Mortgage application with Precise Mortages

Nila_2

Hi all,

I have given in my full application and my mortgage broker advised me that all the underwriting has been done and they are awaiting Valuation.

How long does it take for the valuation to be done and then from there to the Mortgage offer ?

ACG

When was the valuation instructed?
Has it been carried out yet?

amnblog

Nila wrote: »

How long does it take for the valuation to be done

That depends on how busy local valuers are and when access can be provided - therefore it is a question we cannot easily answer on this forum.


If the valuation comes back in say, 7 working days - which would be pretty good - expect Precise to take another 7 working days to make a decision as they have a slight back log currently.


As ever, the best source for this kind of guidance is your own broker.

Nila_2

I'm still waiting for a date for the valuation.
The only problem is that I am buying the house from my mum and her mortgage is coming to an end mid Dec'14,). The way things are going, I don't think I will have my mortgage by then.
My mum has her mortgage with Principality. Would they give her some extra time?

amnblog

Are you buying at the full market value and putting in your own deposit?


Do Precise know you are buying from mum?

ACG

Have the searches and things been carried out by the solicitors yet?

If they have there is still plenty of time, if they have not I doubt very much you will complete by mid December. Principality should be ok with extending the mortgage I imagine - especially if your mum can show them there is a purchase going through and due to complete imminently - it would cost them more to start going down legal routes... but do not take my word for it.

Your mum shoudl get in touch with principality and just explain and see what they say.

Leon_W

amnblogs points are VERY important with Precise as they do not allow a discounted family purchase OR gifted deposit when purchasing from family. The deposit will have to come from your own resources and the property purchased at the market value.


Not saying that these points haven't been covered but thought it important to mention.

Nila_2

No the value is much less than the full market value.but I am putting in 15%gifted deposit.

None of the searched from the solicitors have been done yet.

Nila_2

We have already given in the letter from whom the deposit is coming. They said that was ok

Leon_W

Found it for you.
http://pdf.precisemortgages.co.uk/00833_residential_criteria_guide.pdf


Page 6.


I'm presuming your broker talked through the case first with Precise ? Everything you just said doesn't fit their published criteria.

Nila_2

Ok Thank you. I will check this again today with my mortgage broker.