Kensington Mortgage application timescale

LMJ10

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

kaynat123

LMJ10 said:

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

We have just received an offer from Kensington and are in a similar position where the equity is tied up in the house. They still wanted proof of 3 months mortgage payments on top
of the equity. Hope this helps. 

LMJ10

kaynat123 said:

LMJ10 said:

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

We have just received an offer from Kensington and are in a similar position where the equity is tied up in the house. They still wanted proof of 3 months mortgage payments on top
of the equity. Hope this helps. 

Oh! Interesting my broker has not told me
this and I have found out from
forumns! 

Assume it’s the full payment and not extra payment on what you pay now on your mortgage? 

kaynat123

LMJ10 said:

kaynat123 said:

LMJ10 said:

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

We have just received an offer from Kensington and are in a similar position where the equity is tied up in the house. They still wanted proof of 3 months mortgage payments on top
of the equity. Hope this helps. 

Oh! Interesting my broker has not told me
this and I have found out from
forumns! 

Assume it’s the full payment and not extra payment on what you pay now on your mortgage? 

I know! It wasn’t acondition at the start of our application and was complete surprise to us! Yes, they need to see three months worth of the new mortgage amount. 

Creditfixer3021

kaynat123 said:

LMJ10 said:

kaynat123 said:

LMJ10 said:

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

We have just received an offer from Kensington and are in a similar position where the equity is tied up in the house. They still wanted proof of 3 months mortgage payments on top
of the equity. Hope this helps. 

Oh! Interesting my broker has not told me
this and I have found out from
forumns! 

Assume it’s the full payment and not extra payment on what you pay now on your mortgage? 

I know! It wasn’t acondition at the start of our application and was complete surprise to us! Yes, they need to see three months worth of the new mortgage amount. 

A friend of mine is a mortgage broker (we went with someone else). I said to my broker we would need this at the start of the process and he said we wouldn’t.

two weeks later we got asked for evidence of 3 months mortgage payments! 

LMJ10

Creditfixer3021 said:

kaynat123 said:

LMJ10 said:

kaynat123 said:

LMJ10 said:

Hi all, just reading the post, my mortgage broker has advised us to go thru Kensington and in November will put a application in, I keep seeing these posts about 3 months mortgage proof? All our money is basically wrapped up in the equity in our house - deposit/fees etc we have around 100k equity we are banking some of it when the house sale etc goes thru would they take that as a 3 month proof of being able to pay? 

We have just received an offer from Kensington and are in a similar position where the equity is tied up in the house. They still wanted proof of 3 months mortgage payments on top
of the equity. Hope this helps. 

Oh! Interesting my broker has not told me
this and I have found out from
forumns! 

Assume it’s the full payment and not extra payment on what you pay now on your mortgage? 

I know! It wasn’t acondition at the start of our application and was complete surprise to us! Yes, they need to see three months worth of the new mortgage amount. 

A friend of mine is a mortgage broker (we went with someone else). I said to my broker we would need this at the start of the process and he said we wouldn’t.

two weeks later we got asked for evidence of 3 months mortgage payments! 

I do remember a similar question in the fact find about mortgage payments, I simply put. ‘House sake and equity’ nothing on their criteria list either, hate it when goal posts get moved!

Creditfixer3021

For those waiting after sending additional documents, each time more documents are sent, it takes 3 days to be reviewed.

once reviewed, and eventually accepted (aka, the underwriter is happy with all supporting documentation) it goes to final checks which is currently taking 2/3 days. 

If they want more documents, you go back in the waiting game for 3 days.....

I spoke to Kensington directly on Friday. They were helpful and I now understand how long things will take 

walshy600

Creditfixer3021 said:

For those waiting after sending additional documents, each time more documents are sent, it takes 3 days to be reviewed.

once reviewed, and eventually accepted (aka, the underwriter is happy with all supporting documentation) it goes to final checks which is currently taking 2/3 days. 

If they want more documents, you go back in the waiting game for 3 days.....

I spoke to Kensington directly on Friday. They were helpful and I now understand how long things will take 

Hi mate how did you speak to them as stupid as that may sound? I thought they cannot be contacted unless through broker 

Creditfixer3021

walshy600 said:

Creditfixer3021 said:

For those waiting after sending additional documents, each time more documents are sent, it takes 3 days to be reviewed.

once reviewed, and eventually accepted (aka, the underwriter is happy with all supporting documentation) it goes to final checks which is currently taking 2/3 days. 

If they want more documents, you go back in the waiting game for 3 days.....

I spoke to Kensington directly on Friday. They were helpful and I now understand how long things will take 

Hi mate how did you speak to them as stupid as that may sound? I thought they cannot be contacted unless through broker 

I called 080011120, they asked some security questions (which include the address of the property we’re trying to buy so have that on hand). 

Musa19

Oh it's an agonising waiting game and often I'm not sure if it's the broker or kensington! Put in 2nd application on 2nd July (1st one was pre lockdown but that had to be pulled and resubmitted). After loads of hoop jumping we were told on Friday that its been signed off and passed to underwriters for fi Al check before the offer. So I should assume it'll be around Wednesday that I will hear something...... Deja vu