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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
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    • Thefutureisbright
    • By Thefutureisbright 8th Jul 17, 4:52 PM
    • 105 Posts
    • 12 Thanks
    Thefutureisbright
    Yes, it was initially valued at the price we offered. Then the offer was sent. They then downvalued it by £10k, the sellers met us half way, another offer sent. They then downvalued it by another £8k so we had to pull out.

    The sellers came back to us a few days after we pulled out and said they would come down in price as we were so far into the process and they had already moved out due them doing a barn conversion.

    We went back to Precise and they were sending a corrected offer out with the new value. Nearly a week and half later due to their technical issues we got the new offer only to be told that the original expiry dates stand which is Thursday this week!

    We still have no acceptance paperwork despite them saying they posted it 4pm on Wednesday and our solicitor is saying it's not going to be done in time as it takes Precise 3 working days to release the funds which we won't be able to get the acceptance back in time now. If they didn't delay things on their side because of their IT issues, we would have had enough time but at this time, they won't honour it.
    • lsutton
    • By lsutton 10th Jul 17, 9:34 AM
    • 40 Posts
    • 2 Thanks
    lsutton
    Gosh that doesn't seem right at all....how stressful. You poor thing. Hope you get it sorted x
    • Faithshalo
    • By Faithshalo 10th Jul 17, 4:40 PM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    @futureisbright I am still waiting for my offer to come out. They promised by friday but again been told today by the end of the day. Its been 7 working days since the survey.... The whole process has taken over 10 weeks now... You must be at your wits end.. I know I am already...
    • Thefutureisbright
    • By Thefutureisbright 10th Jul 17, 5:44 PM
    • 105 Posts
    • 12 Thanks
    Thefutureisbright
    @faithshalo ours has been going on since March...I've been through all of the emotions going. Right now, nothing surprises me. When you think things can't get any worse, oh yeah they can.

    We're currently living out of suitcase with our lives in storage because we had to continue with our sale as we don't want to run the risk of losing it.

    The sleepless nights are endless.

    I just hope everyone else's goes smoother than ours.

    The annoyance is that the CCJ which is forcing us into Precises hands falls off my file tomorrow but to then go through another lender will lead to more delays as my husband will need to get his SA302's for this year which means more delays waiting for his accountant.
    • Gibbsl
    • By Gibbsl 10th Jul 17, 6:01 PM
    • 15 Posts
    • 1 Thanks
    Gibbsl
    I have just found out the survey is being carried out tomorrow, just waiting to hear now if another bank of questions are coming my way, hopefully you will get your offers this week guys. x
    • Faithshalo
    • By Faithshalo 10th Jul 17, 8:42 PM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    Well, aftwr waiting 7 days being told everyday the offer would be sorted by the close of business that day I have had to call Precise to be told our mortgage has been declined due to something that we told them about on our application. They signed evrything off and said they just needed the valuation figure.... its taken them 10 weeks to do this and cost us £445 for the privalge. We have done our searches and handed in our notice... We now have nowhere to live after 31st July... What a bunch of t**ts 😭😭😭
    • lsutton
    • By lsutton 10th Jul 17, 9:25 PM
    • 40 Posts
    • 2 Thanks
    lsutton
    Oh my word - I'm so sorry. That is awful. Did they tell you exactly what was the problem?

    Can you try a different lender? I can't believe you have waited 10 weeks to be told no.....
    • lsutton
    • By lsutton 10th Jul 17, 9:35 PM
    • 40 Posts
    • 2 Thanks
    lsutton
    Did you not even get the results of the survey either? Not that it makes a difference now anyway if they are saying it's something on the application. What the heck would it take that long to tell you.....
    • Faithshalo
    • By Faithshalo 11th Jul 17, 10:16 AM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    I had a debt management plan which I closed and then made partial settlements to clear all the debts. They knew this when we applied hence going to them in the first place. They say that because I closed the plan and didn't complete it that is the reason. They knew this 10 weeks ago... I am devastated and now they have let my house as we were told to give notice as the offer was due. Homeless and no mortgage and over £1000 out of pocket in fees and the like.... We were putting in 25% and they still said no...
    • lsutton
    • By lsutton 11th Jul 17, 10:33 AM
    • 40 Posts
    • 2 Thanks
    lsutton
    Gosh I bet you are.... that seems like something that should of been identified weeks ago like you say. Do you have a broker? What did they say? I would be having firm words.

