Precise Mortgages - how long from application to offer?

Valacarno12

Sebasteeno said:

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

That’s my concern, we had 5% Help to Buy agreed, but worried they won’t put that product back up. 

freedom010

@Valacarno12

We are exactly in a same boat. We have house reserved since the beginning of 2020, but cannot proceed as lenders such as precise dont lend with help to buy. Our broker informed us that precise started up to 85% LTV lending, however, only with a cash deposit / not help to buy. Also, tiers are tighten so its much harder to qualify. He reckons that standard product range should come to life in about June/July time. 

Valacarno12

freedom010 said:

@Valacarno12

We are exactly in a same boat. We have house reserved since the beginning of 2020, but cannot proceed as lenders such as precise dont lend with help to buy. Our broker informed us that precise started up to 85% LTV lending, however, only with a cash deposit / not help to buy. Also, tiers are tighten so its much harder to qualify. He reckons that standard product range should come to life in about June/July time. 

The Help to Buy is back on Precise so we’ve started our application. Abit concerned about how much stricter they’ll be.

looking at the criteria we haven’t got any issues, just concerned about credit score and how that impacts. 

freedom010

@Valacarno12

I think that Precise is not taking your experian or equifax credit score into consideration. They are more interested if you fit into criteria. We have been accepted on the beginning of the year with extremely low credit scored in 200s. It was low enough to be refused a car finance but precise still provided DIP. 

Our broker advised us to wait a bit as precise has started to bring products back. At the moment rate is 3.89% for a 2 year fixed, where beforehand it was 3.44%. He is pretty sure that old product will be back soon. 

marsh19

I have enjoyed reading the stories ! 

My application went in yesterday, when did you notice the hard check on your credit report and what credit agency did they use for the hard check.
thanks 

onthemend88

Once our full application had been submitted, we had an alert the following day which showed the credit check. We only had searches done with Experian, nothing on Equifax or Transunion. 

Sebasteeno

Were still waiting - been about three months now

marsh19

That’s a long wait !! We applied on Tuesday and already have 12 questions to answer ! This is going to be a long stressful process! 

What questions have you all had back???.... mine have been 

6 months bank statements 
where did money come from (was a gift)
how will we pay off dept 
how will we cope with selling one car
how much savings do we have 
and many more ...

steele3790

marsh19 said:

That’s a long wait !! We applied on Tuesday and already have 12 questions to answer ! This is going to be a long stressful process! 

What questions have you all had back???.... mine have been 

6 months bank statements 
where did money come from (was a gift)
how will we pay off dept 
how will we cope with selling one car
how much savings do we have 
and many more ...

Hi, just wondering if you have had any update on your application? Mine went in on the 27th 🤞🤞

JoPea

steele3790 said:

marsh19 said:

That’s a long wait !! We applied on Tuesday and already have 12 questions to answer ! This is going to be a long stressful process! 

What questions have you all had back???.... mine have been 

6 months bank statements 
where did money come from (was a gift)
how will we pay off dept 
how will we cope with selling one car
how much savings do we have 
and many more ...

Hi, just wondering if you have had any update on your application? Mine went in on the 27th 🤞🤞

Have you heard anything back as yet our application went in on the 4/6 and valuation was taken same day?