Kensington Mortgage application timescale

epatch1990

Ahhhh ours was Monday I’m so anxious waiting 😩

nicola444

I used Kensington Mortgages to complete a remortgage of my existing property to increase borrowing to consolidate debts as my home had increased in value.  I used the online mortgage match service which showed options then connected with an adviser through this by scheduling an appointment 24 hours later.  The adviser was Adam Hollidge who was very good in guiding process.  All documents were uploaded via this portal.  My first meeting was on 24th June 22 and received the mortgage offer on 5th July.  The mortgage has now completed on 20th July.   Very happy with approach and process. 

Rig2

Underwriting was held up at affordability due to partner being self employed and although yearly profit was as stated, it didn’t  “average out “ throughout the months of the year. That coupled with the two previous years profits being considerably lower due to less work with the covid lockdown.  

Response was    A new lower figuire being the maximum amount they would be willing to lend.  Luckily the seller was happy to negotiate the offer we originally made and come down to match deposit and the mortgage offer. 

Still currently without a formal offer after advising the figure given would be sufficient to fund the purchase .

no valuation instructed yet , broker gave the option of asking Kensington to instruct valuation but forfeiting getting a refund for valuation if the mortgage is declined . Anything to speed up the process right now .

2point4Cats

Hi all, 

Chiming in with my experience so far and questions. I had an original DIP done late June. Switched brokers so has another done showing £350k purchase price accepatable. 

Viewed 15 properties inside, more on drive by’s , offered on half of them and finally had a 290 offer accepted last week. 

Broker submitted my application yesterday and I can already see Kensington did a hard search yesterday (on a Sunday!)  

Today they’ve charged my card £300 for the valuation - reading previous posts, if an underwriter sees any reason this won’t happen will I get the valuation back? I’ve been totally truthful and employed on good wage for 12+years with same employer so no actual need for me to worry but feeling extremely nervous reading people’s varying experiences. 

2point4Cats

edited to add: did Kensington write to your landlord? And if so at what stage? 

I’m friends with mine & broker said they won’t contact but I still had to give their name and address. They have no idea this is happening and I want to be the one to give them a heads up. I don’t want to tell them until we’re surer of situation as I could end up with absolutely nowhere! This is the biggest concern and stress right now. I can prove perfect rent history with 6years bank statements, 

Rig2

Valuation was held up for ourselves and were told they only instruct this valuation when they were satisfied everything else was passed. I.e affordability , credit searches , in order to be able to refund the cost of the valuation of unable to offer the mortgage.  

We gave our landlords details but did request if a reference was necessary can we be informed first . This must be a common occurrence as they say they can do that process list and will always give a heads up before hand. 

Slou123

Wandering if anyone could tell me if Kensington would accept us for a mortgage. Several defaults but from what I can see thays relevant 
0 in 6 months 
1 in last 24 months (though doesn’t show in equifax who I believe they use?)
2 in 36 months- the one states above and one communications 

looking for 90% LTV
partner with perfect credit

rhanja

K_S

Slou123 said:

Wandering if anyone could tell me if Kensington would accept us for a mortgage. Several defaults but from what I can see thays relevant 
0 in 6 months 
1 in last 24 months (though doesn’t show in equifax who I believe they use?)
2 in 36 months- the one states above and one communications 

looking for 90% LTV
partner with perfect credit

rhanja

@slou123 Unless you can stretch to 85% LTV or are looking at their Flexi Fixed for Term range, you're probably out of luck with Kensington temporarily as they're withdrawing high LTV products tomorrow.

2point4Cats

K_S said:

Slou123 said:

Wandering if anyone could tell me if Kensington would accept us for a mortgage. Several defaults but from what I can see thays relevant 
0 in 6 months 
1 in last 24 months (though doesn’t show in equifax who I believe they use?)
2 in 36 months- the one states above and one communications 

looking for 90% LTV
partner with perfect credit

rhanja

@slou123 Unless you can stretch to 85% LTV or are looking at their Flexi Fixed for Term range, you're probably out of luck with Kensington temporarily as they're withdrawing high LTV products tomorrow.

We got our offer for a 95% flexi fixed for term less than a month ago - we’re looking to exchange in next 2weeks. The 1st October product guide has pulled 90 and 95 ltv products even on flexi so I hope beyond all hopes they don’t pull out offer! No way we can raise another 10% deposit in time 😬 Good luck everyone x 

angryccj

Anyone had any experience with Kensington since the recent carnage that has unfolded on the mortgage markets? We're still waiting on our offer since putting in our application around 6 weeks ago now I believe. The valuation has already come back as expected pending the EWS1 being reviewed. Has been some back and forth regarding figures on my tax return etc....but nothing too intrusive or out of the ordinary thus far.

On their twitter account they post their weekly average timescales, usually around 13 working days from application to offer. We're well past double that at this point though, makes you wonder who's having these lightning fast applications that are keeping their averages so quick!