Refused by Kensington Mortgages

Refused for mortgage by Kensington Mortgages

Kensington Mortgages is a specialist mortgage lender, which means they can help customers in ways that banks and building societies cannot. It’s easy to feel you are out of options if they decline you a mortgage.

The good news is that you can still get a mortgage even if a specialist lender has turned you down. We explain what to do if Kensington mortgage brokers have turned you down.

Enquire today for mortgage advice, we will introduce you to a provider whose lending criteria you match for a mortgage application. We offer tailored advice and will match you with a mortgage advisor.

Use our online mortgage calculator as a guide for your monthly repayments now

Is Kensington a strict mortgage lender

Kensington mortgage company is a specialist mortgage lender and can offer more flexibility than traditional high-street lenders, banks and building societies regarding a bad credit file.

However, Kensington mortgage company have a reputation for rejecting customers with poor credit history problems such as defaults or bankruptcies younger than two years.

Kensington mortgage lenders can be very strict if major problems are discovered during property surveys, such as the presence of Japanese Knotweed and asbestos.

What should you do if Kensington declines to mortgage you

Here are some steps to take if Kensington mortgage lenders have denied your mortgage application.

• Do not make another application

There is no guarantee that things will go differently with another lender without professional guidance. A rejection at this stage can be costly as too many requests for financing in a short period can adversely affect your credit report.

• Learn why Kensington wouldn’t approve of you

Fact-finding can help prepare you for any deal-breaking issue Kensington discovers when you plan your next move. You can download all your credit reports to see what the lender saw in your financial history. You should ensure that your credit rating is accurate and current.

It is also a good idea to try and get any reports done. However, if this is impossible, you can always do it later. You can skip stepping three.

• Match with the right mortgage broker

It’s possible to salvage your plans if Kensington declines you for a mortgage. You can get the best chance of revising your application with Kensington or another specialist lender by hiring a mortgage broker with the right knowledge.

Our broker-matching service is free and will match you with the best mortgage specialist to help you receive a mortgage offer. We have carefully selected this expert because they can offer lifelines to customers who specialist lenders have declined.

 

If you need expert advice, contact us immediately

• Any type of bad credit
• Deposit less than 10%
• You can get supplemental income from most benefits, as well as other types.
• You are buying a property that is not standard in construction
• A mortgage has been denied to you before

Get Expert Help today. Mortgage advisors can discuss monthly mortgage repayments with you and the mortgage term. We can offer specialist mortgages that mainstream lenders cant offer.

Why Kensington refuses mortgage applications

• Too bad credit

Kensington offers a variety of poor credit mortgages. It is well-known for offering lifelines to customers, such as debt management plans and satisfied defaults. However, certain adverse credit issues can lead to the rejection mortgage offer by the lender.

Kensington Mortgages might have offered you a decision-in principle but declined your mortgage application after taking a closer look at your credit history. It could be that Kensington has found an issue they won’t accept, such as bankruptcy or a default less than two years ago.

1. There is not enough deposit

Kensington currently offers mortgages with a maximum loan-to-value (LTV) ratio of 90%. You must deposit at least 10% for your application to be approved. If they don’t have enough, they will likely decline your mortgage application.

• It is necessary to declare your benefit income

Benefits such as Universal Credit may sometimes be used to increase income on a mortgage loan application. They must be declared along with a primary source of capital to ensure that borrowers meet their affordability requirements. This flexibility is important to some people, but Kensington doesn’t consider most types of benefits income. They will reject any applications that depend on them.

Customers can declare certain types of benefits, such as Child Benefits or Industrial Injuries Disablement Benefits. Still, Universal Credit, working taxes credits, and Personal Independence Payments are not eligible for a Kensington mortgage.

• Problems were discovered during the property survey

Kensington Mortgages can overlook any issues that may arise during the property survey. They can be flexible with non-standard construction. Others can be a problem and could delay your application. Kensington will not lend if asbestos and Japanese knotweed are found on the property.

• An error occurred in your application

An application can be cancelled at any process stage if made erroneously. You should treat this as an opportunity.

Talk to a mortgage broker before you start thinking about how to fix the problem.

A mortgage broker can review the Kensington deal to ensure it is the best available. They can help you revise your original application and guide you through the paperwork to ensure it is error-free and ready for completion.

• Other reasons

There are many reasons why a mortgage application may not be approved. Our brokers can still assist you if Kensington declines your request for other debts or specific circumstances. They can help you overcome any obstacle that may prevent you from becoming a homeowner.

It doesn’t matter what your circumstances are at this stage. The brokers with whom we work with don’t discriminate. They will tirelessly work to help you get your mortgage plan back on track, regardless of why Kensington won’t lend.

 

We can help you with these Kensington mortgage decline issues

You can increase your chances of getting a mortgage broker who has the knowledge and experience to assist you, whether it’s through renegotiating with Kensington or finding a new lender that is better suited for your needs.

Many mortgage advisors specialise in different areas or customers, so you must find the right one for your case and the lender criteria you can match.

Here’s where we come in. Our broker-matching service is free and will match you with the best expert for your circumstances.

This advisor will have a track record in helping customers who have been declined by specialist lenders and someone skilled in solving any issue that has prevented you from getting a mortgage.

We’ll schedule a no-obligation, free chat with your broker by calling today. This won’t affect your credit score.

Refused Kensington mortgage FAQs

If I am self-employed, will Kensington refuse my mortgage application?

These grounds are not reasons to reject you. Kensington offers a variety of self-employed mortgages. You must only be self-employed for one year to qualify, provided you meet all the other lending criteria.

However, they will reject self-employed mortgage applicants in certain circumstances. They may reject you if your profits have declined or you have made a loss within the past year. However, a mortgage broker that works with self-employed customers may be able to find financing options for you regardless of how low your profits are.

Are Kensington able to offer limited company buy-to-let mortgages

Yes. Kensington Mortgages offers buy-to-let mortgages for limited company borrowers. We will also consider applications where the company (SPV) is a special purpose vehicle (SPV). As long as all shareholders can provide personal guarantees,

However, there are some caveats. The application form trading limited companies will be denied. You should speak to a broker specialising in limited-company buy-to-let mortgages if you have encountered such restrictions.

 

Are Kensington Mortgages able to offer fee refunds following a rejection?

Talk to a mortgage broker if you believe there are grounds to appeal for reimbursement of any upfront fees paid to Kensington Mortgages.

A mortgage broker can help you decide if your appeal will be successful and how to proceed.

Your broker will calculate the cost of applying again with Kensington, if applicable.

Contact us today for a full mortgage application to buy your dream home. We can also help first-time buyers.