Precise Mortgages - how long from application to offer?

onthemend88

17/02/20 - DIP.

18/02/20 - Mortgage Application completed, hard credit check (Experian), HTB Application Completed.

24/02/20 - HTB Granted, Hard Credit Check performed from HTB Wales (Equifax), Authority to Proceed obtained.

25/02/20 - Full Mortgage Application Submitted, Valuation Fee taken.

27/02/20 - Further documents and info requested from Precise. Direct debit confirmation received via post.

• Signed Declaration
• Proof of ID needed to be countersigned by Broker
• Disclosure of Incentives
• A couple of questions (had we paid reservation deposit, confirmation of exchange and completion date, landline number)

28/02/20 - Further document and info requested from Precise. Valuation on hold until underwriters are satisfied with all documents and nothing more required.

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

29/02/20 - Precise underwriters happy with all documents and information submitted and valuation instructed (no date yet but will hopefully have an update Monday).

onthemend88

02/03/20 - Valuation booked for 16/03/20 as builder on holiday for a week. Hope the next 12 days go quickly. 

Susan_Boe

ImThatGuy said:

Hey guys and girls
So the background. Me and the gf looking at new build, deposit paid for the house (refundable) and all paperwork going to Precise tomorrow. Her being the angel she is has perfect credit score, me being the party animal when i was 18 mashed credit cards partying and traveling and as such have a bad rating with a CCJ (was working away for a few weeks when it arrived). The CCJ was 3 years ago and paid straight away. Looking at a 99k mortage and have DIP so waiting game has started. Any military types that have been through this let me know! Bouncing 3 camps in 1 year is proving a bit of a pain in the rear. 

The whole military thing is a pain in the !!!!!!. 3 camps in 3 years here. My credit rating has suffered because of it! 

xcvx

Hi guys
I know this thread is regarding application process but was wondering if someone could give me any reassurance/hope.

Myself and my partner and hoping to put in a full application with precise within the next few weeks on a few build (waiting for it to be released for sale) my partner has excellent credit with only a £200 child maintaince payment each month.

I have 3 defaults from 2018, latest one Dec 2018. All paid off as off Jan this year and multiple payday loan use all from 2017. 
I have a car on finance which is due to end Nov this year and a loan which ends in Aug 2021.

We have a joint income of just over 40k and will be using the HTB with 5% deposit of our own. 

Has anyone with similar situations been accepted with precise? It makes me feel sick thinking about it!! 

onthemend88

Cannot actually believe that I am writing this but WE HAVE OUR MORTGAGE OFFER!!!

I feel in complete and utter shock and it doesn't yet feel real! 

Here is our complete timeline from application to offer for anyone also applying through Precise. 

17/02/20 - DIP.

18/02/20 - Mortgage Application completed, hard credit check (Experian), HTB (Wales) Application Completed.

24/02/20 - HTB Granted, Hard Credit Check performed from HTB Wales (Equifax), Authority to Proceed obtained.

25/02/20 - Full Mortgage Application Submitted, Valuation Fee taken.

27/02/20 - Further documents and info requested from Precise. Direct debit confirmation received via post.

• Signed Declaration
• Proof of ID needed to be countersigned by Broker
• Disclosure of Incentives
• A couple of questions (had we paid reservation deposit, confirmation of exchange and completion date, landline number)

28/02/20 - Further document and info requested from Precise. Valuation on hold until underwriters are satisfied with all documents and nothing more required.

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

29/02/20 - Precise underwriters happy with all documents and information submitted and valuation instructed
02/03/20 - Valuation booked for 16/03 (Builder on Holiday so could not be done any sooner)
16/03/20 - Valuation completed
17/03/20 - MORTGAGE OFFER ISSUED!!! 

3 weeks from application to offer but it probably would have been much sooner if we didn't have to wait 2 weeks for the valuation to take place. 

So, so happy right now

freedom010

@xcvx
I had about 7 defaults from 2017/2018 which results in bad credit score. No ccjs etc. My partner also not good history with 1 default. Precise have accepted us with DIP. We are currently going through full application which i have to say in absolute hell - they do ask for everything so be prepared to have all docs ready including all P45s and P60s. 

freedom010

@onthemend88

Well Done!!! Happy for you.

we are currently going through mortgage application and precise is coming back all the time with more infos. Now they want all of ours P45s, P60s and first payslips (i dont understand why they dont check it with hmrc directly). On top of that people sitting in offices dont have any imagination and probably cannot use google maps as they came up with some ridiculous travel time to my work from new home. God knows how they calculate it. 

Unfortunately, it is a specialist lender so our broker tried to mentally prepare me for it. 

Hopefully we will be going into valuation next week. Fingers crossed!

onthemend88

@freedom010

Thank you, we are beyond relieved! Hopefully Precise won't need much more information from you and then valuation can be instructed

It will be worth the wait, I promise

xcvx

@freedom010 thanks for the reply. I actually looked into transunion and seen I actually have 5 defaults, one was a PDL which was from 2017 which I had no idea was outstanding until Jan and paid off straight away then. It still means we are in precise criteria of 5 defaults and have a DIP with 5.04%. Does anyone know how reliable Precise DIPs are? 

freedom010

@xcvx as far as im aware precise only use experian. I came across some site where it was suggested that they use experian and equifax, however, they have already done hard search on me and it appears only on experian. With defaults you should be fine. DIP reliability depends on underwriter and his wishes to either give you a loan or not. 

Speak to the mortgage broker as he should be the best person to look through your file and criteria. 

We had 3.44% rate offered.