Kensington Mortgage application timescale

xmissanderson

I've been reading the posts on here all through my mortgage application with Kensington but there hasn't been any new ones in a while so I thought I'd update with my experience incase it helps anyone going through the process now.

We have a joint application, my partner has an incredible credit history with a car on finance and a loan. I have an active DMP with no missed payments for the 4 years it has been active. I have a lot of defaults all over 3 years old. All of these were added to my DMP when it started. We are applying for a 95% mortgage with the deposit being partially gifted. No children, stable jobs with a joint income of around 63k.

AIP submitted and offered 27/06/23
Full application submitted 04/07/23
Customer declaration and consents requested to be wet signed 06/07/2023
Valuation booked for 20/07/23
Kensington came back to us the same day as valuation and requested the following documents - Current landlord details, evidence of latest rent payment being made, latest statement from StepChange showing payments, gifted deposit declaration and giftor ID, latest P60 for my partner and I, latest bank statement for me to show my salary credits and an employers reference for me. I did expect most of the requests to be for more information from me since I am the one with the adverse credit.

It looked like a lot of extra information requests but they are all easy enough to get hold of. I'm just waiting on my employers reference and then I can get them all sent over. From what I understand, valuation used to be done by Kensington once they were happy with all the initial documents, but it seems they do that part first now.

Is anyone else currently on or recently completed a mortgage journey with Kensington? How have you found them?

No19v87

xmissanderson said:

I've been reading the posts on here all through my mortgage application with Kensington but there hasn't been any new ones in a while so I thought I'd update with my experience incase it helps anyone going through the process now.

We have a joint application, my partner has an incredible credit history with a car on finance and a loan. I have an active DMP with no missed payments for the 4 years it has been active. I have a lot of defaults all over 3 years old. All of these were added to my DMP when it started. We are applying for a 95% mortgage with the deposit being partially gifted. No children, stable jobs with a joint income of around 63k.

AIP submitted and offered 27/06/23
Full application submitted 04/07/23
Customer declaration and consents requested to be wet signed 06/07/2023
Valuation booked for 20/07/23
Kensington came back to us the same day as valuation and requested the following documents - Current landlord details, evidence of latest rent payment being made, latest statement from StepChange showing payments, gifted deposit declaration and giftor ID, latest P60 for my partner and I, latest bank statement for me to show my salary credits and an employers reference for me. I did expect most of the requests to be for more information from me since I am the one with the adverse credit.

It looked like a lot of extra information requests but they are all easy enough to get hold of. I'm just waiting on my employers reference and then I can get them all sent over. From what I understand, valuation used to be done by Kensington once they were happy with all the initial documents, but it seems they do that part first now.

Is anyone else currently on or recently completed a mortgage journey with Kensington? How have you found them?

Here is our recent experience for you:

AIP submitted and approved 07/04/2023
Full application submitted 03/05/2023
Valuation booked 12/05/2023
Offer received 16/05/2023

Unsure what documents they requested as our broker handled everything and requested every possible document prior to application but I understand they asked for a couple of documents at some stage between valuation and offer.

I understand the valuation is instructed straight away and they’ve made no determination at that point.

I’m no expert, but your circumstances sound fairly similar to ours so I’d be surprised if you didn’t get an offer through.

We’re due to complete next week. Not had a single blip or issue with them, yet.

Bd2023

Hi - I was reading this thread too and hoping for some more up to date feedback. Here's mine, hope this helps:

20.06.23         DIP
14.07.23         Full application
18.07.23         Small query over item on bank statements

19.07.23         Landlord refence requested.

21.07.23         Valuation instructed.

24.07.23         Valuation complete

25.07.23         Offer received.

 

There’s a lot of older information here on how Kensington operate, I believe it’s outdated. Whilst I’ve never spoke with Kensington, they didn’t drag anything out and gave us an offer on the 8th working day.

The wait was horrible (even though we feel really lucky reading other peoples experience. Our situation seems similar to yours based on what you’ve written, only difference is we had 10% deposit on a new build.

