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  • FIRST POST
    • Bunneroo
    • By Bunneroo 10th Mar 17, 6:22 AM
    • 4Posts
    • 1Thanks
    Bunneroo
    Kensington Mortgage application timescale
    • #1
    • 10th Mar 17, 6:22 AM
    Kensington Mortgage application timescale 10th Mar 17 at 6:22 AM
    Hi- I hope this is the right place to post. We are waiting (almost 3 weeks) to hear from Kensington about our application. We were expecting lots of extra paperwork requests from what I have read on here. Anyone been through this that can maybe reassure me please? How do I know when they have done a valuation? The credit checks have been done though. Thank you!
Page 7
    • movingonup2018
    • By movingonup2018 6th Jan 18, 12:26 AM
    • 1 Posts
    • 0 Thanks
    movingonup2018
    Much quicker than expected
    After firstly being told by a rude woman at Countrywide Mortages that we would never get a mortgage (had no interest in actually trying to assist) and being let down by Aldermore we went with Kensington (via local Broker) and I was expecting a real hassle after spending hours reading this forum. However I was very pleased to receive our written offer within 2 weeks (this included us being on holiday just after we submitted application so would have been quicker). We are only using them due to us both being self employed with only one years account, no adverse credit, in fact pretty good credit history so I think that made the difference.

    We sent and were asked for -
    Three month bank statements (just for personal accounts not business)
    Landlord details although they never contacted him
    Details of house purchase (new build)
    Help to Buy Authority To Proceed (this delayed things due to me not scanning a page properly)
    SA302's and Tax Year Overview
    Copy of passports

    I was expecting loads of questions about everything and anything and the only thing they came back and asked for was proof of me living at my house for another year as they couldn't see it on the Electoral Roll, I sent them an old bank statement and job done.

    Within a week of the application being submitted they had done the valuation and within two weeks we had the offer. To be honest I am still gobsmacked it was so easy. We did for three months beforehand amend our spending habits via bank statements, I did this by mainly using my Amex card for anything above low spending. I was worried they would ask for credit card statements as they could see balances but thankfully they did not. We also paid off all credit cards we could well in advance so they showed a nil balance on the credit file and I closed lots of accounts we were not using. I think it all paid off in the end and that is mainly thanks to this forum and lots of research, I wanted it to be as painless as possible. Now hopefully in a few years of further trading we can get a better rate with a high street lender.

    It is also worth noting they only check Equifax, it states this on the offer and I also check all three agencies every few days and they definitely don't check any others which is useful information.

    Good luck everyone, there is hope!
    • feekerry
    • By feekerry 6th Jan 18, 1:39 PM
    • 75 Posts
    • 26 Thanks
    feekerry
    They asked us for 3 months bank statements. Our application took us into the next calendar month but they never asked for that
    • Michaelwoolrich
    • By Michaelwoolrich 11th Jan 18, 10:06 PM
    • 1 Posts
    • 0 Thanks
    Michaelwoolrich
    How many people were asked for an employment reference? Or was the 3 month pay slips ok for them.
    • beau6601
    • By beau6601 14th Jan 18, 10:45 PM
    • 3 Posts
    • 0 Thanks
    beau6601
    Anybody know how long the valuation takes to get booked in, we have been waiting on them to book it for a few weeks, we are about 5 weeks in to the process.
    • beau6601
    • By beau6601 14th Jan 18, 10:54 PM
    • 3 Posts
    • 0 Thanks
    beau6601
    I meant put few days not weeks, just keen to find out if it's a yes or no, the waiting is the worst.
    • sr1527
    • By sr1527 20th Jan 18, 7:36 AM
    • 7 Posts
    • 0 Thanks
    sr1527
    Hi Beau6601,

    How is it going? We are just Bout to put in a full application with Kensington and these reviews arent giving me much hope. We are with thrm due to adverse credit but from 2012 mind not anything recent so im getting worried!

