Precise Mortgages - how long from application to offer?

Bozzer89

Thankyou ginga

Yes that's what we have done I think have given way too much but want it to be stress free haha

He's putting the application in first thing Monday morning and I'm already biting my nails. 😅

We have a combined 36k salary with around 4k CC's which we pay on time each month and 4.5k left on our car never missed a payment

Both had a !!!!!! credit score for years and just over this past year and half tried our best to build it up which has worked. It's all been part of being young and stupid which I was lol

Hoping it comes back all ok, and we don't get refused but as my partner says I'm an over thinker 😅😂

angel_rainbow

Finally got our offer through from Precise!

It took 10 weeks. 10 very long and stressful weeks!

NurseNelly

Hi everyone,

I thought I’d add to this thread as I found it really useful while applying. I’ve found precise to be fairly quick at the moment although I’m not fully there yet! Everytime I’ve sent further information it’s been 1-2 working days for another update.

Here’s my timeline so far.

9/9 first contact with mortgage advisor. Was just really looking to see if there were options for guarantor mortgages as my credit file has 2 recent CCJs and I’m living with parents at the age of 38 with a child with special needs as we had a run of bad luck with landlords and needed stability. Mortgage advisor said to send a copy of my credit file so he could take a look, encouraged me to make an application on my own and a DIP was produced with Precise asking for 15% deposit initially, but advisor said that would likely increase due to age of CCJs when looked at fully.

13/9 DIP come back with 25%. Parents happy to help.

20/9 1st viewing on chosen property
23/9 2nd viewing
24/9 offer made and accepted
26/9 All requested documents sent to advisor and full application made
27/9 Hard credit search from Precise.
2/10 Request for additional bank statement as in a new month, query about transactions on statements, P45 from old job (changed in May), work phone number, and weirdly they wanted to know how my commute would be sustainable as they calculated it as being 3.5 hours away from the property (it’s only 20-30 minutes)
8/10 More queries about transactions on bank statements, want employment contract, want to know balance of credit cards.
11/10 Query from precise saying my income on payslips calculates as over 20k more than I had declared on application? (Not sure why I would have hid that! 😂) phonecall to discuss that and all sorted, just a miscalculation. Also a phonecall from advisor saying they might want additional 3k deposit as I had undisclosed credit cards. (They were on my credit file and I definitely mentioned them!) however the advisor had asked that surveys are withheld until underwriters happy with application and willing to offer. They have now said offer is pending valuation. I called to pay extra for homebuyers survey this morning and they’ve been instructed. Spoke to precise who confirmed that everything Is fine with application and hopefully will be 5 days until they receive the survey report and be able to make formal offer!

I went in to this with very realistic expectations, not really thinking I had the slightest chance of being accepted. I am starting to believe it will happen now! I thought I would have to wait at least another 6 years to proceed as one of the CCJs is only a few months old. They’re for small amounts but I thought that would be an absolute no no.

NurseNelly

I got my formal offer today!!! I’m gobsmacked! I cried! This is life changing for me. I’ve had the worst few years and constantly being turned out by landlords despite being an amazing tenant has been so difficult for my son who doesn’t handle change well. I just needed stability and a home of our own and thought I would be waiting another 6 years for that.

Jane.1963

That’s fantastic news, so pleased for you.

Sebasteeno

Well im another newby awaiting on Precise - i reckon its three weeks since application(5-6 since the start of the process) but theyve been back to us three times now requesting extra info - every time we submit they then want more and ive got to admit its really starting to annoy me now

Im self employed with a paid default and ccj but they are treating us like were the worst lenders in the world!

Getting sick of them already and feel like walking away

Kaggs!

Aww have a little more patience, you will get there, it took 8 weeks for us, in the end we got the area manager he was a go between (the one that keeps everyone happy) and he sorted it, he told them enough info had been requested and to not delay any longer, but we got there and so will you! Good luck!

Sebasteeno

Yesterday was a bit of down day as after thinking we was at the point were we'd get an offer we was then told they needed loads more info involving updated tax credits award (something that cant be got quickly) plus outstanding income tax paid (im self employed)

Ref outstanding self assessment tax i owe about a grand but with my new tax return that will go up by two grand on febuary 1st - anyone had any issues with getting a precise mortgage with outstanding income tax? We could probably pay the grand but not the two grand and if they insisted we did thats us game over

Tee27

Hey guys thought I’d join the thread here....

So I was declined by Aldermore due to affordability but it pass DIP so I was very confused. I got a new broker who seems to be mush more switched on that the other one.
He advise Precise and we submitted our full mortgage application on the 3rd Feb. They came back to ask me to fill in the DD form, asked about builders incentives and how much we have paid towards the deposit so far.
Is this looking good I’m so nervous because I need this for my family we could really use some good news.

Cee81

Tee27 said:

Hey guys thought I’d join the thread here....

So I was declined by Aldermore due to affordability but it pass DIP so I was very confused. I got a new broker who seems to be mush more switched on that the other one.
He advise Precise and we submitted our full mortgage application on the 3rd Feb. They came back to ask me to fill in the DD form, asked about builders incentives and how much we have paid towards the deposit so far.
Is this looking good I’m so nervous because I need this for my family we could really use some good news.

Hi Tee,
How is everything progressing for you? Any updates? I’m new the forum but going through the same process.