Kensington Mortgage application timescale

brunettegirl

janoid19 wrote: »

How are you getting on?
xx

They have sent a reference request to our landlord (which we didn't know about) so had to have a really awkward conversation with landlady we weren't expecting to have till we knew for sure. Quite cross about it as they could see the rent paid every month on standing order on bank statements and had even queried what the amount was for!

So as yet I don't think that has come back yet, I can't chase my landlady for it as feel way to awkward, she hadn't received it when I spoke to her.

So waiting to see if they come back with more questions as they have had everything they have asked for so far

Taking Soooo long and the new homes person rang on friday to ask when we want to do our home demonstration!

brunettegirl

Our trail appears to of gone cold. We were asked for proof of where the house deposit had come from. So sent evidence in and all is quiet. Does that mane they have finished asking questions and now assessing? I have been ringing my poor broker daily he says he has esculated the application to his business development manager - no idea what that means. Just would like an answer one way or another.
Waiting is sooo long

Askalaba

What's other people's experiences? I'm consider going down the Kensington mortgage path

Jpreid89

DIP recieved 02/05/19
Application submitted 03/05/19
Have been asked for various information similar to everyone else. Valuation was instructed for 23/05/19 and then heard back from broker yesterday with a few queries on bank statements. Quite suprised they are still asking for info after a valuation has been done especially as they have paid for the valuation. Like everybody else, just a waiting game still.

Our adverse history is from 5 + years ago defaults mainly. I understand they have to be thorough but to be honest I am quite fed up of it now.

Jpreid89

Hi

Have you heard anything as of yet?

brunettegirl

Jpreid89 wrote: »

Hi

Have you heard anything as of yet?

Our underwriter is off apparently so our case hasn't been looked at since Tuesday!!! Our Broker said he will chase it tomorrow as they keep asking for the same thing they already have...

How about you?

Jpreid89

We had our valuation last Thursday. They then queried a few transactions on our bank statement. They had the info back on Tuesday and now just waiting to hear if we get the offer or if they have more questions.

The people who valued the property told the vendors everything is fine so hopefully hear something tomorrow otherwise it's another weekend of waiting

rf0099

Just wanted to throw my hat in the ring as we have just gone through the process with Kensington. I am self employed with only two years business history and I have two defaults (both at £0 as they were cleared off) from about 5 years ago due to being a bit silly with money when younger.

Even though my partner has a good credit history and many years continuous full time employment history, we were informed through our broker Trussle that the high street banks were unlikely to accept us.

Having read some of the horror stories earlier on in this thread I wasn't looking forward to the application, but I can confirm that they seem to have improved their response times and it has been a fairly simple process, mostly down to Trussle knowing that they needed to collate all the required information before hand.

If you are going through a broker I would suggest pointing out to them any adverse history you have or any transactions that you think they might query (such as credit agreements, regular standing orders etc.) as this will help you out in the long term and give you a quicker response. Also, try not to do anything that shows you could be careless with your money in the 3 months before your application (such as gambling, frivolous spending, anything adverse).

Initially what we had to send was...

- 3 months bank statements each
- 3 years employment history each
- 3 years proof of address each
- Proof of deposit
- Proof of ID each
- 3 months business bank statements (self employed)
- Last 2 year SA302/tax overview forms (self employed)
- Clarification of any regular direct debits/standing orders
- Agent/Solicitor details

I was expecting to have to send a letter explaining the default, for there to be more back and forth on transactions etc. and for them to be questioning absolutely everything, but they only came back to us twice and Trussle were able to answer the questions on our behalf both times as we had clarified everything with them before.

Our timeline:

13th May - AIP received
14th May - Application submitted
16th May - Further info requested (landlord details, queried a couple of transactions on bank statement)
22nd May - Questioned one more transaction
24th May - All info/documents satisfied
28th May - Valuation took place
30th May - Valuation result received (slightly higher than what we offered!)
2nd June - Mortgage offer received!

So 20 days from AIP received to offer received - which is pretty good going considering there has been 3 weekends in that and a bank holiday.

I never thought I'd be able to get a mortgage with those defaults on my account and only having two years self employment but it's gone through, so there is hope for plenty of people.

Yes you have to pay higher interest initially but we have gone with a two year fixed rate mortgage with no fees so once we have done that we will be able to remortgage with a high street bank at a better rate.

Good luck everyone - hope this helps - this thread has been a massive help to us!

Stephaniemcc

Hi everyone I’m reading all these posts and am currently waiting on the full application with Kensington. My mortgage advisor keeps saying it should go through but after the DIP was a yes the full application went through on the 8th may and still waiting😩!

On Tuesday of this week they asked for proof of deposit and also queried a deduction on my payslip which I explained and is minimal. I am literally on pins waiting for this to go through, the developers for the new build I’m buying have said they want to exchange contracts on the 21st June. If it doesn’t go through after waiting almost a month I’ll be gutted!

brunettegirl

I wonder if you have the same underwriter as ours all stopped from Last Tuesday too Turns out the underwriter has been on holiday and no one else has looked at the work since then. Our broker claims that he will get a response for us today. I can't say i am holding out much hope though.
We seem to be going round and round in circles even though he has supposedly spoken to the business manager.
Our HTB expiry date is drawing closer and I am am getting worried now.:(

Stephaniemcc wrote: »

Hi everyone I’m reading all these posts and am currently waiting on the full application with Kensington. My mortgage advisor keeps saying it should go through but after the DIP was a yes the full application went through on the 8th may and still waiting😩!

On Tuesday of this week they asked for proof of deposit and also queried a deduction on my payslip which I explained and is minimal. I am literally on pins waiting for this to go through, the developers for the new build I’m buying have said they want to exchange contracts on the 21st June. If it doesn’t go through after waiting almost a month I’ll be gutted!