    Surely there are more mortgage options? More fees though etc etc 😢
    • Faithshalo
    • By Faithshalo 11th Jul 17, 11:13 AM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    The mortgage broker is fuming and currently she is trying to fight the case... I don't see much point though and they won't change a decline so it's the end of the road. They have just wasted 10 weeks of all of our time, not to mention our vendors time. We just need to find somewhere to live, that's my main concern right now. My daughter needs a roof over her head!
    • Missymae0
    • By Missymae0 11th Jul 17, 11:17 AM
    • 51 Posts
    • 125 Thanks
    Missymae0
    Faithshalo I'm so sorry what a situation to put you in, they should have declined at the dip stage.
    I'm still waiting apparently we should hear today but to be totally honest after your and other experiences on here I am not holding out much hope.
    Luckily I haven't put notice in on our rented house as we are hoping to buy a new build and we need time to get floors etc sorted so I was intending to keep our rented house for a month after completion anyway.
    Good luck on finding somewhere else I'm sure you will find something sharpish
    • Gibbsl
    • By Gibbsl 11th Jul 17, 11:30 AM
    • 15 Posts
    • 1 Thanks
    Gibbsl
    Faithshalo, Oh my word i cannot believe that they have done this after all that time, Im so sorry. I hope you find a home quickly and manage to find a silver lining. I would definatley take this through some kind of formal complaint as they had indicated an offer was on the table. All the best x.
    • Faithshalo
    • By Faithshalo 11th Jul 17, 12:25 PM
    • 15 Posts
    • 3 Thanks
    Faithshalo
    Thanks everyone, I'm sure this is just an individual thing on our case or a mistake and that others will not be in the same position. I hope you all get your offers Back to the drawing board for me I'm afraid
    • Gibbsl
    • By Gibbsl 11th Jul 17, 1:08 PM
    • 15 Posts
    • 1 Thanks
    Gibbsl
    Good luck x
    • 1sttimebuyer91
    • By 1sttimebuyer91 12th Jul 17, 9:53 PM
    • 7 Posts
    • 2 Thanks
    1sttimebuyer91
    Hi all

    Faithshalo- what a nightmare- I am so sorry to hear of this and it makes me incredibly nervous about our application!

    Just to update you all- we had our valuation on 29 June and were told to expect an offer the following week. Last week came and they requested my bank statements which I understood had been provided to them at the start of the process! Apparently the doc collector only scanned the front pages! I have made a complaint about the mortgage advisor following this and a string of other problems (could do a better job myself) and am now dealing with the manager.

    I was told to expect an update by the 11th- yesterday came and I was told I should have an offer within 48 hours.

    I won't hold my breath! But I will keep my fingers crossed!

    Crossing my fingers for all of you too!

    Xx
    • lsutton
    • By lsutton 13th Jul 17, 12:53 PM
    • 40 Posts
    • 2 Thanks
    lsutton
    Hi 1sttimebuyer.

    How quickly did you hear about needing more paperwork after valuation? Did they come back and tell you all was fine with the survey?

    My valuation was done on the 6th and it was only because I have called them directly do I know the survey has come back ok. Nothing from the broker .

    Good luck with your offer xx

    I've heard nothing since the 5th.
    • Thefutureisbright
    • By Thefutureisbright 13th Jul 17, 5:49 PM
    • 105 Posts
    • 12 Thanks
    Thefutureisbright
    @lsutton

    Once valuation was done, we still had requests for additional information and then each time that info was sent, it would be 4-5 working days before they acknowledge it and it can move into the next set of questions.

    I was hassling my broker daily, sometimes hourly, at the end of the day, that's what they are there for.

    When I figured that the broker wasn't as efficient as I'd of liked them to be, I started going directly to Precise and this something cut down on the waiting so definitely worth a shot if you're struggling with your broker.
    • lsutton
    • By lsutton 13th Jul 17, 6:29 PM
    • 40 Posts
    • 2 Thanks
    lsutton
    Thankyou Futureisbight

    I will call Precise tomorrow if no joy with broker.

    How long from valuation until they came back to you with questions/requests?
    • Thefutureisbright
    • By Thefutureisbright 13th Jul 17, 6:58 PM
    • 105 Posts
    • 12 Thanks
    Thefutureisbright
    I had the same issue as you with the valuation. There was no communication that the valuation had been done and had to chase for it to be eventually sent through. It was nearly 2 weeks before I heard anything.

    From valutionn, it took them another 2 weeks to ask more questions which were then responded to 5 days after I sent the required info.

    Just be aware that even once it's valued, it's may be that it get downvalued again depending on what your searches come back saying. I had £10k knocked off mine as the land the garage is on is rented land which they knew from the start.
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