    • feekerry
    • By feekerry 20th Jan 18, 4:46 PM
    • 75 Posts
    • 26 Thanks
    feekerry
    My remortgage completed recently with Kensington. From full application to offer was about 7 weeks? And the valuation was booked about 2 weeks after application went in. They paid for the valuation and I had heard if they pay for it itís a good sign when instructed as they are happy with your application.
    I honestly found them absolutely fine. Towards the end they were working on a 2 day turnaround for documents. They asked for quite a bit of information re my dmp but other than that just standard stuff really.
    I found them much better than most of the stuff I read!!!
    • sr1527
    • By sr1527 20th Jan 18, 8:38 PM
    • 7 Posts
    • 0 Thanks
    sr1527
    Thats a relief to hear @feekerry Do you mind me asking why kensington? Did you have adverse credit too? I need to stop reading over lending criteria and just wait and see but i cant help it! Tried so hard to keep on the straight and narrow since a good few defaults around 5 years ago so would be gutted if it doesnt work out. Not sure if it means anything that we have a dip!
    • feekerry
    • By feekerry 20th Jan 18, 8:49 PM
    • 75 Posts
    • 26 Thanks
    feekerry
    I had (just repaid in full thanks to Kensington!!) an active debt management plan, that had also resulted in 4 defaults being between 3 and 4 years old, all unsatisfied as part of the debt management plan.
    We remortged to repay the debt, and for an extension. The rate we got was very close to high st rates.
    In my favour, I had plenty of equity in my property, been in the same job 15 years and clean history last few years and never any prior mortgage issues.
    Anyway, I was the same as you but all went really well and thanks to them my life is very different!!!
    • sr1527
    • By sr1527 20th Jan 18, 9:00 PM
    • 7 Posts
    • 0 Thanks
    sr1527
    Thats really promising! We are first time buyers, i defaulted on a credit card back in 2012 and a few mobile phone bills as well as late payments on car finance. The latest registered default on my credit file is January 2013, since then my file is clean and my partners is clean as a whistle. We have both been in our jobs for some time and our combined salaries are over 70K we have 10% deposit so im hoping we will be ok. Affordability certainly doesnt seem to be an issue but i know its not all about that!

    Thanks for the positive vibes. I pray that our application doesnt take forever and hopefully more good news is on the way
    • Krowden18
    • By Krowden18 22nd Jan 18, 5:20 PM
    • 2 Posts
    • 0 Thanks
    Krowden18
    Hey Iíve just had my valuation done today for a Kensington remortgage.

    I just wondered if anyone knows how long the offer is valid for? I need to watch an early repayment charge on my current mortgage! Thanks Kim
    • Beebe
    • By Beebe 22nd Jan 18, 8:48 PM
    • 34 Posts
    • 14 Thanks
    Beebe
    Hey Iíve just had my valuation done today for a Kensington remortgage.

    I just wondered if anyone knows how long the offer is valid for? I need to watch an early repayment charge on my current mortgage! Thanks Kim
    Originally posted by Krowden18
    I had an offer from Kensington this week and it is valid until 17th May. So, in my instance at least, it is 5 months.
    • Krowden18
    • By Krowden18 24th Jan 18, 10:58 PM
    • 2 Posts
    • 0 Thanks
    Krowden18
    Yay thanks so much!!
    • Steveg63
    • By Steveg63 2nd Feb 18, 12:10 PM
    • 8 Posts
    • 2 Thanks
    Steveg63
    New to the forum. Just made our application via a broker, he has informed us we should hear within 2 weeks, have a Ltd company trading 21 months, 1yrs accounts with 1 yrs Tax Return and Tax overview. Have sent the following:
    3 months personal bank statments
    Proof of deposit - savings account statement
    Proof of ID
    Proof of address
    HTB Acceptance
    Tax Overview for last tax year.

