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  • FIRST POST
    • Lyndseyjack
    • By Lyndseyjack 13th Oct 16, 5:19 PM
    • 16Posts
    • 9Thanks
    Lyndseyjack
    Precise mortgages decline
    • #1
    • 13th Oct 16, 5:19 PM
    Precise mortgages decline 13th Oct 16 at 5:19 PM
    Hello,

    Looking for some advice please.

    Our story so far with Precise. LTV 75%. Combined income 52K. Mortgage 127000. 2 defaults on my account dating 3 and 2 months years old and 5 years old. Clean sheet with no missed payments for 3 years. Only debt 8.5k loan from my husband. AIP obtained and passed all affordability.

    Full application submitted through a broker on 30/9/16.
    Full credit checks done and valuation fee taken the same day.

    On the 7/10/16 precise refunded our valuation and declined our application due to a recent default.

    After talking to our broker and explaining there definitely was no default they asked for copies for both myself and husband. They agreed after looking through them that the last default registered was over 3 years ago and settled. They plan to appeal the decision.

    Is it likely if they've made a mistake that this would turn it around in our favour. Absolutley devastated that we could lose the house we want so much over an error.

    Any advice welcome.
Page 1
    • muhandis
    • By muhandis 13th Oct 16, 5:49 PM
    • 231 Posts
    • 87 Thanks
    muhandis
    • #2
    • 13th Oct 16, 5:49 PM
    • #2
    • 13th Oct 16, 5:49 PM
    It looks like either your broker made a mistake by placing it with Precise (there might have been other more suitable options) or Precise made a mistake when assessing your application.

    Hard to tell which it might be from the information you have.

    If Precise have made a mistake then it should be overturned on appeal.

    Is it likely if they've made a mistake that this would turn it around in our favour. Absolutley devastated that we could lose the house we want so much over an error.
    Any advice welcome.
    Originally posted by Lyndseyjack
    • Thrugelmir
    • By Thrugelmir 13th Oct 16, 5:52 PM
    • 51,296 Posts
    • 43,116 Thanks
    Thrugelmir
    • #3
    • 13th Oct 16, 5:52 PM
    • #3
    • 13th Oct 16, 5:52 PM
    2 defaults on my account dating 3 and 2 months years old and 5 years old.
    Originally posted by Lyndseyjack
    Where the defaults settled in full, if so when, and how much are the defaults for.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • ACG
    • By ACG 13th Oct 16, 6:00 PM
    • 13,499 Posts
    • 6,648 Thanks
    ACG
    • #4
    • 13th Oct 16, 6:00 PM
    • #4
    • 13th Oct 16, 6:00 PM
    If precise have made a mistake they will overturn their decision.

    Can you correct this sentence? I months and years would result in very different answers. Assuming 3 and 2 years there should be other options.
    2 defaults on my account dating 3 and 2 months years old and 5 years old.
    I am a Mortgage Adviser
    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.
    • Lyndseyjack
    • By Lyndseyjack 13th Oct 16, 6:58 PM
    • 16 Posts
    • 9 Thanks
    Lyndseyjack
    • #5
    • 13th Oct 16, 6:58 PM
    • #5
    • 13th Oct 16, 6:58 PM
    1st default was October 2011 for 600 and the 2nd was for 2000 in August 2013. All settled in full in 2014. Precise were aware of these on application.
    • amnblog
    • By amnblog 13th Oct 16, 8:59 PM
    • 8,857 Posts
    • 3,372 Thanks
    amnblog
    • #6
    • 13th Oct 16, 8:59 PM
    • #6
    • 13th Oct 16, 8:59 PM
    Did the broker check the files from all three major credit reference agencies?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Lyndseyjack
    • By Lyndseyjack 13th Oct 16, 9:24 PM
    • 16 Posts
    • 9 Thanks
    Lyndseyjack
    • #7
    • 13th Oct 16, 9:24 PM
    • #7
    • 13th Oct 16, 9:24 PM
    Yes all files were checked and rechecked when it was declined. I've also spoken to experian and equifax who have also confirmed there are no defaults registered other than the ones I've mentioned.
    • kingstreet
    • By kingstreet 13th Oct 16, 9:33 PM
    • 30,025 Posts
    • 15,963 Thanks
    kingstreet
    • #8
    • 13th Oct 16, 9:33 PM
    • #8
    • 13th Oct 16, 9:33 PM
    So the adverse is 3+ years old and no late/missed payments on anything in the last two years?

    Who were the creditors for the defaults?

