Kensington Mortgage application timescale

Bex_27

barber1892 said:

Bex_27 said:

My mortgage application is going in today with Kensington. We are FTB, technically, it’s a bit complicated. I am a fully-fledged FTB but my other half has owned a property which he is currently in the process of handing over through solicitors to his ex-partner, in return, he will get £4,000 which we are using to pay off our debts. I will pay off my £1900 overdraft, a loan of £450 and my other half will pay off his credit card. This will leave us with about £1000 which we will use towards mortgage payments. We will also have around £1000 from our gifted deposit towards it too and will borrow the remainder from my parents.

My grandfather gifted the deposit and unfortunately passed away on Friday, so I hope they don’t ask too many questions. I got him to sign the Kensington deposit form, my aunty signed a letter as his power of attorney and I have all his ID etc. 

Fingers crossed it goes ok. As you can see we have debt hanging over us but we have the affordability, we take home over £60k a year. We have worked hard to bring our credit scores up and have paid off things like sofas and beds, which have helped build it up. My overdraft was a stupid student mistake and something I have not paid off but have begun to every month, the lump sum will wipe it off and allow us to start afresh. We will have one loan remaining which is £3,000 but my MA has advised that this is absolutely fine. We have two cars on finance too and that’s about it.

Really want this property, not only for us but my grandad. He passed away knowing we were buying a lovely property which he had helped us get. He was so proud!

They asked me to pay off my car finance before they’d give us our offer, luckily there was only £1,000 left on it. 

Was that before or after DIP? My car finance is only £150 and my partners £200 per month, combined after our rent and stuff we have about £1500 spare each month.

Firsttimebuyer7

I have just had my weekly update from my broker. My valuation has been booked for 21 September!! Sorry but does anyone else think this timescale is ridiculous? My broker is so SO good and has done everything he can throughout this whole process. I have contacted the Estate Agents to confirm whether the delay is due to Seller/access to the property or whether it is just Connells. Feeling disheartened as I was hoping to have completed by then. 

Creditfixer3021

Firsttimebuyer7 said:

I have just had my weekly update from my broker. My valuation has been booked for 21 September!! Sorry but does anyone else think this timescale is ridiculous? My broker is so SO good and has done everything he can throughout this whole process. I have contacted the Estate Agents to confirm whether the delay is due to Seller/access to the property or whether it is just Connells. Feeling disheartened as I was hoping to have completed by then. 

When did you start the application process?

Kathryn1988

Hey Everyone,

I have an applcation going through with Kensington at the moment, applied on the 5th August, 1 hard search done on the 6th and another on the 10th. They requested proof of address for the last 3 years and a few things that they actually already had on the 24th and I have just been told the Valuation is booked for tomorrow, Do you think they have checked everything now and it's going to boil down to the Valuation? I am not worried about that as it's a new build and we are using help to buy. I just want to mentally prepare for more questions and document requests if we are going to get them or if I can start looking foward to finally getting an offer... Ilook foward to hearing from you all xx

Creditfixer3021

Kathryn1988 said:

Hey Everyone,

I have an applcation going through with Kensington at the moment, applied on the 5th August, 1 hard search done on the 6th and another on the 10th. They requested proof of address for the last 3 years and a few things that they actually already had on the 24th and I have just been told the Valuation is booked for tomorrow, Do you think they have checked everything now and it's going to boil down to the Valuation? I am not worried about that as it's a new build and we are using help to buy. I just want to mentally prepare for more questions and document requests if we are going to get them or if I can start looking foward to finally getting an offer... Ilook foward to hearing from you all xx

Good luck Kathryn. I’m hoping I’m a unique case so take this with a pinch of salt. 

My application was made on the 12th ish of July, valuation around the 22nd July. We’ve had many many requests for more information since the valuation. 

maryjoashley

Kathryn1988 said:

Hey Everyone,

I have an applcation going through with Kensington at the moment, applied on the 5th August, 1 hard search done on the 6th and another on the 10th. They requested proof of address for the last 3 years and a few things that they actually already had on the 24th and I have just been told the Valuation is booked for tomorrow, Do you think they have checked everything now and it's going to boil down to the Valuation? I am not worried about that as it's a new build and we are using help to buy. I just want to mentally prepare for more questions and document requests if we are going to get them or if I can start looking foward to finally getting an offer... Ilook foward to hearing from you all xx

Hiya, we applied on 3rd July, our valuation was done on 30th July and we're still getting requests for info i'm afraid.  Although we haven't had the best broker so I'm not sure ours is typical!   Good luck, and don't be disheartened with it, its an awful process and Kensington seem to have some very inefficient ways of working!

barber1892

Bex_27 said:

barber1892 said:

Bex_27 said:

My mortgage application is going in today with Kensington. We are FTB, technically, it’s a bit complicated. I am a fully-fledged FTB but my other half has owned a property which he is currently in the process of handing over through solicitors to his ex-partner, in return, he will get £4,000 which we are using to pay off our debts. I will pay off my £1900 overdraft, a loan of £450 and my other half will pay off his credit card. This will leave us with about £1000 which we will use towards mortgage payments. We will also have around £1000 from our gifted deposit towards it too and will borrow the remainder from my parents.

My grandfather gifted the deposit and unfortunately passed away on Friday, so I hope they don’t ask too many questions. I got him to sign the Kensington deposit form, my aunty signed a letter as his power of attorney and I have all his ID etc. 

