The dreaded wait for offer- Precise Mortgages

jrg84

Hiya,
Newbie on here.
Due to historic adverse with myself and partner managed to get an aip via a broker with Precise.
Full app went in 9/7 and they came back requesting amended gifted deposit letter and due to payslip with ssp on a letter from employer confirming return to work. Sent these back 16/7 and due to product change valuation fee had to be refunded and was taken again yesterday. Now the dreaded wait for valuation to be carried out and then hopefully an offer :j

Anyone have any recent experiences with Precise?
How likely is it that they will decline at this stage... we have been totally honest about our bad credit history :T I understand they take a while but we have reserved with a builder with 28 day exchange (lender is aware) so time is not on our side. My anxiety levels are through the roof atm...lol

Would love to hear from anyone in or ever been in similar situation

jacobtheamish

Precise are not a lender I would recommend when time is tight and certainly not on a new build purchase. I would suggest making the developer aware and that you are doing all you can, I am yet to have a developer pull the plug on any client of mine (100+ pa new build cases) due to delay by lender.
Sit back relax but make sure you continue to respond quickly to requirements

EShepherd

Hi there


We have gone through precise, we have had a really good experience so far. We have just got contracts and are due to exchange on 3rd August.


Our broker looked at our case, I was the one with a couple of historic defaults and he felt that Precise where the best option. He was upfront about whether he could forsee any hiccups in our application but thankfully all was good.


We got the offer within 1 week, no further documentation was required.


Good luck,I hope it all goes well!

Em

jrg84

Jacobtheamish- yes I heard Precise were slow but we were limited to only them whilst our credit situation is improving, hopefully after a year or two the situation can be reviewed. I'm trying to relax but easier said than done.lol :-)

EShepherd- glad to hear you are on the home stretch and I hope all goes well. Can I ask what documentation you provided originally? We sent 3 months payslips, p60's and id plus gifted deposit letter and that's it so far but I have heard people have had a nightmare having to keep sending in more and more...lets see what they come back with.

As an update received a direct debit letter yesterday confirming if application successful account details that will be used which I thought was strange as they haven't given an offer yet and just before I went to sleep last night I got a credit report alert which showed they had did their full application search.. hopefully this is all good news, it has overall been a smooth process I just can't rest until the offer arrives..fingers and toes crossed!

EShepherd

Hi there


We sent 3 months payslips, P60s, ID and proof of deposit, they didn't ask for anything else. We have had not queries or requests for further documentation from them at all. I think it depends on your individual circumstances.


If you call your broker they will be able to see the progress that has been made via the online application process. Our broker told us when each step had been completed.


It really wasn't painful at all, so really hope you have the same experience. The annoying bit has been the wait for solicitors.


We also had to provide bank details before an offer was made, obviously standard for Precise.


We are hoping at the end of our 2 year fixed deal my credit will have improved enough for us to go back onto the high street.


I look forward to hearing about how you get on!

Em

jrg84

Things seem to be going smoothly... the valuation has today been instructed for next Friday 31st. Thankfully I have a busy week at work to pass the time :-D I will be sure to let you know how it goes.

Rob_Mogs

What are the typical rates with a lender such as this?

EShepherd

They have various rates, when you are credit scored you are then matched to the rate that reflects the risk you may pose! We came out on first tier which was 4.2%. At the point we applied I know they were reviewing their rates/products, so worth having a look on their website.


jrg84 have you selected a solicitor yet? We used JMW from Precises panel, they have been brilliant and we had a no sale no fee agreement with them.

jrg84

Hiya,

Valuation is booked for tomorrow so the anxious wait is nearly over.

We are using Gordon Property Lawyers and so far they have been very helpful and quick in responding etc.

We were initially given a rate of 6.59% on Key Facts but then after the credit score Precise came back with a better fixed rate of 5.75%- could have been lower if we had gone for a variable rate but much prefer to know where we are for the next two years so there are no unpleasant surprises in interest rate increases.

Will keep you posted next week as to how everything goes

jrg84

Quick update, arrived home from work to a letter requesting further documentation...lol I knew it was too good to be true. Now need to send a mortgage statement and 3 months bank statements. That will probably put us back of the queue again once we send them in but such is life

EShepherd

Is that another 3 months statements, so 6 in total?


Good you got a more favourable rate.


Are funds are being released today and we complete Monday. Phew