Kensington Mortgages

Madders99

Hi. I have a question for anyone with experience of Kensington mortgages. Apart from the fact they appear slightly slow (expected given the current situation and the fact they work manually rather than computer tick boxes)  I was wondering about the process? My broker sent in my application which triggered a soft and hard search the next day. 5 days later they had 8 points which needed clarifying/explaining. Suck as ‘can you confirm the equity’ ‘can you confirm your partner is no longer on furlough’ etc. All reasonable questions. The 7th and 8th were ‘Can we have a copy of the wet signature declaration’ which we sent and ‘subject to valuation’. 

We are at the point where my broker has checked the system and all 8 questions have been ‘approved/satisfied’ and have now said they will instruct Valuation. Whilst I know it depends on the valuation being ok, is there likely to be any more issues?

The house is a new build and the builders are asking us to confirm tiles, appliances etc. I feel very nervous having to do this until we get the formal offer. 

I guess my question is, does it sound like we are on track to have the mortgage offered barring the obligatory final checks?

Many thanks in anticipation! 

captain_finnegan

Should be ok as long as everything matches up. They came back to us with a few requests and it can be quite frustrating as they don’t give you a list of things they want, they ask one at a time.

Madders99

Mortgage offer received last night. 

Like people have said, they are a little slow, however, that’s the price you pay for actual people reviewing your case and not a ‘computer says no’ approach. My case wasn’t straight forward due to a large amount of my income being variable, which of course Kensington specialise in. 

My broker said he has really gained a lot of confidence in them. Having hardly used them before, he has now had 5 positive results from them. One of which he described as having ‘such bad credit that he wouldn’t personally lend him a fiver!’ It was a last resort but was accepted. 

They do get there in the end and for what it’s worth, the broker said they are actually very good regarding communication. 

Good luck everyone 

Salsaa

Madders99 said:

Hi. I have a question for anyone with experience of Kensington mortgages. Apart from the fact they appear slightly slow (expected given the current situation and the fact they work manually rather than computer tick boxes)  I was wondering about the process? My broker sent in my application which triggered a soft and hard search the next day. 5 days later they had 8 points which needed clarifying/explaining. Suck as ‘can you confirm the equity’ ‘can you confirm your partner is no longer on furlough’ etc. All reasonable questions. The 7th and 8th were ‘Can we have a copy of the wet signature declaration’ which we sent and ‘subject to valuation’. 

We are at the point where my broker has checked the system and all 8 questions have been ‘approved/satisfied’ and have now said they will instruct Valuation. Whilst I know it depends on the valuation being ok, is there likely to be any more issues?

The house is a new build and the builders are asking us to confirm tiles, appliances etc. I feel very nervous having to do this until we get the formal offer. 

I guess my question is, does it sound like we are on track to have the mortgage offered barring the obligatory final checks?

Many thanks in anticipation! 

Great news about your mortgage offer! Can I ask, did you application go in around the time you first posted? My application has gone in today so I'm just trying to work out the time my application may take. 

Madders99

No, we applied on the 30th of September. 

We noticed a hard search the day after. A week after this they sent a list of questions which we were able to satisfy quite easily. I believe we then had the valuation booked for the 24th October, carried out on the 27th and offer the day after. 

Good luck with your application 👍