 

Good luck

Girlisgettingthere

We are going with Kensington as I have 2 satisfied defaults over 3 years old and a very recent late payment from paypal credit (March). Paying off a lot of credit card debt with proceeds from our sale too. 85% LTV on a 2 year fixed.

31/07/2023 DIP
01/08/2023 Full Application
01/08/2023 Request for p60's and last 3months payslips
02/08/2023 Request for sale memorandum & front page of my partners latest credit card statement showing he was under credit limit - (I know there were 6 other questions but our broker answered them and don't know what they were!)
03/08/2023 All agreed subject to valuation - valuation booked for 9th August (we are in Scotland and they aren't using home report)

It has been very quick so far and they've also not requested any bank statements. Fingers crossed valuation all goes ok next week and we get our offer quick. Our brokers have been amazing!

Fingerscrossed1974

Hi all,

I just joined this forum as we to have applied for a mortgage through Kensington. I’ve been looking at allot of the posts on here and there are various good, bad and ugly experiences. I imagine most based on individual circumstances (some maybe not so?!).

Our scenario is that like most who decide Kensington are an option was driven from discussions with their Broker, as it’s a Broker only way to apply as I understand.

So for us we have a small 5% deposit, below is the time line of activities and I’ll share with you where we are at and the situation we find ourself in and any help and comments are most welcome:

AIP: 13/07/23
All documents requested provided 14/07/23
offer on apartment accepted 15/07/23
*valuation instructed 18/07/23
valuation highlighted as issue

This is where we now seem to have an issue. The surveyor has said even though he has been given comparables from in this case apartments that have been sold in the same converted house he still values the apartment at zero!!! 🤷🏻‍♂️

Our broker the estate agent and even the seller are all flummoxed by this and the broker has put in a formal complaint to help address this as clearly the property that is in a beautiful condition and desirable area is not worth £nil - we all agree it appears to be a very unreasonable surveyor. Anyone with a similar experience please do chip in, this is driving us crazy tbh as we found our perfect home and affordability is no issue with us earning £91k plus OT and bonus between us.

I have 1 default on my record from over 5 years ago and also went BR over 6 years ago so now off my record. The interest rate is high but we knew this would probably be the case. 

My partner has a very good credit profile also

Anyway we now do not know what will happen. Our broker doesn’t seem very confident now either this will go through and be overturned as we have this surveyor £nil valuation but he has the comparables.

We just hope the complaint is heard by Kensington and that some common sense is applied here as it’s all rather obscure. Two properties in the same building both sold last year and there is also another up for sale (the estate agents have said they could even provide the valuation for this other apartment to the surveyor also).

Any advise help, feedback, comforting words much welcomed and appreciated.

Girlisgettingthere

Girlisgettingthere said:

We are going with Kensington as I have 2 satisfied defaults over 3 years old and a very recent late payment from paypal credit (March). Paying off a lot of credit card debt with proceeds from our sale too. 85% LTV on a 2 year fixed.

31/07/2023 DIP
01/08/2023 Full Application
01/08/2023 Request for p60's and last 3months payslips
02/08/2023 Request for sale memorandum & front page of my partners latest credit card statement showing he was under credit limit - (I know there were 6 other questions but our broker answered them and don't know what they were!)
03/08/2023 All agreed subject to valuation - valuation booked for 9th August (we are in Scotland and they aren't using home report)

It has been very quick so far and they've also not requested any bank statements. Fingers crossed valuation all goes ok next week and we get our offer quick. Our brokers have been amazing!

Just to update this to help others going through an application with Kensington - mortgage offer received today!

31/07/2023 DIP
01/08/2023 Full Application
01/08/2023 Request for p60's and last 3months payslips
02/08/2023 Request for sale memorandum & front page of my partners latest credit card statement showing he was under credit limit - (I know there were 6 other questions but our broker answered them and don't know what they were!)
03/08/2023 All agreed subject to valuation - valuation booked for 9th August (we are in Scotland and they aren't using home report)
09/08/2023 Valuation complete
10/08/2023 Mortgage Offer

Extremely quick process with Kensington and had they taken the home report instead of doing their own valuation this would have been done in days. Really happy with the process and couldn't have done it without our awesome brokers!

simplyabi77

Hi everyone

thought I would share my experience although I’m still early in the process… I have adverse credit (1 default) from 5 years ago, due to be removed next July. 

