Kensington application how long?

Kelda1

We are about to submit our full application with Kensington and have an DIP and can see they have done hard searches on both of our credit files when the DIP was done. How long should we expect them to take?

ACG

Theres a question.
My experience of them is that the only thing to expect is the unexpected. If you have a Mortgage offer in 3 weeks, you have probably done quite well.

MortgageMamma

A lot of the problems that occur with Kensington are usually down to inexperienced brokers or "packagers" who submit the cases to them

I find if everything is keyed correctly and supporting documents go in at the same time as the application, they can do things in a reasonable timescale. They are never as quick as the high street banks but there are worse lenders out there.

I think the key with working with kensington is to set everybodys expectations correctly to begin with. Don't promise to complete within a certain amount of time for example, just commit to getting things done as quickly as possible.

If you've done this via a broker then contact them twice a week for updates and if the situation seems to have stalled more than 4-5 working days ask why and get broker to investigate. It helps keep everybody in the transaction in the picture as to timescales.

HTH

MM

amnblog

Kensington are in the market for complex cases and complex cases take longer to process.

If they sort everything first pass they won’t be much longer than the majority of cases. Perhaps three to four weeks.

If they find something they don’t like or understand, take a deep breath and exercise some patience.

They are pretty good today but I remember a time when I used to tell borrowers at outset with KMC. Thisis going to be long haul and when you are full of frustration and asking me why this is taking so long in a few weeks time I will be reminding you about this conversation.

ACG

amnblog wrote: »

They are pretty good today but I remember a time when I used to tell borrowers at outset with KMC. Thisis going to be long haul and when you are full of frustration and asking me why this is taking so long in a few weeks time I will be reminding you about this conversation.

Have they improved?
I stopped using them around 2 years ago out of frustration.
I could not justify doing an application with them that took a month on a purchase when any other adverse lender could get it done in half the time.

amnblog

Yes, they are better but if they get a bee in their bonnet about something it starts to get ridiculous.

ACG

I suppose any improvement is an improvement.
Do you still have to write a note next to "Manchester City Council £120" which is going out each month to say "Council tax" because they do not realise £120 going out each month to the council is council tax?

I once nearly went through every transaction and wrote notes next to them for a laugh...
Starbucks - Coffee.
Tesco - Food shopping.
Tesco Petrol Station - Petrol/Diesel... and a kitkat because they were hungry.

But then I thought they might come back and up the shopping bill because of the kitkat and it would fail affordability.

My blood pressure is rising just thinking about the last case I sent them.

Aqua1985

How many months bank statements do Kensington require? Looking to get a mortgage January 2020 and want to make sure I keep the accounts as clean as possible (ie not transferring friends money or gambling online)?

E11btt

We had a DIP with them a couple of years ago, got it in February and an offer made in April. Which, on the face of it wasn't so bad. It takes a lot of to and fro just because of the people in between (packager etc). But if you keep giving them what they need you should be fine. My situation was made slightly worse due to an additional specialist survey, once they find a problem it gets the process stuck. So keep things nice and simple and clear and double check all documentations before sending on.

CJohn65

Well.... we put the application in with Kensington on the 24/04 and they’ve come back and asked for some further information already... broker assured me they’re much quicker these days providing we’re quick getting back to them...

Fingers crossed :cool2: