The dreaded wait for offer- Precise Mortgages

jrg84

Hiya, Precise have declined the appeal. Basically no specific reason other than they are generally uncomfortable to borrow with historic payday loans even though all are paid and settled now. Anyway I am on here now reaching out if anyone has any suggestions.. I know usually Precise are the 'Last chance saloon' as it is but I have more to add.

Initially we were wanting to borrow £220,000 with a deposit of £73,500 (house value is £293,500). However we have up to £140,000 deposit (with the help of my bf parents) so would only need to borrow £153,500. We have joint income of £55,000. Does anyone know if the reduction in LTV and amount we want to borrow may save us and can anyone recommend lenders who may be able to help? I do have a broker on the case but today his office is being refurbed so he seemed less helpful then usual... Anyone???:D

[Deleted User]

Oh I am sorry I have PDL on my report so I'm not feeling too hopeful now! I just wish our vendor would find somewhere so we could start the mortgage application and at least we'd know!

Hope you find something OP.

EShepherd

I am really sorry to hear you have been declined. I had a historic PDL on my credit report, although that was 5 years old a default and settled.
Maybe with a better LTV they may see you at less of a risk. Did you have multiple PDL?

Good luck, was hoping to see some positive news for you!

BaxUk

The reduced LTV and borrowing amount may well go in your favour, I know underwriters do certainly take LTV into consideration so may be worth raising this with them to see if it would change anything - Worst that can happen is they say no.

Honestly the best of luck!

jrg84

Thanks everyone.. Precise are a definite no so we have today received an aip for a different company. Their maximum ltv is 60% but the way i see it means we will have more disposable income each month and a large chunk of equity in the house straight away.... wish me luck i now have to start the full application process all over again.... was suppose to exchange on the new house 6th of this month.lol

Mark_chef

I'm in same position we are self employed sent in sa302 and tax overview now today lender has asked for a copy of proof of address because they can't see it clearly and also because we are both self employed and have 2 business in different name but all income goes int one business account had to send statements again today noting what was my wives income in statements
Nervous as anything as we are also chasing time and moving in to a new build
Never been so nervous and stressed
We were told 14 days from application but they requested this info today a week into application is this a good or bad sign can anyone advise how this is looking for us and what happens if the worst decision is a decline ? Can't bear it

Kaggs!

Can I ask how long ago you pdl where when u applied pls? We are in the process now and have historic pdl on our files....

Thankyou