I am purchasing a new build and quite anxious about the process but remaining hopeful after reading everyone’s experiences.

07/09/23 - DIP docs submitted to broker 

11/09/23 - DIP received 

16/09/23 - full mortgage application submitted

18/09/23 - broker sent all docs to underwriter

Currently on the edge of my seat waiting to hear back. I was told I would hear back today but my broker says KM are still within their SLA and I will hopefully hear back on Monday 25/09/23.

Will report back once there has been an update and good luck everyone with your mortgages!! 

simplyabi77

Just a quick update…

Kensington came back today 25/09/23 with 1 query regarding an old loan, I have sent all the related documents back. Super nervous but encouraged hearing all your positive outcomes!

will update again soon ☺️

simplyabi77 said:

Hi everyone

thought I would share my experience although I’m still early in the process… I have adverse credit (1 default) from 5 years ago, due to be removed next July. 

I am purchasing a new build and quite anxious about the process but remaining hopeful after reading everyone’s experiences.

07/09/23 - DIP docs submitted to broker 

11/09/23 - DIP received 

16/09/23 - full mortgage application submitted

18/09/23 - broker sent all docs to underwriter

Currently on the edge of my seat waiting to hear back. I was told I would hear back today but my broker says KM are still within their SLA and I will hopefully hear back on Monday 25/09/23.

Will report back once there has been an update and good luck everyone with your mortgages!! 

simplyabi77

Between 18.09.23 when the broker sent the initial docs until 18.10.23 Kensington asked SO many questions (understandably)

Finally received the mortgage offer on 19.10.23, so that is 1 month 3 days from full application to offer.

simplyabi77 said:

Just a quick update…

Kensington came back today 25/09/23 with 1 query regarding an old loan, I have sent all the related documents back. Super nervous but encouraged hearing all your positive outcomes!

will update again soon ☺️

simplyabi77 said:

Hi everyone

thought I would share my experience although I’m still early in the process… I have adverse credit (1 default) from 5 years ago, due to be removed next July. 

I am purchasing a new build and quite anxious about the process but remaining hopeful after reading everyone’s experiences.

07/09/23 - DIP docs submitted to broker 

11/09/23 - DIP received 

16/09/23 - full mortgage application submitted

18/09/23 - broker sent all docs to underwriter

Currently on the edge of my seat waiting to hear back. I was told I would hear back today but my broker says KM are still within their SLA and I will hopefully hear back on Monday 25/09/23.

Will report back once there has been an update and good luck everyone with your mortgages!! 

RelievedSheff

simplyabi77 said:

Between 18.09.23 when the broker sent the initial docs until 18.10.23 Kensington asked SO many questions (understandably)

Finally received the mortgage offer on 19.10.23, so that is 1 month 3 days from full application to offer.

simplyabi77 said:

Just a quick update…

Kensington came back today 25/09/23 with 1 query regarding an old loan, I have sent all the related documents back. Super nervous but encouraged hearing all your positive outcomes!

will update again soon ☺️

simplyabi77 said:

Hi everyone

thought I would share my experience although I’m still early in the process… I have adverse credit (1 default) from 5 years ago, due to be removed next July. 

I am purchasing a new build and quite anxious about the process but remaining hopeful after reading everyone’s experiences.

07/09/23 - DIP docs submitted to broker 

11/09/23 - DIP received 

16/09/23 - full mortgage application submitted

18/09/23 - broker sent all docs to underwriter

Currently on the edge of my seat waiting to hear back. I was told I would hear back today but my broker says KM are still within their SLA and I will hopefully hear back on Monday 25/09/23.

Will report back once there has been an update and good luck everyone with your mortgages!! 

Congratulations. 

We found them a very easy to deal with company when we had our previous mortgage with them. 

Rates were a little higher due to adverse but they were a great stepping stone and helped us secure the property that we are in today.