The Application Journey
We help to take the stress out of applying for a mortgage
The first step is to give you as much information as we can so you have a clear idea of what to expect during each stage of the process.
If you already have a mortgage broker, you’ll know that the first step of the journey is a chat with your broker to discuss your options. If you don’t have a broker, our recommended specialist mortgage broker Climb has a team of experts who will offer you FEE FREE advice and ongoing support before and during your application.
Climb is an appointed representative of Sammon Mortgage Management Ltd, who are authorised and regulated by the Financial Conduct Authority, FCA Register No. 515376. As our recommended broker partner, they have direct access to our application and underwriting team to help keep things moving – from application and approval through to completion.
If you’d prefer to find your own broker you can visit Unbiased.co.uk where you’ll find a list of brokers you can choose from.
Stage 1: Decision in Principle (DIP)
Once you’ve spoken to your broker and agreed to proceed they will submit your details to obtain a Decision in Principle which will show you how much you could borrow. We calculate this using the following information:
- Your income and outgoings
- The results of an initial credit search
- The monthly mortgage repayments
- The value of the property you’re looking to buy or remortgage
The amount shown in the DIP is an initial advisory figure based on the information you have provided and at this stage it’s not yet a commitment from Kensington to lend to you. However, if you decide to proceed with us we’ll use the information you’ve already provided for your formal mortgage application.
If you’re looking to buy a new home, once you have your DIP you’re free to start booking appointments and viewing properties!
Stage 2: The Formal Mortgage Application
Once you’ve found a home you’d like to buy or you simply want to move your mortgage across to Kensington it’s time for your broker to formally apply.
At this point, we’ll conduct a full credit history check and assess your ability to afford the monthly repayments on the mortgage you’re applying for. To support your application, your broker will need to provide the following documentation and information:
- Proof of Address: If you're not listed on the Electoral Register we will need to see proof of residency for all the addresses you’ve lived at for the last 3 years.
- Proof of income for residential applications: If you’re employed you’ll need to provide 3 months of payslips and your latest P60s (for each person if it’s a joint application). If you don’t have a P60 owing to the length of your employment an employer reference will be required together with your 3 most recent payslips. If you're self-employed a copy of your latest SA302 and a Tax Overview are acceptable.
- Expenditure and existing loans / credit: As the amount of money you can borrow is based on affordability (the amount you can pay back each month without significantly affecting your lifestyle) we will need to know your monthly outgoings and any outstanding credit agreements you have. It’s important that you don’t combine your credit commitments into a single figure as it will help us to reach a faster decision. Examples of existing credit are: Credit cards balances, car loans (HP, PCP etc), personal loans, maintenance payments and student loans.
Stage 3: Assessment, Valuation and Offer
As soon as we’ve received your full application, we’ll swing into action.
The very same day… we’ll instruct our Surveyors to book an appointment to value the property you want to buy or remortgage.
Within 24 hours we will have reviewed your application… and supporting documentation. If we need any further information to support your application or we need to clarify any points, we’ll let your broker know so they can work with you to supply the required information.
Over the next 14 working days… we’ll be updating your broker on the progress of your case. We’ll confirm when the valuation is booked for and then advise what the property has been valued at. We’ll also confirm if the supporting documentation you’ve been asked to supply is sufficient or we need to see anything else. Finally, if we have everything we need to approve your application we’ll send your broker a formal mortgage offer.
Stage 4: Once you've received your mortgage offer
Once you’ve received your mortgage offer we’ll work with your solicitor who will let us know your moving date… and we’ll transfer the cash on your chosen completion date.
If we can’t say yes... sometimes we may have to decline a mortgage application. If that happens we’ll always talk to your broker and where we can give a full explanation as to the reasons why. And if you could apply again at a later date, we’ll let them know that too.
If you’d like to know more about one of our specialist mortgages, have a chat to your broker who will be able to give you our latest rates and answer any questions you may have.
Don't forget, if you don’t have your own broker, the team of experts at our recommended broker Climb, will be happy to help you. You can contact them by visiting Climb Specialist Mortgages or call on 020 3887 9133 (Mon-Fri 9am - 5:30pm).
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.