Precise Mortgages - how long from application to offer?

freedom010

Hi guys, I am wondering if anyone had a similar situation today or yesterday...
We are in a process of application and the underwriter is constantly coming back with requests with more info - which is fine. We are supplying as we go. We have not been informed about any issue with the application, however, we have seen a valuation fee refund on our bank account. Have anyone experienced the same?
Would you think it is due to hold of all precise mortgage applications (due to Covid-19)? 

Our anxiety levels are up now, so it would be great to see if anyone has been refunded the valuation fee for no reason?

EverythingIWant

Hate to say it but belts are tightening and mortgage lenders are wobbling. We are with precise currently. Valuation fee refund may be because no valuations are going to be carried out for the foreseeable (good to get the refund) but if I was being very honest I would be surprised if you get the offer. We got close to the offer stage for a remortgage with NatWest, just before the surveyor was coming out they said the application had now been declined due to adverse - the credit checks and adverse had all been agreed at that point. Wouldn’t share any further information. Prepare for the worst anything else is a bonus. 

EverythingIWant

Also spoke to a building society today who said they are tightening up lending across the board and senior underwriters are reviewing almost every case, cherry picking only the lowest risk. 

freedom010

@EverythingIWant thanks for sharing!

it is a bad time anyway to buy any house i think due to several factor around current virus situation. I am just very surprised that precise processed a refund of the fee without even noticing us or our broker while requesting more infos. The only idea that comes to my mind is that they are also stopping any borrowings and refunding fees for now until they can restart the valuation process and possibly taking fee again. Wondering how long that will take. 

I guess that developers will have to fit to this situation and simply wait for buyers to be able to get mortgages in place. 

Sad times

EverythingIWant

Yeah the developers will wait, the number of buying will drop now so I wouldn’t worry too much. They will have an update for you but it’s a case of getting hold of them via your broker! It is probably because no valuations so they are giving your cash back, and will retake it when the process resumes - probably mid to late summer?

freedom010

We just had an update and precise declined application (at very late stage) due to covid-19. They are declining applications and refunding valuation fees as they are unable to process anything at this point. We will have to wait and see how things go and see when they will be able to process that. Developer will wait as there is going to be many people in our situation. It is scary how simple virus can affect society and economy. 

Thrugelmir

freedom010 said:

 It is scary how simple virus can affect society and economy. 

A reality check for many. As to how modern medicine shields us from so much in daily life. 

lspell1

Seems all pre offer cases will not be proceeding with Precise:
https://www.mortgagesolutions.co.uk/news/2020/03/30/osb-and-precise-stop-new-apps-and-halt-pre-offer-cases/utm_source=customsell&utm_medium=email&utm_campaign=ms-second-send-30320-1585572680

Valacarno12

So we’ve been told that building is set to recommence for our new build, and our broker keeps telling us not to worry. However, can’t help but continue to notice Precise haven’t put any products back up apart from the 40% deposit one.

Also, for anyone who’s gone through an application is better to use some savings to clear credit cards right down? Or not much of a difference if just paying them off.

Sebasteeno

Valacarno12 said:

So we’ve been told that building is set to recommence for our new build, and our broker keeps telling us not to worry. However, can’t help but continue to notice Precise haven’t put any products back up apart from the 40% deposit one.

Also, for anyone who’s gone through an application is better to use some savings to clear credit cards right down? Or not much of a difference if just paying them off.

Were stuck in Limbo with Precise and have been for six weeks. We was trying to get a 15% deposit mortgage which but i think criteria will change and they'll stop 15% deposits for a while which will be the end of the application if they ask for a bigger deposit