Precise Mortgages - DIP timeframe?

mamabear333

Hi, anyone got any idea how long it takes to get a DIP from Precise Mortgages? I saw on MSE that their full app takes a long time but hoping their initial DIP is quick!

ACG

A few seconds once the information has been entered.

Full app isnt too bad, earlier in the month it was taking about 5 working days to assess and instruct a valuation.

mamabear333

Thanks for that ACG. Since you are an adviser, wondered if you might give me your opinion on our position. Precise's criteria says arrears older than 3 months accepted with those accounts currently up to date. I thought we had this covered but I'd forgotten we had an arrangement to pay on one account. I've kept to all the payments giving us the 'green dots' on Experian and as soon as I realised, we paid the arrears balance in full. Thing is, as this is still less than 3 months old, do you think they will reject us on that basis? Have to say I'm not feeling optimistic.

ACG

Im taking what you have said as the criteria (I dont know theirs off the top of my head and at 10.30 at night it isnt going to sink in if i read it)... but assuming what you have said is correct then the arrears are not over 3 months. Precise are very good in that its either black or white. That isnt good for you in this situation but to me that would read as though you are going to have to wait.

Precise dont deal direct with customers do they?

Im assuming you have come across them via a broker? Have they not looked at your credit report(s) and cross referenced it with Precise criteria?

mamabear333

Yeah she has looked at our credit files but I don't think she spotted this and I only realised this a couple of days ago. I haven't called her to ask because quite frankly, I'm a little scared to get the answer. I'm guessing then, from what you've said, that an arrangement to pay constitutes arrears despite being up to date?

ACG

An arrangement to pay is still arrears as you have broken the original contract. You have set up a new one in order to rectify the original one but it would still be classed as arrears.

You may as well speak to your broker, it will save a credit check, although I think precise do a soft footprint at DIP stage.

Pretty poor that your broker has not picked up on that as it is recent and very important.

mamabear333

Ok, thanks for the info. Helps a lot

LauraBee48

Sorry to resurrect an old thread - has anyone had an experience with Precise taking a long time to come back to them with a DIP? My broker says they are very slow and that they won't come back to us for a few days?

ACG

Your DIP is taking a few days?
I have never known a DIP to be anything other than accept or decline with Precise, I was always under the impression you either met their criteria or didnt.

LauraBee48

That's what I was thinking... my broker just said that they were slow and we probably won't hear anything until tomorrow or early next week.

Dave_Ham

Sometimes a case will refer, although Precise are usually back within 24 hours.

Often they do not e-mail to say decision reached, the adviser needs to manually check if they approve/decline after a refer.