Kensington Mortgage application timescale

rhiz54321

Claire2442 said:

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!

That’s a really good sign! I think what others have said regarding a valuation being booked is a good sign, if usually means the lender is satisfied with your finances and the last hurdle is ensuring the property also meets the lending criteria. Unless something goes terrible wrong I think it’s pretty much a done deal from valuation on. 

Clelja2442

Rdt12344 said:

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

That is brilliant news - congratulations!

Rdt12344

Claire2442 said:

Rdt12344 said:

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

That is brilliant news - congratulations!

Thanks - hasn’t sunk in yet - been a long long journey. Spent around three years obsessively trying to sort my credit file out.

ecoco

Rdt12344 said:

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

Congratulations!!

We’re still waiting for them to look at documents that were sent 1.5 weeks ago.  Our broker keeps chasing them and being told they’re reviewing now, then chasing again and told they haven’t started yet but will soon.  Arhh! 

Clelja2442

ecoco said:

Rdt12344 said:

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

Congratulations!!

We’re still waiting for them to look at documents that were sent 1.5 weeks ago.  Our broker keeps chasing them and being told they’re reviewing now, then chasing again and told they haven’t started yet but will soon.  Arhh! 

Oh no, that sounds a nightmare! We had to send an extra doc on Friday. Have you had your valuation?

2chickenfillets

Hi all,

I have been silently watching this forum for a few weeks now and wondering about others experiences. Very unexpectedly became single mum in March and essentially going through process of trying to buy ex out of the house. Credit score now ok but previous late payments about 5 months in a row (all around 1 week late) just over 18 months ago after financial difficulty. No defaults, ccjs, dmps etc. I earn a very good income now as a single mum but have a loan still paying off as well as a credit card, and some store cards. Manageable now with disposable income however prior to separation, my income was basically covering ex's multiple bills too (around 900 a month) as he wasn't earning much so I worry that they will look at statements confused about multiple other payments that aren't on my credit file although assume the MA would have completed the application stating the situation.

Application went in 21/04 and hard search the same day. 
Contacted MA for update 04/05 to which she said they had contacted the week before with questions which were straightforward and she had answered but still waiting on their response.

I haven't heard anything re valuation etc. 

Getting worried its not going to happen. Ex won't properly leave the house till he has his equity share so I am stuck in limbo at the moment waiting for an answer praying that I don't need to change everything in my childrens lives all at once - confusing enough for them as it is. 

Has anyone had a similar reason for applying/buying someone out? Not sure whether it is KM being slow or my MA not updating me (already supplied MA all documents 3 months payslips, p60 etc prior to application going in so think all went together). I'm trying to think 'no news is good news' but very difficult with other ongoing stress to be positive, I just want to keep my current home!

infinitedestiny

Hi, was wondering those that have gone through Kensington.

were there any final checks after exchange and before completion ?

Clelja2442

2chickenfillets said:

Hi all,

I have been silently watching this forum for a few weeks now and wondering about others experiences. Very unexpectedly became single mum in March and essentially going through process of trying to buy ex out of the house. Credit score now ok but previous late payments about 5 months in a row (all around 1 week late) just over 18 months ago after financial difficulty. No defaults, ccjs, dmps etc. I earn a very good income now as a single mum but have a loan still paying off as well as a credit card, and some store cards. Manageable now with disposable income however prior to separation, my income was basically covering ex's multiple bills too (around 900 a month) as he wasn't earning much so I worry that they will look at statements confused about multiple other payments that aren't on my credit file although assume the MA would have completed the application stating the situation.

Application went in 21/04 and hard search the same day. 
Contacted MA for update 04/05 to which she said they had contacted the week before with questions which were straightforward and she had answered but still waiting on their response.

I haven't heard anything re valuation etc. 

Getting worried its not going to happen. Ex won't properly leave the house till he has his equity share so I am stuck in limbo at the moment waiting for an answer praying that I don't need to change everything in my childrens lives all at once - confusing enough for them as it is. 

Has anyone had a similar reason for applying/buying someone out? Not sure whether it is KM being slow or my MA not updating me (already supplied MA all documents 3 months payslips, p60 etc prior to application going in so think all went together). I'm trying to think 'no news is good news' but very difficult with other ongoing stress to be positive, I just want to keep my current home!

I am afraid I can’t advise on this as I am not in a similar situation. Hope you have received some news now!

Clelja2442

infinitedestiny said:

Hi, was wondering those that have gone through Kensington.

were there any final checks after exchange and before completion ?

What do you mean by checks? I know that Kensington have done a soft credit check in me every weeks since we put full application in.

ecoco

Just thought I’d update -

They’ve declined our application on affordability, We’re both self employed.  

We gave them a years worth of bank statements to prove our income and the standard HMRC docs, but they were expecting us to earn the same amount each quarter, which doesn’t happen with the nature of our businesses.  We jumped through every hoop, proved what they were asking of us but even at appeal they still declined.  They actually declined the appeal by saying we needed the last 3 months statements backing our income figures, which they did and we provided 🤦🏼‍♀️

So yeah, not quite the human approach they promise with our case!