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  • FIRST POST
    • tprosser85
    • By tprosser85 4th Mar 18, 5:00 PM
    • 2Posts
    • 1Thanks
    tprosser85
    Kensignton Mortgages Lending Criteria
    • #1
    • 4th Mar 18, 5:00 PM
    Kensignton Mortgages Lending Criteria 4th Mar 18 at 5:00 PM
    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
Page 1
    • ACG
    • By ACG 4th Mar 18, 5:37 PM
    • 17,045 Posts
    • 8,932 Thanks
    ACG
    • #2
    • 4th Mar 18, 5:37 PM
    • #2
    • 4th Mar 18, 5:37 PM
    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.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 4th Mar 18, 6:10 PM
    • 58,961 Posts
    • 52,279 Thanks
    Thrugelmir
    • #3
    • 4th Mar 18, 6:10 PM
    • #3
    • 4th Mar 18, 6:10 PM
    "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?
    Originally posted by tprosser85
    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.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • tprosser85
    • By tprosser85 4th Mar 18, 7:30 PM
    • 2 Posts
    • 1 Thanks
    tprosser85
    • #4
    • 4th Mar 18, 7:30 PM
    • #4
    • 4th Mar 18, 7:30 PM
    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
    • By feekerry 4th Mar 18, 7:43 PM
    • 75 Posts
    • 26 Thanks
    feekerry
    • #5
    • 4th Mar 18, 7:43 PM
    • #5
    • 4th Mar 18, 7:43 PM
    Iíve 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 companyís 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
    • By Denspe 2nd Jun 18, 12:11 PM
    • 3 Posts
    • 3 Thanks
    Denspe
    • #6
    • 2nd Jun 18, 12:11 PM
    Kensington mortgage
    • #6
    • 2nd Jun 18, 12:11 PM
    Hello there,

    Me & my partner have a dip with Kensington. Read lots of very scary reviews & now Iím 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
    • By amnblog 2nd Jun 18, 3:40 PM
    • 10,564 Posts
    • 4,176 Thanks
    amnblog
    • #7
    • 2nd Jun 18, 3:40 PM
    • #7
    • 2nd Jun 18, 3:40 PM
    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.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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