    Were any high street lenders tried first, as I wouldn't have headed straight to Precise with this?
    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.
    • Lyndseyjack
    • By Lyndseyjack 14th Oct 16, 7:07 AM
    • 16 Posts
    • 9 Thanks
    Lyndseyjack
    • #9
    • 14th Oct 16, 7:07 AM
    • #9
    • 14th Oct 16, 7:07 AM
    The creditors were capital one in 2011 and Lloyd's bank in 2013. No other late payments. My history is clean for 3 years. My husbands has nrver been an issue. Our broker said he had tried with halifax and we're declined an AIP.
    • David White
    • By David White 14th Oct 16, 9:08 AM
    • 664 Posts
    • 290 Thanks
    David White
    From what you've stated about your defaults you're likely to get a better deal elsewhere so you've probably dodged a bullet anyway.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Bonfire Bride
    • By Bonfire Bride 14th Oct 16, 9:20 AM
    • 664 Posts
    • 817 Thanks
    Bonfire Bride
    I would also agree with the others here. If everything else is fine with your affordability and the default information is correct...you may have been accepted with a high street lender.
    Mummy to 2 little boys born in 2013 & 2015
    House on the market for 19 months ....SOLD! ...complete!
    Natalie
    • Lyndseyjack
    • By Lyndseyjack 14th Oct 16, 3:36 PM
    • 16 Posts
    • 9 Thanks
    Lyndseyjack
    Well our broker has decided to place us with Aldermore now after not getting any further with Precise.....!!! We have had a DIP from them today and full application submitted. Anyone know on how long they take?
    • ACG
    • By ACG 14th Oct 16, 3:45 PM
    • 13,499 Posts
    • 6,648 Thanks
    ACG
    I have been on hold to them for 40 minutes and I am only 6th in the bleedin queue!
    They are a little on the slow side at the minute, up until the valuation everything is quick enough but then it just seems to stop.

    Personally I am with the others, I think there are other (high street) options first but I expect Aldermore will get there for you based on what you have said.
    I am a Mortgage Adviser
    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.
    • Neutrinno
    • By Neutrinno 14th Oct 16, 4:17 PM
    • 56 Posts
    • 23 Thanks
    Neutrinno
    Did your broker try Pepper Home Loans? They may be slightly cheaper than Aldermore.. Aldermore are also a little slow in my opinion.
    Last edited by Neutrinno; 14-10-2016 at 4:20 PM.
    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.
    • sash_berry
    • By sash_berry 14th Oct 16, 5:06 PM
    • 22 Posts
    • 14 Thanks
    sash_berry
    Hi, we had a decline with Precise in September and started the process with TML - The Mortgage Lender.
    Process quite long but it looks like everything is ok. Valuation is done and we starting searches next week. My partner has few defaults 2+ years ago. My report is good.
    As I know Aldermore accepts 36months + defaults so 3 and 5 years on defaults should be ok.

    Surprised Precise declined you.

    Fingers crossed x
    Loan £6700.00
    ISA £3000
    SAVINGS £2100
    • ACG
    • By ACG 14th Oct 16, 7:47 PM
    • 13,499 Posts
    • 6,648 Thanks
    ACG
    Did your broker try Pepper Home Loans? They may be slightly cheaper than Aldermore.. Aldermore are also a little slow in my opinion.
    Originally posted by ImRob
    Its not a great idea to be naming lenders. We have limited information to go off. Surprisingly you can get a complaint made against you for leading the client without knowing enough about them.
    I am a Mortgage Adviser
    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.
    • Lyndseyjack
    • By Lyndseyjack 14th Oct 16, 10:14 PM
    • 16 Posts
    • 9 Thanks
    Lyndseyjack
    We were so surprised that we were declined with Precise as our broker was confident that it would go through. Still don't have a clear answer on what went wrong apart from them thinking we had a default registered within 3 months.

    Hoping this goes through with Aldermore. The rate offered was slightly higher knocking our payments up by an extra 20 a month. Do Aldermore do a hard search at DIP stage? I know Precise only did a soft search and then hard search at full application.

    If this is a no go then we plan to continue saving for a year and go to a high street lender.

    Thanks everyone for you advice.
    • David White
    • By David White 17th Oct 16, 8:44 AM
    • 664 Posts
    • 290 Thanks
    David White
    I'm not placing any cases with Aldermore until they sort themselves out.

    They've taken on more cases than they can handle and it shows in the length of time they take to do anything... i.e answer the phone, check paperwork.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • ACG
    • By ACG 17th Oct 16, 10:18 AM
    • 13,499 Posts
    • 6,648 Thanks
    ACG
    I spent about 70 minutes on the phoe to them on Friday.

    In fairness they have processed everything ok, although I have had to chase a lot more than normal.Submitted on the 27th September and issued on Friday, 2 and a half weeks to get an offer, not too bad.
    I am a Mortgage Adviser
    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.
    • markbmcfc
    • By markbmcfc 17th Oct 16, 10:49 AM
    • 10 Posts
    • 6 Thanks
    markbmcfc
    I have a very similar credit history to you, two defaults, one 3 years old and one 5 years old. No issues since.

    We're borrowing more than you £160k, and have less income, £45k. So in theory, more risk than you.

    We've just been accepted with Natwest.

    I'd strongly urge you to try them or another high street lender before proceeding with Aldermore. They were our Plan B.
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