Kensington Mortgage application timescale

blogger201719

ASEN89 said:

Hi,
Just a quick question for you guys who have applied recently with Kensington, have you all had to have 3 months mortgage payments in savings ? We had had to put a bigger deposit down and won't have tgese so starting to worry a bit now😬. Thanks guys. 

Yes I got asked that and had send evidence. 

maryjoashley

ASEN89 said:

Hi,
Just a quick question for you guys who have applied recently with Kensington, have you all had to have 3 months mortgage payments in savings ? We had had to put a bigger deposit down and won't have tgese so starting to worry a bit now😬. Thanks guys. 

We read on here that that was a possibility, we asked our broker he said no, he said he'd confirmed it twice with Kensington.  Said broker leaves, we get a new one, and it's the first thing he asked for!  So we've had to evidence it, looks like with the current climate they are asking everyone to do it i'm afraid.  But like someone else said, it's worth exploring the option of asking a family member to help, declare that it's a gift, then when it all goes through you can pay them back.

ASEN89

Thanks everyone for your replies. Yes I think the family loan might not be a bad shout. Good luck to you all, I hope everyones successful. 🤞🤞🤞

ASEN89

barber1892 said:

ASEN89 said:

Hi,
Just a quick question for you guys who have applied recently with Kensington, have you all had to have 3 months mortgage payments in savings ? We had had to put a bigger deposit down and won't have tgese so starting to worry a bit now😬. Thanks guys. 

Hi, yes I had to prove that last week, I’m 3 weeks into my application hoping it won’t be too long now before I get my offer. How far along are you? 

We are at the very beginning of our application. Just sending the ID, wage slips and bank statements that sort of stuff. I hope it all works out for you 🤞🤞

Creditfixer3021

Another piece of useful information. 

If you are using a family gifted deposit, they might ask for 3 months bank statements from the family member which must show their address (lots of online banking doesn’t have the option to show the address unless it’s an old statement and it needs to show the money going to your account). 

If you’re using this method for the deposit, be prepared! 

It’s around the 15th request for more information for our application! (Valuation was carried out 3/4 weeks ago!)

maryjoashley

Creditfixer3021 said:

Another piece of useful information. 

If you are using a family gifted deposit, they might ask for 3 months bank statements from the family member which must show their address (lots of online banking doesn’t have the option to show the address unless it’s an old statement and it needs to show the money going to your account). 

If you’re using this method for the deposit, be prepared! 

It’s around the 15th request for more information for our application! (Valuation was carried out 3/4 weeks ago!)

I think I'll cry if we get asked this!  So many times we've been told we've got everything.  It's apparently going to the underwriter now so god knows how long/what else etc etc! 

Creditfixer3021

Hopefully they don’t nip pick everything like they have with us. My broker is starting to get more annoyed than me. The last 2 document requests have had to be submitted twice in slightly different ways to show evidence, what’s annoying my broker is the fact they are calling Kensington each time they have a request to clarify exactly what they require, I then send the documents and they say they actually want it in a different format. If it wasn’t a 3/4 delay each time, I would be less annoyed 

barber1892

So after 4 weeks we have just had our offer, our rough timeline was - 

28th July - Full app submitted. 

7th August - Valuation carried out. 

14th August - Valuation accepted, proof of deposit requested and proof of 3 mortgage payments. 

24th August - Mortgage offer received :-)

Anyone who is worried about how long it takes and wether you’ll get one my credit rating was awful and I still got an offer, I’m now fully debt free which I think helped. 

Good luck 

Creditfixer3021

barber1892 said:

So after 4 weeks we have just had our offer, our rough timeline was - 

28th July - Full app submitted. 

7th August - Valuation carried out. 

14th August - Valuation accepted, proof of deposit requested and proof of 3 mortgage payments. 

24th August - Mortgage offer received :-)

Anyone who is worried about how long it takes and wether you’ll get one my credit rating was awful and I still got an offer, I’m now fully debt free which I think helped. 

Good luck 

Congrats. Were you self employed?

barber1892

Creditfixer3021 said:

barber1892 said:

So after 4 weeks we have just had our offer, our rough timeline was - 

28th July - Full app submitted. 

7th August - Valuation carried out. 

14th August - Valuation accepted, proof of deposit requested and proof of 3 mortgage payments. 

24th August - Mortgage offer received :-)

Anyone who is worried about how long it takes and wether you’ll get one my credit rating was awful and I still got an offer, I’m now fully debt free which I think helped. 

Good luck 

Congrats. Were you self employed?

Hi mate, no Im salaried and have been in my job 12 years.