Precise Mortgages - avg time for offer

HellForLeather

Hi,

New here but wondered if anyone could shed any light.

Got a full application going through with Precise Mortgages (DIP accepted before full app), thorugh a broker. Had the valuation report on the 9th August and it has come back absolutely fine. Precise emailed the valuation report to broker on the 14.8.13.
Does anyone know how Precise work - i.e. is it now en route to an offer or are they likely to request further info? Full app went in on the 19.7.13 so now been a month!

Thanks

staceybaby1710

Hi

I am also going through a full application with them as we speak. We havent had the valuation carried out as yet. Our broker submitted the full application 2 weeks ago. However, he did tell us that this lender does tend to be somewhat slow on responses. I hate the whole waiting game too lol. Have you spoke to your broker? On the mortgage website it states that a full application can take 14 -21 days, but im not sure if they mean from valuation or what. Hope you hear something soon, its so frustrating not knowing.

amnblog

Whoever wrote the website text is deranged, particularly in recent weeks.

Patience is the watch word.

If your broker says they are waiting, it is because they are.

HellForLeather

Hi Staceybaby1710,

We got our offer through today (YAY!), but that is 6 whole weeks from full application. We had a DIP from them on the 12.7.13 so its been a long process. Fortunately, the only things they requested were clearer copies of our 3 months bank statements and a bit of clarification on our earnings which was just a query over a salary sacrifice for childcare vouchers. Our app was through a packager as 85% LTV which I think slowed things down as our broker was not able to chase Precise directly. Also, when we provided all requested info (which was instantly) their systems puts the case at the back of the queue again, which is really frustrating!! Also, they instructed the valuation on the 30.7.13, but it could not be booked until the 9th Aug so that delayed things too.
Am very releived to have the offer though, hopefully we can now get moving with everything else.
Hope yours inst that long!!

amnblog

last time I checked 6 weeks was 42 days, therefore 14 to 21 is over egging the pudding a little

I would suggest 28 to 35 days is more typical

staceybaby1710

Our mortgage is the same LTV and also our broker is using a packager. So glad you have your offer now! I think we are just worrying unneccesarily (or hope we are). We were declined by Halifax and so this added another 2 weeks onto our timescale. We have been fortunate in that the venders are being very patient with us. The survey was completed yesterday so just waiting for a response now. I was told that Precise have status updates on their site confirming aprox 10 days turnaround for applications. There has also (like you said) been a lot of backwards and forward with payslips. My OH broke his leg in April and was off sick. Precise wanted to see a payslip with no SSP on.......arrrgghhhhh lol

snaggle79

I have received my offer this week from Precise, our application went in w/c 15th July.
They crossed every t and dotted every i with ours, every week there was a request for more information then a 5 day turnaround on looking at the paperwork requested. Once they looked at what they asked for they would request more then same again the week after!

I assume you are also using Gordons property lawyers? If you think after reading the above you need to patience then wait till you start with the solicitors because they really will test you!
Paid for searches upfront and have been told its a 3-4 week turnaround!

staceybaby1710

Hi Snaggle,

We are going through a private broker, their packager is pink loans. We have been told that we would have to choose a solicitor off their panel though? Ah why does it take so long? We are fist time buyers, no chain, tbh we thought it would be a smooth process. Are Precise known for being so slow?

snaggle79

staceybaby1710 wrote: »

Hi Snaggle,

We are going through a private broker, their packager is pink loans. We have been told that we would have to choose a solicitor off their panel though? Ah why does it take so long? We are fist time buyers, no chain, tbh we thought it would be a smooth process. Are Precise known for being so slow?

I went with a local broker, not sure what a packager does! He did everything for us including listening to me moan at the time taken!
He said Precise are slow however they had the best deal considering our credit score, it isnt poor but no fantastic either.
He has the list of solicitors, a local one he used on the last one he did with them and they was slow according to him. These have been slow also but because Precise make you choose them there is no other option. I think you may be able to choose your own however you have to pay their fees anyway!

the broker was brilliant and to be fair Precise have given us what we wanted, just went round the houses to get the offer.

the solicitors have picked their game up since my earlier post, after many many e-mails. I will let you know how it goes!

staceybaby1710

Hello, I thought I would post an update of where we are with mortgage. So far Precise have requested 3 different sets of information, this is the third lot we have sent back. They are still dealing with applicants from the 17th So I expect a response next week. I can say that I have spoken to Precise directly and they were very nice to deal with to be honest. They are aware that they have a huge back log of information. They were happy to speak to me about where my application is in the queue and answer any queries (even though I should be going through my broker). Survey is fine and solicitors have been in touch. All we are waiting on is this offer! Has anyone known Precise to decline an application after all this?

Thanks

shazrafff

Hi
I put in my full application with precise on 06/09/2013,after a week they came back with a huge list of required docs,bank statements, proof of previous residence at an older address etc etc.all docs supplied yesterday, broker has advised a 10 day turnaround. Hopefully all is good and no more request for further info,fingers crossed.