    So the waiting begins, or so it would appear.
    • Steveg63
    • By Steveg63 8th Feb 18, 1:46 PM
    • 8 Posts
    • 2 Thanks
    Steveg63
    OK, update on time frame,
    02/02/18 application made
    08/02/18 request for 3 months bank statements, also told that Valuation has been requested, should have an offer by Monday 12/02/18! if we do that will be just over a week from full application to offer.....here's hoping
    • mrpear
    • By mrpear 13th Feb 18, 11:43 AM
    • 2 Posts
    • 0 Thanks
    mrpear
    After being declined back in October by Kensington on a 325k mortgage at 15% deposit (pre-war semi) we have decided to give it another go on a new build using Help to Buy.


    For anybody reading this who has seen my old post about the original decline I actually understand why Kensington declined us back then.


    Our money management wasn't the best and although we didn't live beyond our means at all, cash was a bit all over the place.


    My wife and I sat down after the decline and decided to manage it better. So the plan since October has been to be more sensible.


    We have not touched the deposit since the decline, not a penny.
    I've made one transfer of funds from my business account to our current account monthly.
    We live in our credit card and NILL it every month.
    We use our current account solely as an account to clear bills.
    We pay our rent at the same time every month.... Previously, I used to pay our rent 2-3 weeks earlier just to get it out of the way, Kensington didn't like this (although I never ever have paid rent late)


    Our broker currently has said that our bank statements are incredibly boring - which is a good thing - but I've also sent over 4 months of credit card statements to show we actually have a social life.


    I don't gamble etc...


    He did say that KMG are actually a lot better at turning around new build applications because lenders want the HTB business from builders.


    Fingers crossed again! I'm hoping that going in with the government 20% as well as our 5% will be a lot stronger for us.... You never know!


    So.... 12/02 Application IN.
    • Steveg63
    • By Steveg63 20th Feb 18, 12:46 PM
    • 8 Posts
    • 2 Thanks
    Steveg63
    Another update on our application:
    02/02/18 application made
    08/02/18 request for 3 months bank statements, also told that Valuation has been requested, should have an offer by Monday 12/02/18! if we do that will be just over a week from full application to offer.....here's hoping
    15/02 Valuation done
    16/02 Valuation received by Kensington
    19/02 Request for more - 6 months Business Bank statements, they already have 3, confirmation from
    accountant that the Business account can handle the monies needed for deposit and payment
    of a few bills.
    All of which was sent as soon as was requested. So far we are into our 3rd week with no idea on if they want anything further, have been told by our broker that they will be looking at the application today!

    Here's hoping.
    20/02 no news - broker said it maybe today, think they have everything now, but we await just in case they want more info
    Last edited by Steveg63; 20-02-2018 at 2:49 PM. Reason: 20/02 no news Broker said they really busy, maybe end of week.
    • Steveg63
    • By Steveg63 20th Feb 18, 4:56 PM
    • 8 Posts
    • 2 Thanks
    Steveg63
    WOW, JUST WOW!
    Broker just phoned me to say our application has been DECLINED due to the valuation!
    So Kensington request more info yesterday knowing full well the valuation did not meet the purchae price, question is WHY?
    Now I don't get this, brand new house, last of its kind on the development, largest plot and same price as the last one that was built and sold (for the asking price), broker as stated that he has NEVER experienced a New Build being valued at a lower price than the developer is selling for.
    State of shock................
    Any ideas anyone?
    • feekerry
    • By feekerry 20th Feb 18, 6:36 PM
    • 75 Posts
    • 26 Thanks
    feekerry
    Sorry to hear that...
    I think if you search there are a lot of threads about new builds coming in lower on valuation. Seems to be quite a lot of builders/developers over pricing
    • Thrugelmir
    • By Thrugelmir 20th Feb 18, 7:04 PM
    • 58,892 Posts
    • 52,220 Thanks
    Thrugelmir
    same price as the last one that was built and sold (for the asking price), broker as stated that he has NEVER experienced a New Build being valued at a lower price than the developer is selling for.
    Originally posted by Steveg63
    Smoke and mirrors are used by developers to massage selling prices, i.e. incentives, inflated p/ex. Your broker cannot be very experienced if that's the case! Been going on for decades.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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