Kensington mortgages nightmare and illogical approach

mgxeab

I've read before that Kensington are probably one of the worst lenders for making numerous requests and prolonging applications. Here is a timeline breakdown for me:

3 March - full application submitted
12 April - offer received
26 April - they decide that we need a specialist survey as one of the conditions - in relation to removal of a tree
03 May - survey report submitted
11 May - let's have another survey pls this time a structural engineer one
17 May - survey done report submitted
25 May - thanks all fine can we have some legal reassurance on the survey now pls
26 May - engineer provide letter of reassurance for survey report ....

I understand that some things are necessary but it's a complete nightmare. We have paid the deposit weeks ago and also handed notice on our tenancy.

What are others experiences like?

amnblog

Others are not buying the property you are with the issues highlighted by the valuer.

The Lender relies on the valuer to advise them on specialist reports required.

I am sure you will not want to buy a proprty that is later a problem so consider that the valuer is protecting your interests.

-taff

If you already knew that they were likely to extend the timeline of the application, you should have kept your notice until you were sure.
Besides, you're borrowing the money, they are satisfying themselves that it's not going to turn into a loss for them, so you can't complain about jumping through their hoops.

Thrugelmir

mgxeab wrote: »

I understand that some things are necessary but it's a complete nightmare. We have paid the deposit weeks ago and also handed notice on our tenancy.

If you were lending a large sum of money to someone else. You'd check that the security was adequate. Whose advice did you seek before handing in your notice?