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  • FIRST POST
    • starrybear
    • By starrybear 5th Jul 16, 2:57 PM
    • 52Posts
    • 3Thanks
    starrybear
    Precise Mortgages - how long from application to offer?
    • #1
    • 5th Jul 16, 2:57 PM
    Precise Mortgages - how long from application to offer? 5th Jul 16 at 2:57 PM
    Hi all,

    I've searched for answers to this, but can't find anything recent.

    If anyone has dealt with Precise recently, I'd appreciate any insight into your timelines?

    Thanks in advance
Page 17
    • Dannysam
    • By Dannysam 12th May 17, 3:18 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    Do they ask for more bank statements?
    • Katie1988
    • By Katie1988 12th May 17, 3:23 PM
    • 42 Posts
    • 1 Thanks
    Katie1988
    Hi Danny
    They possibly could ask for more bank statements etc.
    They asked for endless wage slips from us, three different letters from my employer cos im on mat leave. They might even ask for p60 thats just been issused. But it does get put back five days everytime you submit new documentation.
    Our application went in 24/03/17 and they asked for different things every single week. Got our OFFER today 12/05/17
    • Dannysam
    • By Dannysam 12th May 17, 4:33 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    Congrats!!

    That's a long wait, hopefullly ours won't take that long. We have not received p60s for this yet as of yet.
    • Faithshalo
    • By Faithshalo 12th May 17, 4:37 PM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    Hi Everyone,

    We put our full application in on 28th April. We have been asked since for 10 more documents. P60's more bank statements and proof of address.. Hopefully that will be sufficient.
    You should get your P60's by 31st May from your employer at the latest. Sometimes if you ask they will issue them.. They will have all been processed by now.

    Here's hoping they don't take too long to make a decision.
    • Dannysam
    • By Dannysam 12th May 17, 4:40 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    Did they ask for bank statements going back 6 months?
    If that's the case I will chase up my p60s today.
    • Faithshalo
    • By Faithshalo 12th May 17, 5:18 PM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    They haven' t asked for 6 months but they have asked for extra.. They may come back wanting more though. They also queried a couple of payments on my account and a couple of deposits. I'm just hoping they have enough information. They also asked for a landline but we don't have one into the rented property we live in as the owners found it too expensive to put it in. i'm hoping that won't work against us.
    • Dannysam
    • By Dannysam 12th May 17, 5:26 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    We have also had to give landline and work number, thanks for the information I will get all bank statements ready to send and also extra pay slips.
    • jordanzoltan
    • By jordanzoltan 13th May 17, 9:16 AM
    • 4 Posts
    • 1 Thanks
    jordanzoltan
    Hi all. I've been following this post since we put our application in with precise on the 18th April.

    We had been prepared for a long slog and boy are they thorough. Here is what we've been asked for after they original request;

    *Deposit Letter
    *Queried a number of transactions (1 each month from mine into my girlfriends account, and then into the deposit account)
    *Incoming transactions

    The original broker was fantastic, but since a new guy is now facilitating with the lender it's been sloooow. We have to chase him constantly for an update.

    After chasing him again this week he said that Precise wanted;

    *Source of Deposit (we had sent a letter)
    *My signatures on my passport, licence and declaration are different (because there's been 6 or so years and naturally it has changed). They wanted a letter with a letter example of each and a statement as to why it changed.
    *P60

    After calling him, with now joy, I decided to call Precise directly who confirmed the following;

    *source of deposit - letter was fine, but a statement as to where this money comes from i.e. Who from and where did they get it (which turned out to be my partners brother)
    *signatures were different on the letter, needs doing again
    *p60 - this is not issued yet.

    Have sent the statement, re-issued a signature letter, and had my work write a letter to explain my roll and contract.

    This hopefully was submitted yesterday (by the original agent as we went directly to him) let's see what happens from here.

    Apologies for the blahhh
    • Katie1988
    • By Katie1988 13th May 17, 1:19 PM
    • 42 Posts
    • 1 Thanks
    Katie1988
    Although im absolutely over the moon to have our mortgage offer. The documentation that we sent to our solicitors proving where our gifted deposit came from out of my parents bank n in to ours, and even though they have received it and signed for it on the 5/5/17 we have only been told yesterday that they cant locate it. Someone in the building has bleeding lost it. They decided to tell us this at 5 yesterday then closed after we paid deposit money (they never told us before) emailed the director but hes out of office till monday. So fuming how people can be so careless. Breech of data protection act especially when your paying ridiculous amounts in fees.

    Jordan sounds like you have everything prepared for when they come back asking. Sometimes if you get on to your employer they might be able to get your p60s. Just be prepared for a hell of a long wait and continuous asking for stuff. And keep on at the slow guy he will soon buckle up thats what we had to keep doing. Hope it doesnt take to long for you. Have you got a date you need to exchange by?
    • sjg85
    • By sjg85 15th May 17, 2:42 PM
    • 12 Posts
    • 1 Thanks
    sjg85
    So totally forgot to post on here with being on night shifts but on a Friday afternoon we finally GOT OUR OFFER .... eeeeek!!!
    • Thefutureisbright
    • By Thefutureisbright 15th May 17, 3:35 PM
    • 104 Posts
    • 12 Thanks
    Thefutureisbright
    Yay!!! We've finally made it through the dark, endless tunnel!! Haha.

    I found out on Thursday that the Coal Report came through and we have a mine shaft 20m from the property we are buying so we have to wait for the thumbs up from Precise that they are still happy to go ahead. Solicitor said it shouldn't be an issue but it's more of a tick box exercise so I'm still not getting myself excited just yet as you never know!
    • Dannysam
    • By Dannysam 15th May 17, 5:03 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    Sjg85,

    Can I just ask how long did it take from application to decision?
    • jordanzoltan
    • By jordanzoltan 15th May 17, 9:12 PM
    • 4 Posts
    • 1 Thanks
    jordanzoltan
    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!

    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 (oh all these bank holidays have surely not helped)!
    • Thefutureisbright
    • By Thefutureisbright 15th May 17, 9:58 PM
    • 104 Posts
    • 12 Thanks
    Thefutureisbright
    @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
    • By Katie1988 16th May 17, 9:19 AM
    • 42 Posts
    • 1 Thanks
    Katie1988
    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
    • By Dannysam 17th May 17, 6:27 PM
    • 9 Posts
    • 0 Thanks
    Dannysam
    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 , 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?
    • Thefutureisbright
    • By Thefutureisbright 17th May 17, 8:44 PM
    • 104 Posts
    • 12 Thanks
    Thefutureisbright
    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.
    • jordanzoltan
    • By jordanzoltan 17th May 17, 10:01 PM
    • 4 Posts
    • 1 Thanks
    jordanzoltan
    @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
    • Terrimoliver
    • By Terrimoliver 19th May 17, 11:18 AM
    • 1 Posts
    • 0 Thanks
    Terrimoliver
    Precise application
    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
    • By kingstreet 19th May 17, 4:32 PM
    • 32,271 Posts
    • 17,298 Thanks
    kingstreet
    Application submitted 28/04/2017.
    Originally posted by kingstreet
    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.
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