Precise Mortgages - how long from application to offer?

onthemend88

28/02/20 - Further document and info requested from Precise

• Disclosure of Incentives to be sent again as file did not upload properly 
• Queried 3 transactions on our bank statements

The wait continues. 

freedom010

Hey @onthemend88,
I must say that it is calming me down to read this forum. We are in a very similar situation - shortly submitting a full application as we are still waiting for HTB authority to proceed. Apparently, it is taking about two weeks in the South, but the broker is very confident and will submit a full app to Precise after the weekend.
He is trying to prepare us for a tough application process as in his opinion precise can be serious pain sometimes.
Could you please say what are your circumstances such as employment length? My partner is fine, but I have been in employment for 6 months (plus 7 previous months in smaller part-time jobs - but will a year of continuity). Has Precise requested anything directly about your employment? Or how many payslips they requested from yourself?

Valacarno12

What type of things will Precise likely query on bank statements? 

onthemend88

Hi @freedom010

I have to be fair to Precise, we only submitted full application on Tuesday and they are on their second request for information already which was submitted today. I would imagine we will hear more late Monday/Tuesday now as to whether or not they need anything else. 

Our circumstances are myself and DH in full time employment and both NHS workers. We have both been employed for several years. They haven't requested anything in particular about our employment but we have had to submit the standard 3 months wage slips and P60 each. Although, I have read from previous posts that because we are almost into a new month, they may request another bank statement and wage slip - which is fine. 

Between myself and DH we have 5 CCJ's and 8 defaults (1 of which will drop off in March) but all of these are between almost 3 to 5 years old. 

I have been very nervous about our application but our broker has been very good at reassuring us and has confidence in our application. 

onthemend88

Hi @Valacarno12

It was just 3 transactions (credits) that we had received into our account

Valacarno12

@onthemend88 thanks for,

We have our wages paid into a Barclays & Natwest account respectively, however, I tend to transfer money out to my
Monzo account to buy coffee etc in work.

Reckon they’ll require statements for all accounts in our name? Or just the 2 that salary is paid into?

My wife must be going nuts at the amount of questions I’m bringing up before the application is even submitted.

Toodlepips

@Valacarno12
I also have a natwest account and a monzo one that I use for coffee and the food shop. I sent my broker 3 bank statements for both accounts. So far they have only questioned things about the one my salary is paid into. I would just give your broker 3 statements from the monzo one too to be on the safe side. 

freedom010

@onthemend88 thanks for your reply! Glad to hear that Precise is treating you well haha Hopefully, you will hear soon.
Some brokers will say that Precise is horrible, while others will say that they are amazing. A lot of both types of reviews here.
We are due to submit the app after the weekend as we have to wait for HTB. Keep us updated if they request any more stuff as its quite good to be able to compare if you are the "special applicant" or if it's their general approach  

freedom010

@onthemend88 - forgot to ask - has Precise asked you about landline number? Ots seems very weird as many people just have mobiles and no direct work numbers ;/ 

onthemend88

@freedom010 We have had an update this morning from our Broker - the underwriters are happy with all of our documents and additional information that they requested and have now instructed the valuation (this was originally instructed Thursday but was put on hold by our broker until the underwriting had been completed). We will hopefully know the valuation date on Monday. 

Hopefully HTB won't be too much longer for you. We were lucky as we used HTB Wales and we submitted the application last Tuesday (18th) and it was processed Monday (24th) so very quick. 

Yes they asked us for our landline number. I don't know whether it is because we have Virgin Media on our credit report and need a landline to have that so we just gave it to them - not that we actually ever use the landline lol!