Kensington Mortgage application timescale

JustJane101

Hannahjr said:

New to MSE forums but wanted to join on this thread.

Having to use Kensington due to having a couple of defaults on my file that won’t drop off until late 2020.

Rather smooth process from AIP to application. Application was sent off 18th September. Valuation was completed on the 26th September and that came back okay so just been awaiting our offer! :huh:

We were told on Thursday (11th) that our case is going under the final checks and we should have an offer in 48 hours (all going to plan)

Just received a message from our case manager apologising on the behalf of Kensington stating that there has been an error with the valuation and it needs clarifying with the company who completed the valuation that our property is bigger than 35 sqm - if it is not, we could be declined. I’ve been worried all day whether or not we will be accepted and furious that they’ve only just picked up this error even though they’ve had the report since 26th September.

I’m not the best at maths but I’m fairly certain our house is bigger than 35 sqm, but we have to wait 48 hours for Kensington to speak to Edward Mellor (valuation) then probably have to wait another few days for Kensington to decide whether to offer us a mortgage.

:mad:

Will they not offer a mortgage if under 35 sqm? The place I am hoping to buy is 38 Sqm. Not a lot of wiggle room if they get it wrong!! It's a 1 bed bungalow. Not massive, but not tiny either!

mclewlow1

Hi, just wondered if anyone is mid application with Kensington at the minute? We were mid application with Vida before them pulling out when lockdown happened. As vida haven't opened up again and doesn't look like they would do anytime soon, thought we would see what else was around that would work for us. We secured our DIP today and hoping the full application will go in tomorrow, so just wondered if anyone was mid application with Kensington too, and how they are finding it and what sort of time frames you've faced? Thanks 😊

ontheedgeofmyseat

 mclewlow1 said:

Hi, just wondered if anyone is mid application with Kensington at the minute? We were mid application with Vida before them pulling out when lockdown happened. As vida haven't opened up again and doesn't look like they would do anytime soon, thought we would see what else was around that would work for us. We secured our DIP today and hoping the full application will go in tomorrow, so just wondered if anyone was mid application with Kensington too, and how they are finding it and what sort of time frames you've faced? Thanks 😊

Hi, myself and my partner currently have an application with Kensington Mortgages, we are hoping to buy a new build property. 
We initially got a decision in principle with them in March, but have only recently sold our property. Thus, we received another decision in principle on 10th June 2020, and our full application was sent to them on 11th June 2020. They reviewed my credit file on the same day, and I understand from my broker that they requested further information and have instructed a valuation. 

I am hoping this means good news. However, we will wait and see. 

ontheedgeofmyseat

Does anybody know if it means we will get an offer, if they have instructed the valuation? thanks 

mclewlow1

ontheedgeofmyseat said:

Does anybody know if it means we will get an offer, if they have instructed the valuation? thanks 

Hi! From other forums I've read they usually only put in for the valuation if they are quietly confident their happy with everything else. Because I believe with Kensington they pay for the valuations themselves, they wouldn't authorise it otherwise. However, I'm no expert so not 100% sure. My valuation is apparently being requested tomorrow, so fingers crossed this is a good sign for both of us 😬🤞 goodluck! 

ontheedgeofmyseat

mclewlow1 said:

ontheedgeofmyseat said:

Does anybody know if it means we will get an offer, if they have instructed the valuation? thanks 

Hi! From other forums I've read they usually only put in for the valuation if they are quietly confident their happy with everything else. Because I believe with Kensington they pay for the valuations themselves, they wouldn't authorise it otherwise. However, I'm no expert so not 100% sure. My valuation is apparently being requested tomorrow, so fingers crossed this is a good sign for both of us 😬🤞 goodluck! 

Yes, that is correct, Kensington do pay for your valuation, I was very happy about this, one less cost to work about. 

Absolutely, thank you, keep me updated on your progress. 

It is nice to discuss events with someone who is also going through the same process, as it is a nervous time. 

Best of luck to you too.

mclewlow1

Oh yeah we should definitely keep each other posted, it such a nerve racking time! 

ontheedgeofmyseat

We have heard back from Kensington today, and the mortgage broker advised all documents have been satisfied, but we just need to provide a letter explaining why our financial commitments are so high. We are planning to pay them all off you see.

We are also just awaiting a valuation, but there is a just a bit of a backlog because of Covid. 

Just wondering if anyone else has experienced this request for a letter, and what that meant for them, I.e where you successful in the end or did they come back and ask more questions?

thanks 

mclewlow1

ontheedgeofmyseat said:

We have heard back from Kensington today, and the mortgage broker advised all documents have been satisfied, but we just need to provide a letter explaining why our financial commitments are so high. We are planning to pay them all off you see.

We are also just awaiting a valuation, but there is a just a bit of a backlog because of Covid. 

Just wondering if anyone else has experienced this request for a letter, and what that meant for them, I.e where you successful in the end or did they come back and ask more questions?

thanks 

Glad you've heard back from them already, sounds like good news if everythings been satisfied. I think its a common thing especially  for specialist mortgage companies to delve into these things, my previous mortgage company had asked for a letter explaining previous bad credit, its just so they can tick all boxes. I guess it'll depend on your response as to what they'll come back with though. Good luck I'm sure it'll be ok! 

mclewlow1

Hi, I heard from Kensington today asking for proof of address as I have a gap in my electoral roll, and they want proof of deposit and the 3months worth of mortgage payments they require now due to covid which we've done. Have you heard back about a date for your valuation yet?