Kent reliance

MSN2220

rachlikeswinter said:

Submitted my application through my broker with KR yesterday - so I’m following this thread with interest! I’m fully resigned to this being a long process as I’m buying shared ownership and I’m also self employed - KR requested a signed projection of income statement from my account as well as my 3 year business plan so I’m sure they’re going to be very thorough! It’s been so stressful so far even getting to this point, I thought I’d lost the flat a few time, so I’m terrified something else will go wrong! 

I’m in the same boat. We applied for SO yesterday too! Hopefully the wait won’t be too long. 

MSN2220

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

louisedaisy133

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

Did you have an issue, 

thanks 

rachlikeswinter

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

MSN2220

rachlikeswinter said:

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

Broker hasn’t been that helpful unfortunately. I’m in my overdraft £1000 (maxed out) each month but that’s only because I’m putting money in savings each month and my overdraft is 0%. 😬

rachlikeswinter

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

Broker hasn’t been that helpful unfortunately. I’m in my overdraft £1000 (maxed out) each month but that’s only because I’m putting money in savings each month and my overdraft is 0%. 😬

Hmm. Might be worth signing up to one of the credit report agencies like Experian / checkmyfile or whatever - if you cancel before 30 days it's free I think. That'll give you a good snapshot of what kind of 'risk' a lender would see you as. Have you already got a DIP in place I presume? I'm sure it's fine!

MSN2220

rachlikeswinter said:

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

Broker hasn’t been that helpful unfortunately. I’m in my overdraft £1000 (maxed out) each month but that’s only because I’m putting money in savings each month and my overdraft is 0%. 😬

Hmm. Might be worth signing up to one of the credit report agencies like Experian / checkmyfile or whatever - if you cancel before 30 days it's free I think. That'll give you a good snapshot of what kind of 'risk' a lender would see you as. Have you already got a DIP in place I presume? I'm sure it's fine!

Yeah we’ve got a DIP and I’ve checked my score on all credit agencies and they seem fine. Guess just have to wait and see. Thanks! 😁

rachlikeswinter

Just been told KR won't even be able to start looking at my application documents (submitted on Fri) for another week or so as the backlog is so high. I had a feeling this wouldn't be quick... anyone else have any news?

louisedaisy133

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

Broker hasn’t been that helpful unfortunately. I’m in my overdraft £1000 (maxed out) each month but that’s only because I’m putting money in savings each month and my overdraft is 0%. 😬

Hmm. Might be worth signing up to one of the credit report agencies like Experian / checkmyfile or whatever - if you cancel before 30 days it's free I think. That'll give you a good snapshot of what kind of 'risk' a lender would see you as. Have you already got a DIP in place I presume? I'm sure it's fine!

Yeah we’ve got a DIP and I’ve checked my score on all credit agencies and they seem fine. Guess just have to wait and see. Thanks! 😁

Have you had an update yet? 

MSN2220

louisedaisy133 said:

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

rachlikeswinter said:

MSN2220 said:

Hello does anyone know if Kent have an issue with being in overdraft constantly? 

I'm in no way an expert but I would imagine it depends if your credit report is adversely affected by long-term overdraft borrowing, not the fact it's an overdraft per-se... I don't know what their criteria is in terms of risk etc - can you ask your broker (if you have one?) Also when you say being in overdraft constantly, do you mean a couple of hundred quid most months, or several thousand owed consistently? That would probably make a difference in their eyes.

Broker hasn’t been that helpful unfortunately. I’m in my overdraft £1000 (maxed out) each month but that’s only because I’m putting money in savings each month and my overdraft is 0%. 😬

Hmm. Might be worth signing up to one of the credit report agencies like Experian / checkmyfile or whatever - if you cancel before 30 days it's free I think. That'll give you a good snapshot of what kind of 'risk' a lender would see you as. Have you already got a DIP in place I presume? I'm sure it's fine!

Yeah we’ve got a DIP and I’ve checked my score on all credit agencies and they seem fine. Guess just have to wait and see. Thanks! 😁

Have you had an update yet? 

Nope not yet. I applied on the 8th Oct, on the KR website it says 5 working days for underwriting, so I’m gonna call my MA on Thursday. Have you had any updates ?