Kensington Mortgage application timescale

lumpyspaceprincess

Our valuation came back from Kensington and they downvalued by 5k due to work needed (that we don't think is immediately essential

We've gone back & negotiated to split the difference, and hope to have our offer within the week following it hitting the underwriters again. I'm convinced that if we hadn't had the specialist survey required it would have been a pretty fast process tbh.

So back holding our breath, and seeing what happens next!

jasperconran

Thought I would join in as we are super stressed!! we got our DIP end of feb full application went in late on friday 1st March. initially Kensington came back with a mortgage offer fairly quickly, but it was for £46K less!! :eek: I thought I was gonna pass out!!

Although our credit reports have repaired amazingly over the last 6 months our broker advised kensington was still our best bet. so............our accountant had to do a full set of accounts for last 10 months, so 5 days lost there. Kensington said draft account figures passed their affordability calculator thing and said so long as the credit searches pass (again!!!) the redip should pass. we then lost another week as had to wait for my accountant to be able to submit hubbys tax return and then wait a further 3 days for the return to be available to download so if I take out the weeks/days missed I guess its been about 5 weeks so far.

Spoke to broker on friday who advised that credit checks etc have passed ( I knew this), he said the process now is that the underwriter just has to double check the figures, this is normal process and our case is just sat in the queue waiting to be looked at.

I have been pressing our broker about a valuation as we have paid £330 for one but he keeps saying that Kensington wont do it until the offer has been released.

Ok I forgot to mention about two weeks ago, we got told we had got the mortgage we wanted,for the amount we wanted, just not been released yet. aaarrgghhhhhhhhh............the stress is driving me insane.

Im now trying so hard not to think about it, but its upsetting. we just want a new life/start.

but from reading the posts on here, it would appear that 5 weeks plus is the norm!!!

jasperconran

soooooooooooo update! My broker emailed me this afternoon, was really hoping it would be our offer!! but no:( kensington had come back to him with about 5/6 questions they wanted answering :eek:

rang our broker in a blind panic lol. but he said look dont panic its just standard as its been a good 5/6 weeks since the original application (whose fault is that lol) they just need to tick their boxes. I mean for real?!

we are now just hoping and praying that this is it!!! I would like to think that they have accepted the figures and that this is the last bit of the puzzle. I hope so. my nerves are shot!

lumpyspaceprincess

Our broker got back in touch and all is well, they just need proof of the deposit since we're increasing it slightly - so now we're working out how to prove before my next bank statement early May! Don't wanna wait that long for offer

lumpyspaceprincess

Just heard from our broker that Kensington are issuing our mortgage offer today ����

anfieldred

lumpyspaceprincess wrote: »

Just heard from our broker that Kensington are issuing our mortgage offer today ����

Well done!:beer: celebrate this weekend

lumpyspaceprincess

Perfect timing with my finishing a course of antibiotics, there's definitely wine in my future! :beer:

jasperconran

well done gang!!

Kensington have come back with yet ANOTHER question! arrggghhhhhh driving me mad lol. we can afford this mortgage twice over!

My broker told me today that there is no way we will have an offer by Wednesday,due to the bank holiday weekend so ive had to contact my estate agent and solicitor and ask for an extension :eek::eek::eek: we are in the best financial position we have ever been in. not come back to me yet

This is soooooooo annoying as this is gonna be the longest weekend of my life Kensington are happy with all figures etc and we have passed affordability and credit checks. so to still have no offer is killing us both now.

I hope my gut feelings are wrong here and that Kensington are not giving us all the right royal runaround!!!!

FTB_2019_2

Followed this thread for a while and first time posting today

Spoke to our broker earlier today who tells me Kensington wanted the address for my wife’s place of work (was questioned why it was different from her payslips, as they are head office)

He said that once they had this the application would go for final review before an offer.

Anyone any experience of this? Is this positive and what sort of timescale are we are from an offer, I can’t deal with many more sleepless nights ��

jasperconran

gosh I hate my gut feelings being right!

Kensington have now come back with even more stupid questions:mad::mad: so we have now told em to stick it.

The same questions we have already answered!

Gonna go ahead and complete the sale on our house, but bank the equity and go n rent for a while.

So our dream house has gone but still.........there will be others out there and we are gonna get moved, leave it 6 months and then think about buying something cash. ive been through almost two months of hell with these people, never again!!!

good luck to all who are still waiting