Precise Mortgages - how long from application to offer?

abi34 · 7 September 2016 at 1:08PM

Hi, all

Good afternoon,

I know some of you have completed your purchase in recent times therefore would like to know, how long do precise take to release the mortgage funds once the solicitors request it ? And those who have exchanged contracts , how did you go about building insurance ?? Do you have to ensure its in place before exchange of contract or can it be after exchange but before completion? . Anyone recommend any good building insurance ? Please let us know .

:o Thank You

Kind regards ,

Ab

kalh1973 · 8 September 2016 at 4:08PM

Hi

I am a newbie here - does anyone have any recommendations for a broker who can submit an application to Precise? I am looking to refinance but struggling with being recently self employed and only have one years (15/16) SA302. I have funded a lot of work to my house on 0% credit cards :eek: (new thatch, re-rendering etc) and am now looking to consolidate.

Any advice gratefully received.

Sunshine53 · 8 September 2016 at 4:40PM

Abi, we exchanged yesterday and we are completing tomorrow.

Our solicitor requested the funds last Thursday, precise then carried out the final checks and released the money yesterday.

To be able to exchange we had to have buildings insurance in place. I'm not sure if all solicitors request this.

Hope this helps, good luck!

Sunshine53 · 8 September 2016 at 4:43PM

Kalh1973,
We found our broker through Finance advice centre. They have brokers that specialise in all different areas and they look at your case thoroughly before saying whether they can help or not.

abi34 · 9 September 2016 at 5:19AM

Hi , sunshine thank you for sharing your purchasing experience with us . Much appreciated , so once you exchange contracts is that when you get all the legal paperwork sent to you ? I.e the the searches solicitor carried out and other enquires requested from the sellers solicitors after going through the draft contracts , we've yet to have them yet also requested gas safety certificate , at what point do we get to see them documents ? The epc certificate , do we get that from the estate agent ?? . Your input will be much appreciated guys . Thank you

abi34 · 9 September 2016 at 5:22AM

Hi

When you say precise will carry out final checks before releasing the funds , do you mean perform another credit check etc ? We are not concerned. Just curious that's all . Also when does first payment for mortgage go out if your buying middle of the month ?

Thanks

Thanks

Sunshine53 · 9 September 2016 at 7:52AM

Abi, we were sent the search results and all paperwork as soon as they were done, maybe it's worth checking with your solicitor?
It's only right that you see them before exchanging.

The final checks were just checking over the legal paperwork I think, double checking the deeds and contract etc. We were told they may do another credit check but they didn't for us. Our broker said it's more likely if its more than 30 days since your mortgage offer.

First payment goes out on the first of the following month. I think you can then ask them to change the direct debit to a date that suits you.

Vitamin_Man · 15 September 2016 at 12:49PM

Sorry to say that they are rubbish ! they agreed in principle and I paid the valuation fee and them the questions upon questions started. Stupid question about nonsense payments on my bank statements. wanting to know what a payment for 15.99 was for in July. The biggest problem has been they ask a question and you answer it they take 5 working days to come back with another question. This went on for months and now we have lost the house.

The words for this unprofessional shower are not postable.

Avoid at all costs, they are timewasters, I wouldn't be surprised if they have a deal with the surveyors who are the only ones who have gained.

Very annoyed with this company.

NEY_2 · 15 September 2016 at 6:43PM

Hi
Another newbie on here. My broker submitted my application on Tuesday 13th Sept . what is the timescale? as the waiting is killing me losing sleep just incase they dont offer us the mortgage. Had my DIP on Tuesday 6th Sept. The broker came to see us on Monday 12th Sept and signed the declarations and took bank details for the valuation fees and all of the supported documents 3 months wage slips
bank statements, photo ID's , proof of savings for deposit. I have a default but my other half has good credit scoring.

abi34 · 18 September 2016 at 4:28AM

Hi, ney

Welcome ... With the timescale to offer it all comes down to each individuals , on average around 3 weeks to offer , ours took about 7 weeks, because we had to keep going back and fourth with documents , and they have turn around time of 5 working days every time you submit paperworks, if you don't mind me asking what position you in ? How's your credit rating ? How long you been in your job ? P60 many Times they request so might be worth keeping handy. Has your valuation been booked yet ? .. I've heard some that have had offers as Quick as two weeks , I'm assuming they have very strong case to achieve offer in that short time . As long as you can satisfy them with documents i think you should be okay . Good luck all the best .. keep us update 2 date .

Thanks

kind regards ,

Abi

Precise Mortgages - how long from application to offer?

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