QUESTIONS ABOUT YOUR MORTGAGE APPLICATION

We’ve put together some frequently asked questions for when your broker has submitted, or is about to submit a mortgage application with us.  

The Government’s Stamp Duty Holiday extension ends on the 30th September for properties up to £250,000.

With this end date, we expect to see an increase in mortgage applications. As a specialist lender we look at each mortgage application individually, which means that in some cases applications may take longer than usual to assess. While we understand this may be frustrating, if you have any questions about your application, please contact your broker.

During these uncertain times we may also ask your broker to provide some extra information to support your application. To help you understand what you may need to provide and why, we've answered some frequently asked questions below.

Q. I have received a mortgage offer from Kensington but my sale is taking longer than expected. Can I ask my broker to apply for an extension?

A. Yes, your broker can apply for a mortgage offer extension on your behalf.  You will need to ask your solicitor to submit an extension request to our completion team if you will not be able to complete before the expiry date of your mortgage offer.  

Once we have reviewed the request, we will either issue an extension or ask your broker to provide any further documentation that we may need to see. It is important for you to be aware that if your completion date is after 30th September you will need to pay the relevant stamp duty for the property you are buying. 

Q. Why do I need to supply 3 months of bank statements to my broker?

A. We will ask your broker to provide 3 months of bank statements so that we can see evidence of the following:

  • Your recent income if you are employed
  • Your recent business income/credits if you are self-employed which will need to support the latest SA302 or accountant’s documents provided
  • Your recent credits if you are a contractor
  • If you are in receipt of child maintenance so that we can see the payments you have received
  • Proof of deposit which can be held in a current or savings accounts.  We will need to see that the funds have built up over time and if they have recently been deposited from one account to another, your broker will need to provide both statements so that we can identify the original source of the funds. 
  • To show that you can support 3 months of mortgage payments
Q. Will you accept bank statements that I have generated online?
A. Yes, all bank statements will need to include your name and address and can be generated from your online banking application. Please note we are unable to accept screenshots of your transactions. 
Q. I am receiving help from a family member to pay my deposit. Is this okay?

A. We will accept gifted deposits as long as they come from immediate family members (members (parents including step-parents, grandparents, other family members such as a non-dependent child, brother, sister, uncle or aunt). 

Your broker will provide you with a Donor Gift Deposit Declaration form which you will need to ask your donor to complete, sign and send back to your broker along with a form of ID and evidence of the funds they will be gifting to you. Please note that if the donor is not a parent or grandparent, they will need to be a UK homeowner. 

Q. Will Kensington lend to me whilst I am currently receiving an element of furlough income?

A. Unfortunately, we do not lend to customers currently receiving furlough income. We will however consider your income once you have returned to your current role and working hours, which will need to be supported by your first full payslip.

Please be aware mortgages are secured against your home and your home may be repossessed if you do not keep up repayments on your mortgage.