Kensington Mortgage Limited Company Advice

Victoria83

I am applying for a mortgage with Kensington and wanted to know what was asked for during the formal mortgage application. I am self employed and am a majority shareholder of a limited company, my partner is employed and less complicated. We are about to move to a full application. Have been slightly concerned by posts about the time taken to make decisions and the level of information asked for, would appreciate any advice of information on Kensington, the process and documents needed. Many thanks.

Thrugelmir

Victoria83 wrote: »

Have been slightly concerned by posts about the time taken to make decisions and the level of information asked for,

That's the nature of the beast. Kensingston target a particular market which the mainstream lenders tend to steer clear of. Net result is that underwriting is far more intense and specific to the borrower. Rather than being more generic and tick box.

ACG

Going off my last application with them (which was the straw that broke the camels back) it could literally be anything... How many times you blinked last night. Once you answer that question they could come back and ask why you did not wear orange shoes.... They wont ask the 2 questions together though, they will wait until you answer the first one just to waste a bit of time.

To be honest, I have not used them since around 2014/2015. It did feel like my blood pressure was going through the roof, they had ridiculous requests followed by more ridiculous requests and then it would take about a week to look at the paperwork. During this time we had estate agents and the vendors getting very stressed. I have been told they are a little better now, but thankfully I have had no need to use them as there tends to be better options out there now a days, even if they may be slightly more expensive.

All I would say is to be prepared. It is not a sign of your application being a bad one, it is just Kensington being Kensington. The last case I submitted to them, despite being quite traumatic (for me as much as the customers), they did actually offer the mortgage.

MortgageMamma

I had a case with them complete yesterday. Client had previously had ccjs and many debts but had only very recently paid them all off.

To be fair they were quite slow - but the questions they asked did make sense and there was nothing out of the ordinary there. I put the case in beginning of feb so its taken three and a half months, it went to offer at the end of March so it took 8 weeks to offer. The other six weeks were legal processes that took a while because of solar panels, so for a straightforward case I'd say 5-6 weeks to offer.

amnblog

As with all Specialist lenders they will be relatively slow and ask for a good deal of information.

You can only apply to KMC through a Broker so leave it to them to deal with the application. Anything else is a waste of your time and energy.

brunettegirl

I am going through the application process for a new build as we speak. we submitted on the 3rd May, we have sent over 4 months bank statements, 4 months wages, p60, sa302, tax ovverview, had landlords reference, proof of deposit, proof of where deposit came from questions, extra evidence, valuation done, extra questions and now silence! nothing for 3 days. so I am hoping that means they are close to a decision.

Strizy123

brunettegirl said:

I am going through the application process for a new build as we speak. we submitted on the 3rd May, we have sent over 4 months bank statements, 4 months wages, p60, sa302, tax ovverview, had landlords reference, proof of deposit, proof of where deposit came from questions, extra evidence, valuation done, extra questions and now silence! nothing for 3 days. so I am hoping that means they are close to a decision.

Did you hear anything 

davidmcn

Strizy123 said:

brunettegirl said:

I am going through the application process for a new build as we speak. we submitted on the 3rd May, we have sent over 4 months bank statements, 4 months wages, p60, sa302, tax ovverview, had landlords reference, proof of deposit, proof of where deposit came from questions, extra evidence, valuation done, extra questions and now silence! nothing for 3 days. so I am hoping that means they are close to a decision.

Did you hear anything 

You're asking somebody who hasn't logged into this site since August - though you can look at their other posts if you want further info:
https://forums.moneysavingexpert.com/discussion/comment/75913886#Comment_75913886

RelievedSheff

We have had our mortgage with Kensington for just over a year now. We we were also concerned having read lots of reviews about how slow they were at processing information. We went through their new build team and from full application to mortgage offer was 8 days, much faster than we had anticipated.

Mind you it was a good job because we went from reserving the plot to moving in in 3 and a half weeks!!

justme200194

RelievedSheff said:

We have had our mortgage with Kensington for just over a year now. We we were also concerned having read lots of reviews about how slow they were at processing information. We went through their new build team and from full application to mortgage offer was 8 days, much faster than we had anticipated.

Mind you it was a good job because we went from reserving the plot to moving in in 3 and a half weeks!!

If you don’t mind me asking, how have you found their interest rates/monthly repayments? If we don’t win our appeal with Halifax they would be our next option (as self employed, Ltd company with one years accounts) but according to their online rates it would take our monthly payments £500 higher than if we mortgaged through Halifax 😖