Kensignton Mortgages Lending Criteria

tprosser85 · 4 March 2018 at 6:00PM

Hi All.

Newbie here and first time poster. Wanted some advice if possible. Basically long story short, i was pretty wreck less in my younger years and ended up going into a DMP. This probably wasnt the best move. two of the accounts showed "6" late payment marker until i recently got my head around the accounts. In sept 17 i paid of the balance of the accounts and they have no closed on my credit file. I did try with the FO to get these accounts defaulted but the dimissed my complaint. they were reported as AP until they were closed. Everything else has dropped off my credit file with the exception of one deafult which will drop off in nov 18. Balance of debt at about £3k sowill be paid off before i apply. Looking at the lending criteria for a few of the sub prime lenders it says most of these have wordings in the lending criteria such as

"Unsecured Credit arrears acceptable if accounts now up to date Max status of 2 in last 12 months Max status of 2 in last 12 months"

Does this mean that my credit file must have no missed payments showing for 12 months? ie the two accounts in the DMP showed missed payments until sept 17, does this mean that i could fall within Kensigntons criteria in sept 18, bearing everything else is paid on time? Does the date matter if the accounts are closed?

Thanks All, looking to buy a house end of the year, most other lenders say no missed payments for 24 months, so if its not kensington it will be sept 19 to buy!

Thanks

Tom

ACG · 4 March 2018 at 6:37PM

With some lenders if you have say a status 3 for 12 months, they would take that as no new late payments in the last 12 months.

I do not use Kensington a lot, but I think based on what you have said, it would fit. There will probably be easier lenders to deal with and possibly cheaper options.

Thrugelmir · 4 March 2018 at 7:10PM

tprosser85 wrote: »

"Unsecured Credit arrears acceptable if accounts now up to date Max status of 2 in last 12 months Max status of 2 in last 12 months"

Does this mean that my credit file must have no missed payments showing for 12 months?

By entering a DMP you have already defaulted on the original contractual terms. Missing due payments on a DMP would not be considered as arrears (i.e. late payments) on an unsecured credit agreement. As is a different situation. You are very much in the hands of the underwriter who handles your application.

tprosser85 · 4 March 2018 at 8:30PM

thanks for the advice. just to add, i didnt miss any payments whilst in the DMP. They were marked as late payments as arrears built up on the account due to the reduce payment amount agreed. long story short, they are now both closed. Given that none of the accounts will be on my credit file, the only trace of ever being in a dmp are the closed IDEM accounts that say "AP" on them, these will stay for six years after the date i closed them. I know its a generic question, but once the default goes in jan 19, is there any real chance of getting a mortgage? i have good earnings, approx £50k and looking for HTB with a 5% deposit saved. if the £3k of outstanding debt isnt paid off, would this affect my chances?

feekerry · 4 March 2018 at 8:43PM

I’ve recently remortgaged with them whilst still in my DMP and I suppose my credit file would look a lot like yours. I had 5 creditors within my dmp which started 2013 and 2 of the company’s had defaulted me and the other 3 were reporting either arrangements to pay. The main thing was they wanted to know was that I had never missed a payment to my dmp.
I found them fine to deal with (thru broker) and the rate I got was less than 3%. Did have a 15% deposit tho

Denspe · 2 June 2018 at 12:11PM

Hello there,

Me & my partner have a dip with Kensington. Read lots of very scary reviews & now I’m worried we are not going to get a mortgage offer. Can anyone offer any advice. Reading all the horror stories is making me think there is no hope. If anyone has any positive experiences I would love to hear from you.

amnblog · 2 June 2018 at 3:40PM

Kensington Mortgages are a specialist Lender designed to take difficult cases. You should therefore expect the process to be complex and slow which seems to be lost on many applicants.

Patience that attention to detail is key when dealing with them.

Their current turnaround times of three days to manage information is a considerable upgrade on the eight or ten days we have seen in the recent past.

Xenomania · 13 January 2019 at 9:06AM

Hello

Not sure if anyone is still following this thread but looking from advice.

We had a mortgage offer from a company called Bluestone unfortuntly not long after getting the offer i was offered a really good job in a school with more stability than where i was but there is a £5000 a year pay cut. Bluestone dont stretch afforadability and wouldnt lend us the full amount we needed £177.995 as the property is £234.995 as we are using help to buy.

The property we are buying was due to be completed in October 2018 but due to delays it is now due to be completed in February so we are now panciking about the mortgage being offered in time.

We put the application in on the 4th Janaury and to be fair Kensington have been really quick at getting back to us and we have been able to provide everything they have asked for. They contacted us on friday and said they were happy with everything and were still awaiting a reference back from my new employer (only been there 2 months but have a contract and kensington seem to be ok with this i think as its the same role i was in before) the only thing they have questioned is my husbands pay, he is on good more £33,000 a year the problem is he is employed by his parents (been there 10 years in May) he is the manager of their fish and chip shop.

Kensington dont like the fact he is paid weekly in cash and have asked us for 4 payments bacs transfer before they go any further, what we are worried about is that after this 4 weeks they decline it and we loose our house when we could have gone with someone else. We are also concerned i am in a probabtionary period of 6 months with everyone is when working for the council. Kensington have not mentioned this though.

What do you think we should do? Wait the 4 weeks and see?

Thank you

MrsP08 · 9 February 2019 at 4:49PM

Did you get the offer?

Kensignton Mortgages Lending Criteria

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