Kensington Mortgage application timescale

blogger201719

Bex_27 said:

Application sent and hard search carried out but MA has just said someone else has come back on the market with 2.5% apr, 5 year fixed. He is putting in a DIP, what would you do? Stick with Kensington or do another one. We tried NatWest and unfortunately got declined and they also did a hard search...don't want to effect my credit score :S

Numerous hard searches in such a short space of time may affect your score further. What has your MA said?

Bex_27

blogger201719 said:

Bex_27 said:

Application sent and hard search carried out but MA has just said someone else has come back on the market with 2.5% apr, 5 year fixed. He is putting in a DIP, what would you do? Stick with Kensington or do another one. We tried NatWest and unfortunately got declined and they also did a hard search...don't want to effect my credit score :S

Numerous hard searches in such a short space of time may affect your score further. What has your MA said?

He said that three in a month are ok, I guess he wouldn’t advise if he didn’t think it was worth it!

maryjoashley

Bex_27 said:

blogger201719 said:

Bex_27 said:

Application sent and hard search carried out but MA has just said someone else has come back on the market with 2.5% apr, 5 year fixed. He is putting in a DIP, what would you do? Stick with Kensington or do another one. We tried NatWest and unfortunately got declined and they also did a hard search...don't want to effect my credit score :S

Numerous hard searches in such a short space of time may affect your score further. What has your MA said?

He said that three in a month are ok, I guess he wouldn’t advise if he didn’t think it was worth it!

Do you now which lender it is please?  I'm starting to worry that Kensington are going to decline us after all this so wondering who else is out there.  Thanks.

blogger201719

More and more documents required and some the same as I have explained

blogger201719

Frustrating and demoralising ☹️

Bex_27

maryjoashley said:

Bex_27 said:

blogger201719 said:

Bex_27 said:

Application sent and hard search carried out but MA has just said someone else has come back on the market with 2.5% apr, 5 year fixed. He is putting in a DIP, what would you do? Stick with Kensington or do another one. We tried NatWest and unfortunately got declined and they also did a hard search...don't want to effect my credit score :S

Numerous hard searches in such a short space of time may affect your score further. What has your MA said?

He said that three in a month are ok, I guess he wouldn’t advise if he didn’t think it was worth it!

Do you now which lender it is please?  I'm starting to worry that Kensington are going to decline us after all this so wondering who else is out there.  Thanks.

It's accord, they have moved really quickly. We submitted yesterday and today they have instructed the valuation!

maryjoashley

After 9 long weeks, we've finally been told we've been accepted.  Offer on its way.  It's painful but they get there eventually! 

blogger201719

maryjoashley said:

After 9 long weeks, we've finally been told we've been accepted.  Offer on its way.  It's painful but they get there eventually! 

Congratulations! Well done. 9 weeks is traumatic. I am in week 4ish so still fresh

k1984

HI,

just curious - some folk have mentioned their previous credit history was bad but still got approved.

how bad is bad and what kind of interest rates are you talking?

i haven’t had defaults / ccj but a few missed payments:

2020 - no missed payments
2019 - nothing worse than 2 in a row (one credit car missed mar/apr, then sept/Oct and the same on a second credit card). Payday loan taken out in the jan finished in the nov.
2018 - quite a few - worst was 5 months in a row on a credit card from Feb/mar/apr/May/Jun. And one or two on other credit cards. Couple of payday loans
2017 - same as 2018.

current debt stands at loan £300 a month finishing in 2027 (loan from Tesco to pay off other debt and house stuff), £7000 credit card debt

joint application earning £100,000 combined, £80,000 deposit on a £395,000 house.

anyone been worse off than this and still been accepted? I know everyone thinks they’re the worst case scenario....I actually believe I am 🙈 anyone want to give me some positives or just a shake.

barber1892

k1984 said:

HI,

just curious - some folk have mentioned their previous credit history was bad but still got approved.

how bad is bad and what kind of interest rates are you talking?

i haven’t had defaults / ccj but a few missed payments:

2020 - no missed payments
2019 - nothing worse than 2 in a row (one credit car missed mar/apr, then sept/Oct and the same on a second credit card). Payday loan taken out in the jan finished in the nov.
2018 - quite a few - worst was 5 months in a row on a credit card from Feb/mar/apr/May/Jun. And one or two on other credit cards. Couple of payday loans
2017 - same as 2018.

current debt stands at loan £300 a month finishing in 2027 (loan from Tesco to pay off other debt and house stuff), £7000 credit card debt

joint application earning £100,000 combined, £80,000 deposit on a £395,000 house.

anyone been worse off than this and still been accepted? I know everyone thinks they’re the worst case scenario....I actually believe I am 🙈 anyone want to give me some positives or just a shake.

Hi, 

3 defaults and a CCJ in the last 3 years and still got approved. Hope this puts your mind at ease a bit. We also bought a house similar price to yours and earn roughly the same. We put down a 25% deposit, only dIfference is really that we had no outstanding debt.