What To Do If Kensington Mortgages Have Refused Your Application
Find out exactly what you can do if Kensington Mortgages have turned you down and why using a mortgage broker can boost your chances of success.
Firstly, have you had a mortgage declined in the last 12 months?
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In this article, we’ll explain what action you need to take if Kensington Mortgages have declined your application, why this might have happened and how a broker can help get your house-moving plans back on track.
Is Kensington a strict mortgage lender?
As a specialist mortgage lender, Kensington can be more flexible on things like bad credit than high street banks and building societies. That said, they are known to reject customers with severe credit issues such as bankruptcies and defaults that are under two years old.
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What to do if Kensington has declined you for a mortgage
If you’ve had a mortgage application declined by Kensington, here are the steps you should take to boost your chances of getting your home-buying plans back on track…
Don’t make another application just yet
Without professional guidance, there’s no guarantee things will turn out any differently with another lender than they did with Kensington. Another rejection at this stage could be costly since too many requests for finance in a short time can negatively affect your credit report.
Find out why Kensington wouldn’t approve you
Some fact-finding can help you prepare for whatever deal-breaking issue Kensington found when you plan your next move. Ask the lender directly for all the details as to why they decided to reject your mortgage application.
Download all of your credit reports so you can see exactly what the lender saw when they looked into your financial history. Make sure they’re fully up to date and challenge any information that isn’t current or fully accurate.
Get matched with the right mortgage broker
If Kensington have declined you for a mortgage, it’s important to remember that your plans could still be salvageable. A mortgage broker with the right expertise can give you the best chance of reviving your application, either with Kensington or a different lender.
We offer a free broker-matching service that will pair you with a mortgage specialist who is best positioned to help you. This will be an expert we’ve handpicked because of their track record of securing mortgages for customers who’ve been declined previously.
Can you appeal the decision?
Yes, of course. Once Kensington have informed you of their decision you can appeal straight away. This can usually be done either online or via email to the appropriate department (this information is typically found on the lender’s website, with instructions as to how to follow the correct procedure).
It’s probably best to wait until you have all the details as to why this happened and then consider all of your options before lodging an appeal.
Get expert advice immediately if…
- You have any form of bad credit
- You have less than a 10% deposit
- You have supplemental income sources, including most types of benefits
- You’re purchasing a non-standard construction property
- You have been declined a mortgage previously
Common reasons why Kensington reject mortgage applications
Your bad credit is too severe
Kensington offers a range of bad credit mortgages and is known to offer lifelines to customers with things like debt management plans and satisfied defaults, but some adverse credit issues usually trigger an outright rejection from the lender.
It might be the case that Kensington Mortgages offered you a decision in principle only to decline your application after their underwriting team took a closer look at your credit history. This could be because an issue that Kensington won’t accept – such as a bankruptcy or a default that’s less than two years old – showed up on your report.
You don’t have enough deposit
Kensington typically offers mortgages with a maximum loan-to-value (LTV) ratio of 90%, which means you’d need at least a 10% deposit for approval. Any less than that, and they’re likely to decline your mortgage application if they haven’t already.
You need to declare benefit income
Benefits such as Universal Credit can sometimes be used to bulk up income on a mortgage application, declared alongside a main source of capital to help borrowers meet the affordability requirements. Some people rely on this flexibility, but Kensington doesn’t treat most types of benefits as declarable income and will reject applications that hinge on them.
They do allow customers to declare some types of benefits, such as Child Benefits and Industrial Injuries Disablement Benefits, but Universal Credit, working tax credits and Personal Independence Payments (PIP) cannot be counted.
Issues were found during the property survey
Kensington Mortgages can overlook some of the issues that might come up during the property survey as they can be flexible with certain types of non-standard construction. But others are a deal-breaker and could derail your application late into the process. For instance, if asbestos or Japanese knotweed were found at the property.
There was an error in your application
Even the smallest error in mortgage paperwork can cause an application to break down at any stage in the process. If this has happened to you, try to treat it as an opportunity. Before you think about fixing the issue, take some time out to speak to a mortgage broker so you can double-check that the product you’re applying for is the best one for you.
If that’s the case, they can help revive your original application and guide you through the paperwork to make sure it’s error-free next time.
In addition to those outlined above, there’s a host of other reasons why your mortgage application could have been declined with this specific lender, such as
- You would be older than 75 years of age at the end of the proposed mortgage term
- You’ve had a County Court Judgement (CCJ) registered on your credit record in the last 3 months
- You’re currently on a temporary employment contract
- You want to submit a mortgage application with a guarantor
- You’re looking for a mortgage on a joint application sole proprietor basis
Whatever the reason, your mortgage broker will be able to help you identify other lenders who may be able to help. So, it’s important not to give up hope after being rejected on this occasion.
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How long does it take to re-apply for a mortgage?
This depends on the reasons why your application was declined by Kensington initially. If it’s due to a serious adverse credit issue then this could take a few months (possibly years) to resolve.
If the reason was less serious and a new lender can be found who would look more favourably on your application, despite the issues you’ve had, there’s a possibility you can re-apply as soon as this is resolved and get your plans back on track within a matter of weeks.
How Online Mortgage Advisor can help
A mortgage broker with the right knowledge and expertise to help you boost your chances of reviving that mortgage application, whether that’s through re-negotiation with Kensington or finding you a new lender who’s a better fit for your plans.
This is where we come in. We offer a free broker-matching service that will make sure you’re paired up with the right expert for your needs and circumstances. In this case, it will be an advisor with a track record of helping customers who’ve been declined by a specialist lender and someone who specialises in solving whatever issue stops you from getting a mortgage.
Call 0808 189 2301 or make an enquiry online and we’ll arrange a free, no-obligation chat between you and your perfect broker today. And, don’t worry, this won’t leave any marks on your credit report.
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No, they won’t reject you outright on these grounds. Kensington offer a range of self-employed mortgages and you only need to have been self-employed for one year to qualify for them, assuming you meet the rest of the lending criteria.
They will, however, reject self-employed mortgage applicants under specific circumstances. For instance, if you have declining profits or made a loss in the last year, they are likely to turn you away. But keep in mind that a mortgage broker who specialises in self-employed customers could find lending options for you, regardless of your profits dipping.
Yes, they offer them to limited company borrowers and will also consider applications where the company is a special purpose vehicle (SPV), as long as all of the shareholders can provide personal guarantees.
They do apply some caveats here, though. For example, if the application is from a trading limited company it will be rejected outright. If you’ve encountered any restrictions like this, it’s worth speaking to a broker who specialises in limited company buy-to-let mortgages.
If you think there are grounds to appeal for a refund of any upfront fees you paid to Kensington Mortgages, speak to a mortgage broker. They can tell you whether your appeal is likely to be successful and will advise you on the best way to go about it.
If it turns out that said fees are non-refundable, your broker will factor this into the overall cost of re-applying with Kensington compared to taking your business elsewhere.