Precise Mortgages - how long from application to offer?

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Comments

  • Dannysam
    Dannysam Posts: 9 Forumite
    Sjg85,

    Can I just ask how long did it take from application to decision?
  • So all documents are now back with the underwriters. We've worked out that the lender normally takes 3- days to respond to new documents that are submitted (possibly sooner, but we chase the broker).

    So let's assume by the end of this week we'll hear back - and the see where we're at. We have until the 31st May to exchange, not quite squeaky-bum time but starting to get nervous! :o

    I was wondering if anyone on here is buying a new build (with help to buy)? Apparently this has a quicker turnaround, so far it'll be 16 days (working days) and they say it's a 21 day turnaround to offer. Fingers crossed :T (oh all these bank holidays have surely not helped)!
  • @Jordanzoltan - mine took just under 8 weeks from application to offer. I don't mean to be blunt but expect the worst and you'll probably not be let down. It's definitely not a quick process and our document checking took 5 days dead on each time we had to submit anything else. It's a stressful process but I've got everything crossed it goes quickly for you!
  • Katie1988
    Katie1988 Posts: 42 Forumite
    Jordan we are buying with help to buy and a new build and it took 8 weeks from application being put in. So its not really any quicker. Hope it doesnt take to long for you tho x
  • Dannysam
    Dannysam Posts: 9 Forumite
    Hi everyone,

    We put our application in on the 05/05/17 and we spoke to precise today and we have been told that everything has gone through ok and Now they have 72 hours to make us a offer :rotfl:, just wondering if anyone knows if we have to wait for the offer to come in the post? Or they will inform the broker and email or call to tell us?
  • That's very quick given it was submitted on the 5th!

    They give the offer to your broker who will then send it to your solicitor. Ours was emailed to our broker who called us when they received it and he then emailed it me straight away.
  • @dannysam that makes me feel sick :) I'm surprised you've had no issues along the way. If I've learned anything from this forum and this process with precise, don't count your chickens until you've got the offer :)

    An update on our application, we sent 3 docs on Friday, 2 were cleared today and 1 (employers letter) needs addressing to Precise, that may have been sent today perhaps tomorrow from our broker. That's going to be early next week before an update. 2 weeks until we're expected to close on our house. Need some news next week or I'm gonna have endless sleeps :mad:
  • Just a quick note to let you all know how my application has gone so far,

    Appointment with my broker on Sunday 7th May application sent that evening.
    Money taken for valuation fee on the 8th May and credit search done on 8th May
    Documents sent from broker on the 11th May to precise.
    Valuation of property done on the 15th May.
    Call from broker 18th to say we will have an answer by 19th or 22nd of May at the latest.

    So far it has gone very smooth.

    Terri
  • kingstreet
    kingstreet Posts: 38,750 Forumite
    First Anniversary Name Dropper Photogenic First Post
    kingstreet wrote: »
    Application submitted 28/04/2017.
    Offer issued 19/05/2017.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Dannysam
    Dannysam Posts: 9 Forumite
    Got our offer through today :j, was quite surprised with all the reviews we have been reading about precise!! Only took 2 weeks for submitting application to offer, I found you you ring precise direct they give you a lot more information than the broke, good luck to everyone else waiting :beer:beer::rotfl:
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