Fingers crossed it goes ok. As you can see we have debt hanging over us but we have the affordability, we take home over £60k a year. We have worked hard to bring our credit scores up and have paid off things like sofas and beds, which have helped build it up. My overdraft was a stupid student mistake and something I have not paid off but have begun to every month, the lump sum will wipe it off and allow us to start afresh. We will have one loan remaining which is £3,000 but my MA has advised that this is absolutely fine. We have two cars on finance too and that’s about it.

Really want this property, not only for us but my grandad. He passed away knowing we were buying a lovely property which he had helped us get. He was so proud!

They asked me to pay off my car finance before they’d give us our offer, luckily there was only £1,000 left on it. 

Was that before or after DIP? My car finance is only £150 and my partners £200 per month, combined after our rent and stuff we have about £1500 spare each month.

No it was literally last week and we got our full offer Monday, they wanted the car fully Paid off as I say lucky I only had £1,000 left to pay on it but I think this was down to my credit rating be so bad, honestly it’s terrible. 

Bex_27

barber1892 said:

Bex_27 said:

barber1892 said:

Bex_27 said:

My mortgage application is going in today with Kensington. We are FTB, technically, it’s a bit complicated. I am a fully-fledged FTB but my other half has owned a property which he is currently in the process of handing over through solicitors to his ex-partner, in return, he will get £4,000 which we are using to pay off our debts. I will pay off my £1900 overdraft, a loan of £450 and my other half will pay off his credit card. This will leave us with about £1000 which we will use towards mortgage payments. We will also have around £1000 from our gifted deposit towards it too and will borrow the remainder from my parents.

My grandfather gifted the deposit and unfortunately passed away on Friday, so I hope they don’t ask too many questions. I got him to sign the Kensington deposit form, my aunty signed a letter as his power of attorney and I have all his ID etc. 

Fingers crossed it goes ok. As you can see we have debt hanging over us but we have the affordability, we take home over £60k a year. We have worked hard to bring our credit scores up and have paid off things like sofas and beds, which have helped build it up. My overdraft was a stupid student mistake and something I have not paid off but have begun to every month, the lump sum will wipe it off and allow us to start afresh. We will have one loan remaining which is £3,000 but my MA has advised that this is absolutely fine. We have two cars on finance too and that’s about it.

Really want this property, not only for us but my grandad. He passed away knowing we were buying a lovely property which he had helped us get. He was so proud!

They asked me to pay off my car finance before they’d give us our offer, luckily there was only £1,000 left on it. 

Was that before or after DIP? My car finance is only £150 and my partners £200 per month, combined after our rent and stuff we have about £1500 spare each month.

No it was literally last week and we got our full offer Monday, they wanted the car fully Paid off as I say lucky I only had £1,000 left to pay on it but I think this was down to my credit rating be so bad, honestly it’s terrible. 

Congratulations! I’ve seen someone on a Facebook page were asked what they’d planned on doing with their car after the PCP finished in three months time, I’m sure I’ll be asked. I was planning on refinancing the final £3.5k and have seen a preapproved offer which will be £160 for two years, so same as what I pay now . I am assuming they’ll ask me, they ask everything else 🤣🤣

Bex_27

Hi all, 
Our application went in yesterday! My MA says we have bags of affordability, my other half takes home £2,300 and myself £1850 each month after tax. We both have cars, £200 for his and £160 for mine. We are paying off 3 debts, my overdraft, his credit card and a small loan with a lump sum but will be keeping a £3,400 loan running as it is £120 a month and when we have another lump sum we will look to pay off these. My question is, has anyone had a loan whilst applying for a mortgage? I have never missed a payment for any of these (including the car), the only thing that hinders us is 2 missed payments from last Sept and Nov for a mail order, which was just my silly forgetfulness as I thought I'd paid them! My other half has a default that finished 2 years ago and we don't have amazing credit scores, hence using Kensington. 

I have been preparing for our mortgage application for a couple of weeks so wrapped up everything and sent to our mortgage advisor, this included a document from my partners ex-solicitor showing the lump sum we will receive once she has finished with taking my other half off his old mortgage. We also did a document to show what we will pay off.

Thanks in advance!
B 

Creditfixer3021

Bex_27 said:

Hi all, 
Our application went in yesterday! My MA says we have bags of affordability, my other half takes home £2,300 and myself £1850 each month after tax. We both have cars, £200 for his and £160 for mine. We are paying off 3 debts, my overdraft, his credit card and a small loan with a lump sum but will be keeping a £3,400 loan running as it is £120 a month and when we have another lump sum we will look to pay off these. My question is, has anyone had a loan whilst applying for a mortgage? I have never missed a payment for any of these (including the car), the only thing that hinders us is 2 missed payments from last Sept and Nov for a mail order, which was just my silly forgetfulness as I thought I'd paid them! My other half has a default that finished 2 years ago and we don't have amazing credit scores, hence using Kensington. 

I have been preparing for our mortgage application for a couple of weeks so wrapped up everything and sent to our mortgage advisor, this included a document from my partners ex-solicitor showing the lump sum we will receive once she has finished with taking my other half off his old mortgage. We also did a document to show what we will pay off.

Thanks in advance!
B 

I was asked to pay off a loan (I had already paid it off the week before the application). I was then asked to provide evidence as my credit report hadn’t been updated.

ive seen several say they were ok with keeping their loans and credit cards so if you’ve been upfront, I’m sure you’ll be ok