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  • FIRST POST
    • starrybear
    • By starrybear 5th Jul 16, 2:57 PM
    • 56Posts
    • 5Thanks
    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 37
    • AJK11
    • By AJK11 1st Feb 18, 1:28 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Ah ok they must be happy with that then. I hadn't changed my address with the bank so bank statement won't be any good for me, just using council tax bill instead. Broker says we should hear back by close of business today as to whether they accept our proof of address so keeping everything crossed!
    • Marlon1234
    • By Marlon1234 1st Feb 18, 1:35 PM
    • 3 Posts
    • 0 Thanks
    Marlon1234
    Hopefully they will...only untill they was happy with all our paperwork did they say the was sending out the surveyour..
    • shankerrison
    • By shankerrison 1st Feb 18, 2:33 PM
    • 13 Posts
    • 0 Thanks
    shankerrison
    Application
    Our broker sent our application through to precise last week, we got asked for the three years proof of address and they have accepted it and have not asked for further documentation. We had an email update today to say that our file was now in the queue for the underwriter to review, does anyone have any idea how long it typically takes?
    • AJK11
    • By AJK11 1st Feb 18, 4:30 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Fingers crossed for you @shankerrison

    Ours went to the underwriter last week and they were happy with everything provided, it was just the proof of address they needed a different document for. I rang Precise today and they said that they will look at the documents we provided either by end of today or tomorrow. After that they will get valuation booked in. Ours went to the underwriter 2 days after we applied and I think they are still working to a 2 day turnaround so you shouldn't have too long to wait hopefully!
    • shankerrison
    • By shankerrison 1st Feb 18, 4:40 PM
    • 13 Posts
    • 0 Thanks
    shankerrison
    @AJK11 Thank you, you too!!

    Hoping we have an answer by the end of the week, we've reserved a new build that is due to completed in summer so I don't want to get excited or anything yet until we have the offer in place. Super nervous!!
    • Marcg868
    • By Marcg868 1st Feb 18, 9:42 PM
    • 8 Posts
    • 0 Thanks
    Marcg868
    Just reserved our new home using the help to buy scheme.
    Apparently we don't apply for the mortgage till build stage 7 and we are on 5.
    Mortgage advisor got us a dip with precise. I have a satisfied default for £326 and partners has two missed payments on a provident loan which has £275 remaining.

    Absolutely bricking it in case we get declined.
    • Whytetwns
    • By Whytetwns 2nd Feb 18, 12:41 AM
    • 22 Posts
    • 2 Thanks
    Whytetwns
    Hi i know this might be the wrong place but not sure

    My credit score is poor had problems in the past
    I have 4 defualts on equifax between jun 2014 and Dec 2014 all settled 1month ago showing as settled
    And 1 on experian settled this default does show on equifax also
    Total balance for all togther is around 2000 pound
    I did get credit cards with capital one
    9 month ago started at 250 limit now standing at 2200 limit same time with aqua started with 950 limit know 1500
    Defualts
    Brittish gas oct 2014 balance 250 settled 13 jan 2018
    Payday uk nov 2014 balance 500 settled jul 2014
    Kindom credit jul 2014 balance 622
    Settled 28 jan 2018
    Indigo micheal dec 2014 settled 13 jan 2018

    House price around 150000
    Deposit put down 40000
    Earning 23500

    Can anyone tell me what my chances are and should i wait a bit longer
    • Whytetwns
    • By Whytetwns 2nd Feb 18, 12:44 AM
    • 22 Posts
    • 2 Thanks
    Whytetwns
    The post not allowing me to edit

    I will be a first time buyer and any help would be appreciated
    • james_19742000
    • By james_19742000 2nd Feb 18, 5:48 PM
    • 3 Posts
    • 0 Thanks
    james_19742000
    Hi

    Another person here getting in the Precise Q!!!

    Been waiting a week now for them to Credit Check us for a DIP, they use Experian and cant find my partners old address, so they are having problems doing anything with the application, anyone else had this problem and how did your case proceed??

    Thanks in advance?
    • elchapo
    • By elchapo 3rd Feb 18, 10:33 AM
    • 22 Posts
    • 1 Thanks
    elchapo
    Whytetwns, I think a broker would be able to advise you best. You can also do a google search for Precise Residential Criteria and compare the requirements to your history.
    • elchapo
    • By elchapo 3rd Feb 18, 10:36 AM
    • 22 Posts
    • 1 Thanks
    elchapo
    james_19742000, waiting a week for a DIP sounds a bit strange. Our broker got us a DIP immediately. I'd have thought it would have given a yes or a no based on the address history it can or cannot find. Can you see any obvious gaps on Experian where your partner is not showing on the electoral register?
    • shankerrison
    • By shankerrison 5th Feb 18, 11:47 AM
    • 13 Posts
    • 0 Thanks
    shankerrison
    @AJK11 Thank you, you too!!
    Hoping we have an answer by the end of the week, we've reserved a new build that is due to completed in summer so I don't want to get excited or anything yet until we have the offer in place. Super nervous!!
    Originally posted by shankerrison
    We had an email on Thursday from our broker to advise the evaluation of our property was on hold until the mortgage was fully approved and would update me further when they know more. I've received an email today to say the evaluation is due to be completed today. Does this mean i can presume we are going to be approved following the evaluation? Full process has stressed me out cant wait to have an answer in writing haha
    • AJK11
    • By AJK11 5th Feb 18, 2:58 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Update...our case has been assessed by the underwriters already and all that was outstanding before proceeding with valuation was proof of address. They were quite specific about exactly what they would and wouldn't accept as proof of address and we have as a result had about a weeks delay what with work and waiting for copy bills etc to be sent through. I have now had my proof of address verified and signed off, just waiting to hear by close of business today whether they are happy with my partners proof of address and then they are going to go ahead and book the valuation, so looking positive.

