, and congratulations on your new home. I hope you are right. I does feel like an impossible dream sometimes!

rhiz54321

Hi all, I was terrified to use Kensington after reading all the dreadful reviews I thought we had no chance. We completely paid off our DMP in Dec 2020 and have several defaults and missed payments so wasn’t feeling confident at all. However on paper they were the only lender who we met the criteria for so our broker suggested we used them. We made a full application on 14/4, valuation took place on 28/4 and just got our mortgage offer on 5/5. The whole process took 11 working days (excluding bank holidays in the Easter period). We were prepared for the worse and anticipating a long drawn out process but fortunately I think our broker really did their due diligence ahead of applying to ensure there would be no issues upon application. We weren’t even asked to produce any additional paperwork or evidence so all in all we had a great experience with no issues. I would say the broker we used and going through our finances with a fine tooth comb made the process a lot smoother. Good luck everyone! 

Clelja2442

rhiz54321 said:

Hi all, I was terrified to use Kensington after reading all the dreadful reviews I thought we had no chance. We completely paid off our DMP in Dec 2020 and have several defaults and missed payments so wasn’t feeling confident at all. However on paper they were the only lender who we met the criteria for so our broker suggested we used them. We made a full application on 14/4, valuation took place on 28/4 and just got our mortgage offer on 5/5. The whole process took 11 working days (excluding bank holidays in the Easter period). We were prepared for the worse and anticipating a long drawn out process but fortunately I think our broker really did their due diligence ahead of applying to ensure there would be no issues upon application. We weren’t even asked to produce any additional paperwork or evidence so all in all we had a great experience with no issues. I would say the broker we used and going through our finances with a fine tooth comb made the process a lot smoother. Good luck everyone! 

That is really good to hear! We have been asked for another doc to prove my married name as the land registry still has me down as my maiden name, but nothing else so far! I hope the fact that they have asked for this is a good sign!

Rdt12344

Well the broker called and told us we have our offer ! 11 days total - amazing !