Kensington Mortgage application timescale

Mrpear

mrpear wrote: »

After being declined back in October by Kensington on a 325k mortgage at 15% deposit (pre-war semi) we have decided to give it another go on a new build using Help to Buy.


For anybody reading this who has seen my old post about the original decline I actually understand why Kensington declined us back then.


Our money management wasn't the best and although we didn't live beyond our means at all, cash was a bit all over the place.


My wife and I sat down after the decline and decided to manage it better. So the plan since October has been to be more sensible.


We have not touched the deposit since the decline, not a penny.
I've made one transfer of funds from my business account to our current account monthly.
We live in our credit card and NILL it every month.
We use our current account solely as an account to clear bills.
We pay our rent at the same time every month.... Previously, I used to pay our rent 2-3 weeks earlier just to get it out of the way, Kensington didn't like this (although I never ever have paid rent late)


Our broker currently has said that our bank statements are incredibly boring - which is a good thing - but I've also sent over 4 months of credit card statements to show we actually have a social life.


I don't gamble etc...


He did say that KMG are actually a lot better at turning around new build applications because lenders want the HTB business from builders.


Fingers crossed again! I'm hoping that going in with the government 20% as well as our 5% will be a lot stronger for us.... You never know!


So.... 12/02 Application IN.

Quick update on ours.

Have requested current contract, previous contract for a year, they wanted to see evidence of earning currently as I finished my last contract 1 week after the application went in... So a latest bank statement (both personal and business)

These were sent off - along with additional docs of proof of deposit and reasons explaining historic adverse on Monday.

I think it we get past this stage, the next will be an accountants certificate and possibly the clearing of some old defaults that still sit on our files.

Nyrac69

Hi - new to the forum - we are just starting the journey today !
I had a bad break up some 15 years ago and run up some large debts trying to keep my house - after a few years I contacted the lenders and set up agreements and these are all still in place.
Since then I have been n the straight and narrow, no defaults, built up my credit score etc etc
skip forward 15 years and credit score is good, now married and wanting to buy a home together, high street bank declined us due to the DMP's in place, so our broker has suggested Kensington, so last night i spent all evening pulling together all the paperwork, credit records, payslips, P60's, Bank Statements etc etc ... and now the wait begins ......

jo1982

Just thought I would give you an idea of my application with Kensington so far:

26/2/18 DIP recieved

27/2/18 alll documents sent to broker to support application

1/3/18 application submitted to Kensington

6/3/18 a small list of extra documents required

7/3/18 broker submitted the extra documents

8/3/18 Kensington signed off all documents and have instructed valuation.

They have been much quicker than I thought to this point. There was a slight delay last week due to the weather!

Mrpear

Mrpear wrote: »

Quick update on ours.

Have requested current contract, previous contract for a year, they wanted to see evidence of earning currently as I finished my last contract 1 week after the application went in... So a latest bank statement (both personal and business)

These were sent off - along with additional docs of proof of deposit and reasons explaining historic adverse on Monday.

I think it we get past this stage, the next will be an accountants certificate and possibly the clearing of some old defaults that still sit on our files.

Kensington came back today requesting evidence of the old defaults to be paid, and also a receipt of sale from a Range Rover that we sold for 40k (it was a private sale and we are using that money for the deposit)

So far, so good (I think!)

Scott27981

Hi new to forum, I’ve recently applied for a Kensington mortgage in Scotland got a DIP for £270000 and have applied for a mortgage on a house of £220000 with 85% Ltv so mortgage of £187,000 I have given them all the info they require only blemishes on my Experian account are a default which comes off in July and is settled a £23 telecoms default that is settled and comes off in December and a DMP I came out of in September credit score is 823, Just wondering if anyone knows the chances of my application being successful?

Nyrac69

So today we had a query on if we could afford the mortgage - we have sent back our spreadsheet with all our incoming etc .. fingers cross they are happy with that - if not it is back to the drawing board .......

jo1982

jo1982 wrote: »

Just thought I would give you an idea of my application with Kensington so far:

26/2/18 DIP recieved

27/2/18 alll documents sent to broker to support application

1/3/18 application submitted to Kensington

6/3/18 a small list of extra documents required

7/3/18 broker submitted the extra documents

8/3/18 Kensington signed off all documents and have instructed valuation.

They have been much quicker than I thought to this point. There was a slight delay last week due to the weather!

Valuation is on Thursday - fingers crossed. So far it has been less than 2 weeks

Scott27981

Came back and offered us £159,000 on affordability they have not took into consideration that an unsecured loan on existing mortgage will be paid off and have took 20% off my earnings twice !!!55358;!!!56621;, I!!!8217;ve just paid off £238 a month of debt so hopefully after recalculating we can get the £187,000 we need. It!!!8217;s the waiting 2 days in between correspondence I can!!!8217;t cope with fingers crossed.

Steveg63

Well we had the nod from the mortgage broker that they have had notification that the offer has been sent, we should receive any time now, all is as it should be so we can expect to exchange on 23/03/18, assuming they post out in enough time. So it took 5 weeks and 2 days from time of application to mortgage adviser being notified that we had the offer.
So all being well we will have the letter by Friday this week.

Mrpear

Mrpear wrote: »

Kensington came back today requesting evidence of the old defaults to be paid, and also a receipt of sale from a Range Rover that we sold for 40k (it was a private sale and we are using that money for the deposit)

So far, so good (I think!)

KMG just requesting evidence from the DVLA that we no longer own the car which we have requested and then they will instruct a valuation!