Precise Mortgages - Help?

kay_1

On the suggestion of our broker my husband and I have applied for a mortgage through Precise Mortgages due to adverse credit in the past (3 years ago) and all settled. I also have a CCJ for £173 from 2011 that is settled.

Our broker said that he couldn't get an AIP for us as I took some payday loans out to build up my credit rating (stupid I know and I now understand taking payday loans out will not improve your credit). The last one I took out was in February of this year. Apparently Precise Mortgages couldn't give us an AIP as they would need a full mortgage application and to run a credit check on us. Other than these pay day loans we apparently meet their criteria. It worries me that if they couldn't give us an AIP would they be able to offer us a mortgage!

Will this take the full amount of time it takes to get a mortgage offer? We haven't found a house we like yet but are viewing one tomorrow. If we like it I'm guessing we wont be able to put an offer on it until we have had an offer from Precise, is this right? We already have a buyer for our house so I'm not enjoying this waiting game at all.

witchy1066

I am not sure if I have understood your post or read it as its meant to be read but generally this is the way it works

you get a DIP (discussion in principle)

you make offer for house, offer accepted , then you apply for mortgage,


can not comment on how your broker is working for you but if you can not get a DIP it doesn't put you in a very good position as far as the seller and EA's are concerned but then again if have already sold your house that must go on your side

kay_1

Thank you for your reply. I have just heard back from the mortgage broker and we got a DIP so they needed a full application from us just to be able to give us a DIP.

staceybaby1710

Hi Kay_1,

We have just had an offer accepted on our mortgage with PM, let me tell you they will dot every I and cross every T, and its very tedious and scary. However, the way we looked at it was, we are high risk borrowers and have had bad credit/financial problems in the past. Its not personal. Good Luck with your mortgage

kay_1

Can I ask you how long it took to get your offer accepted? We plan on putting an offer on a house tomorrow so it'll be interesting to hear how long it took.

staceybaby1710

Hi Kay,

We put an offer in on a house on the 3rd August 2013 which was accepted. We went through all of the rigmarole of going through a full application with Halifax (we had our DIP with them) they came back 2 days latter and declined us on the grounds of a linked address on Jason's account. It turns out there was a default with Vodafone. We decided to go with a broker who pointed us towards Precise Mortgages. Once all our information was submitted to the broker (took about a 2/3 days back and fourth with broker) our decision in principle came back. After more info was submitted he was ready to submit our full application on the 29th August. What you will find is that after you submit your information Precise will come back and ask for something else. This may happen 3 or even for times, it did with us. The most frustrating part is that Precise have around 7-8 working day turnaround for answering or getting to your case. When you submit new information your case goes to the bottom of the pile again. By the 3rd time we submitted our info, they needed to see my partners payslip with no SSP pay on, I was sick lol. However, Precise informed us that they will deal with our broker directly as he was using a packager for our mortgage meaning he was still waiting for responses from them. Sounds very confusing I know. Albeit, after around 6 weeks of back and fourth and sleepless nights and stress and short tempers we eventually got the offer on the 8th October 2013. In the meantime, I had already paid for the survey and started proceedings with the solicitors so that has speeded things up too. Hope this helps

shazrafff

Hi
Just thought i would contribute to this forum,
my full application went in with precise 06/09/13,they have come back 3 times asking for more info,first it was 3 months statements then 6 etc etc,NOW they have said they want my wife to be a joint applicant,therefore re-submit application,Now here is the problem,my wife is on a spouse visa and has only been in the UK from jan/12,precise's lending criteria state all applicants must be resident in the UK for 3 years.My broker thinks they will decline on this basis.We may need to apply to someone like GE Money. Solicitors are ready to exchange!!we were just waiting on this offer!
In my case it feels as if they are looking for a reason to decline.Had i read these forums beforehand, i would have have applied to someone else!
Try GE money,they lend to adverse and are quick. Still waiting for an official decline but im not hopeful,may try and apply to GE money but to be honest it looks like the whole purchase is about to fall through as my vendors wont wait.

staceybaby1710

Hi Shazraff, Sorry to hear your having problems. I would wait and see if you do actually get an official decline first. We thought the same. It turns out we just had to keep re submitting more info until Precise were happy with it. We did eventually get the offer and have just exchaged contracts today. Good Luck i know its frustrating, we were literally pulling our hair out

cniac200

Hi,

I'm also considering an application with precise mortgages via a broker. I downloaded a criteria guide from Precise's website and under the "source of deposit" section it states the following:

"The following forms of deposit / incentive are not acceptable:
› Family Gift (If the property is being purchased from a family member).
› Vendor’s deposit/discounted purchase price.
› Purchase from family at discounted purchase price.
› All deposit monies must have originated within the EEA"

With regards to family gifts, I was wondering whether any of you guys who've got experience of precise can advise on what precise actually means by this. I intend on borrowing around half of my 15% deposit from my parents, does this make me illegible? did any of you guys get help from family members with your deposits, and if so did this cause issues with your application? Finally, will precise check bank statements to see where my deposit has come from?

Your help would be greatly appreciated.

Thanks

GMS

You can't borrow the deposit. It would need to be a gift without reservation.

Farside

how far back do lenders check your bank account? Is it 6 months or more?