Moneybox and Kensington mortgages.

[Deleted User]

Hello, wondering if anyone can share their experience with me, if they have one.

I’m in the midst of purchasing my first property with my partner, unfortunately my credit history isn’t great, due to being put in an unfortunate position around 6 years ago.

I cleared off a large amount of debt over the past few years, and have not missed a payment in roughly 30 months.

my financial position now is a LOT better, but obviously due to my adverse history, I’ve prepared myself to have a sub prime lender at a higher rate (which I’m comfortable with, because I know within 2 years, my defaults will be removed from my credit file, and I’ll be able to hopefully, get on the high street).

im using Moneybox, which has been a great help for saving, also using their MA, who’s been brilliant, we’ve had a reply today saying that the best deal is likely to be Kensington, based on our preferences and my history.

who here has had experience in the recent years with Kensington? I’m aware they manually underwrite, which is sometimes better as it’s not an automatic ‘computer says no’.

we have a 10% deposit, is there a likelihood that we’ll be asked for a higher deposit based on history? Or is the usual LTV, 90% with these?

i would guess the process is the same, just slightly longer due to the human process?

And has anyone used Moneybox, if so, were they good?

thanks in advance.

ACG

At 90% LTV your options will be limited. If the adverse was 36 months old, I think you might be able to add on a few building societies which may offer better rates. But at 90% and less than 3 years you are probably quite limited.

I have not used kensington in a while, but they have been around forever in one form or another. They deal in that part of the market and they do it fairly well. 

[Deleted User]

ACG said:

At 90% LTV your options will be limited. If the adverse was 36 months old, I think you might be able to add on a few building societies which may offer better rates. But at 90% and less than 3 years you are probably quite limited.

I have not used kensington in a while, but they have been around forever in one form or another. They deal in that part of the market and they do it fairly well. 

Yeah have done some research but the most recent post I found was 2022, I’m hoping they’ll allow me 90% as I don’t have a 15% deposit.

unless there is a way to work it in somewhere.