    Yes @shankerrison that does sound positive aswell, fingers crossed for you and keep us updated. Also I agree with you that the whole process is extremely stressful, we are also in the midst of moving out of our rental property so lots on our plate at the moment and could do with some good news!
    • AJK11
    • By AJK11 6th Feb 18, 12:43 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Received call today from my broker to say they have now approved everything and accepted our proof of address and are instructing the valuation to take place. Application went in on 23rd Jan and we lost a week with sending out extra documents etc so all in all it has been quite a quick process so far.
    The broker is going to let us know when the valuation is booked for and then normally takes up to 5 working days for them to get the report back and send out the offer but may be quicker than that.

    Almost there!! :-D
    • shankerrison
    • By shankerrison 6th Feb 18, 4:48 PM
    • 13 Posts
    • 0 Thanks
    shankerrison
    @AJK11 congrats!!! We have had everything approved now, just waiting to have something official through in writing yeyyyy!

    Our application went in 27th of Jan, asked for proof of address for 3 years on 30th of Jan and our evaluation was completed on 5th of Feb so super quick for us too, was reading hellish reviews that it took some people up to 8 weeks to receive an answer and I thought god cant go through 8 weeks of that.
    • AJK11
    • By AJK11 6th Feb 18, 6:52 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    @AJK11 congrats!!! We have had everything approved now, just waiting to have something official through in writing yeyyyy!

    Our application went in 27th of Jan, asked for proof of address for 3 years on 30th of Jan and our evaluation was completed on 5th of Feb so super quick for us too, was reading hellish reviews that it took some people up to 8 weeks to receive an answer and I thought god cant go through 8 weeks of that.
    Originally posted by shankerrison
    Ah thats fab news congratulations! Have you been told they are giving you the offer and just waiting for it to be posted to you? I spoke to our estate agents today and they told me the valuation is being carried out on Monday 12th so hoping they won't take too long to come back to us after that takes place
    • shankerrison
    • By shankerrison 6th Feb 18, 9:17 PM
    • 13 Posts
    • 0 Thanks
    shankerrison
    @AJK11 Yep, just waiting on receiving the official offer through in the post! I don't think they do the evaluation of the house if they aren't going to approve so I think you'll receive your offer through within a few days after your survey has been completed Our house isn't even built yet so not quite sure what they surveyed yesterday haha!
    Last edited by shankerrison; 07-02-2018 at 8:13 AM.
    • AJK11
    • By AJK11 6th Feb 18, 9:45 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Sorry don!!!8217;t know why my writing went all jumbled, won!!!8217;t let me edit. Hopefully this works @AJK11 Yep, just waiting on receiving the official offer through in the post! I dont think they do the evualation of the house if they aren!!!8217;t going to approve so I think you!!!8217;ll receive your offer through within a few days after your survey has been completed Our house isnt even built yet so not quite sure what they surveyed yesterday haha!
    Originally posted by shankerrison
    Ah that is fantastic news, really happy for you!
    Ha ha yeah that must have been a bit of a strange survey Our house is just over 100 years old but seems to be in excellent condition and the price we are paying is average for the street so hopefully the valuation goes ok.
    Our broker says all is looking positive so keeping everything crossed but I definitely won't properly relax and start getting excited until I have the actual offer on paper in my hands.
    • AJK11
    • By AJK11 6th Feb 18, 9:47 PM
    • 20 Posts
    • 1 Thanks
    AJK11
    Just realised your valuation was only completed yesterday so that's super quick for them to have got the report back to the lender isn't it! When is your house due to be built/completed?
    • elchapo
    • By elchapo 6th Feb 18, 10:25 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    If the house is not yet built, they just do a survey based on information sent by the developer. Strangely, they often still charge the same money.

    Precise had come back to us asking for lots of additional documentation which we sent on Friday. The valuation was also done on Friday Feb 2nd. Today, they just said that my direct debit mandate has a different signature to the one on my passport but that was it so it seems they are happy with the valuation and extra info/documentation. Fingers crossed, we'll get an offer in the next day or so as our developer wants to exchange by 19th Feb and complete 23rd Feb.
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