Kensington Mortgage application timescale

Bex_27

berkshirelass said:

Creditfixer3021 said:

Bex_27 said:

We've got a DIP with Kensington and just wondered whether anyone has similar circumstances. We have a small loan, £4000 in total, £600 of which will be paid off within the next two weeks, I also have an overdraft which will be all paid off too. We have two cars on finance. 2 missed payments within the last 12 months but other than that a clean record. All payments like loans and things paid on time. We are first time buyers, have a £13,500 deposit and are using HTB. What should I expect with the next steps?

You will need to prove you have 3x mortgage payments were savings on top of your deposit (we have to supply evidence this week). Just a heads up. Good luck with the full application. If you got the dip, it’s a good start! 

We got asked to show that we had enough savings to cover 3 months mortgage payents.  Our Broker said its becuase they are worried about people losing their jobs because of COVID.  I get that they are being super cautious about this given the crazy times we live in.  Overall though, be ready for a slow process.  They have come back 4 times to ask for more information since we applied on 7 July.  The last requst was yesterday asking a question on a piece of information they have had since day one.  Why they didn't ask about this on the first round of questions frustrates me beyond belief.  Their underwriting process is very disjointed.  I don't think it helps that my broker is useless, people who have good brokers seem to get through quicker.  Good luck!

My broker said they are a pain! I have been getting all my stuff together just in case they ask, struggling to find any address stuff from a couple of places

A709TH

A lot of varying timescales for mortgage applications on here. 

Mine so far has been long compared to many.

Application done: 01/07/20
Confirmation all documents were satisfied and they’ve instructed valuation : 14/07/20
Valuation booked for 05/08/20: this was only booked on 29/07/20. 

maryjoashley

Creditfixer3021 said:

Bex_27 said:

We've got a DIP with Kensington and just wondered whether anyone has similar circumstances. We have a small loan, £4000 in total, £600 of which will be paid off within the next two weeks, I also have an overdraft which will be all paid off too. We have two cars on finance. 2 missed payments within the last 12 months but other than that a clean record. All payments like loans and things paid on time. We are first time buyers, have a £13,500 deposit and are using HTB. What should I expect with the next steps?

You will need to prove you have 3x mortgage payments were savings on top of your deposit (we have to supply evidence this week). Just a heads up. Good luck with the full application. If you got the dip, it’s a good start! 

Ooh, this is news to us, we are waiting for our offer.  Do you know where on the website you've seen this please?  Thanks.

Creditfixer3021

maryjoashley said:

Creditfixer3021 said:

Bex_27 said:

We've got a DIP with Kensington and just wondered whether anyone has similar circumstances. We have a small loan, £4000 in total, £600 of which will be paid off within the next two weeks, I also have an overdraft which will be all paid off too. We have two cars on finance. 2 missed payments within the last 12 months but other than that a clean record. All payments like loans and things paid on time. We are first time buyers, have a £13,500 deposit and are using HTB. What should I expect with the next steps?

You will need to prove you have 3x mortgage payments were savings on top of your deposit (we have to supply evidence this week). Just a heads up. Good luck with the full application. If you got the dip, it’s a good start! 

Ooh, this is news to us, we are waiting for our offer.  Do you know where on the website you've seen this please?  Thanks.

I tried finding the page and I couldn’t. The Kensington website is rubbish!!

anyway, I also received it from the broker. This is the statement

All applicants are now required to have a minimum of 3 x months mortgage payments in savings prior to any offer. Therefore, please supply evidence that the applicant has these funds available

Bex_27

Creditfixer3021 said:

maryjoashley said:

Creditfixer3021 said:

Bex_27 said:

We've got a DIP with Kensington and just wondered whether anyone has similar circumstances. We have a small loan, £4000 in total, £600 of which will be paid off within the next two weeks, I also have an overdraft which will be all paid off too. We have two cars on finance. 2 missed payments within the last 12 months but other than that a clean record. All payments like loans and things paid on time. We are first time buyers, have a £13,500 deposit and are using HTB. What should I expect with the next steps?

You will need to prove you have 3x mortgage payments were savings on top of your deposit (we have to supply evidence this week). Just a heads up. Good luck with the full application. If you got the dip, it’s a good start! 

Ooh, this is news to us, we are waiting for our offer.  Do you know where on the website you've seen this please?  Thanks.

I tried finding the page and I couldn’t. The Kensington website is rubbish!!

anyway, I also received it from the broker. This is the statement

All applicants are now required to have a minimum of 3 x months mortgage payments in savings prior to any offer. Therefore, please supply evidence that the applicant has these funds available

I guess this doesn’t matter if it’s gifted or what? We will have some money left over from our gifted deposit and also my mum has said they are happy to gift us the money if we need evidence? 

Creditfixer3021

I’m sure that will be fine 

Creditfixer3021

Update

application and dip - 14th July
More documents - 21st 
valuation conducted - 23rd
more documents - 27th
more documents - 4th August 

to say I’m starting to get annoyed is an understatement 

Bex_27

What documents have they requested from you all? I have been organising things so we have it all to go when we apply, we have a DIP but need to wait until my boyfriend's passport or driving license come back so we can go for the full app...
So far:

• Bank statements - both joint and our own accounts
• Proof of address for the previous 3 years
• Payslips for 3 months for both
• Gift deposit form filled in
• ID from a relative who gifted deposit

Can you think of anything else?

HollJade7

We've had a real nightmare trying to get a mortgage after reserving our property in January!
At final steps with Kensington now and getting really nervous.
DIP issued 5th June
Docs required 11th June
More Docs required 17th June
More Docs required 25th June (3 months of mortgage payment fund proof)
Landlord proof 2nd July
Valuation instructed 2nd July
Valuation completed 3rd August (we had to wait a whole month for some reason!)

Please give me some good news people!!

Creditfixer3021

Bex_27 said:

What documents have they requested from you all? I have been organising things so we have it all to go when we apply, we have a DIP but need to wait until my boyfriend's passport or driving license come back so we can go for the full app...
So far:

• Bank statements - both joint and our own accounts
• Proof of address for the previous 3 years
• Payslips for 3 months for both
• Gift deposit form filled in
• ID from a relative who gifted deposit

Can you think of anything else?

We had the following requested. 

Proof of address for 2018 for me
Evidence we have 3 mortgage payments in savings
i have my savings in shares so they then wanted proof of savings in cash
accountants certificate
management accounts for trading Currently 
proof I can pay my loans (they are already paid) so then needed proof they were fully paid
proof I had funds to pay my credit card bill (which I clear off every month with mostly expenses from work)

they received everything yesterday so back to waiting again