Precise Mortgages - how long from application to offer?

extremeshopper28

Hi I am new to MSE forum and I hope you all can help me! I have had an offer accepted on a house and I am planning on making my mortgage application but I am concered because for the month of May and June I have worked a 4 day week with a 20% pay cut due to corona pandemic. I will be back to full pay in July. The broker I am using, Trussle have advised a letter explaining will suffice but I am not sure. Also I have worked there for 3 months only currently. Will I have any issues applying?

JoPea

Hi extreme, I’m not to sure about the 20% paycut as I’ve not come out of work, just wanted to say good luck as My application went in in the 4/6 they asked for more docs 5/5 think the waiting bit is going to be the worse for me feel so stressed and it’s only been 2 days 😫 I think if your adviser thinks it ok then it should be fine have you have you mortgage in principle?

steele3790

@JoPea
There seems to have been an issue with the submission of our documents from the mortgage broker to Precise so we are still waiting. Really hope we hear something next week. Good luck with your application. The waiting is horrible. 

JoPea

@steele3790
aww no! Has he not sent them off what broker are you using, we will have to wait for our yearly rent payments statements to be sent out as that’s the only thing we couldn’t send so that could take 5 days just want this over now! Hope you get sorted. 

steele3790

@JoPea
The broker has said it’s been sent but Precise can’t see it that end. We’re using new homes mortgage services. We had to send a rent statement but we are signed up to credit ladder and for £10 you can request a rent statement which shows all your rent payments. I requested ours in the morning and it was sent to my email address by the afternoon. I’ve literally been so stressed since the application went in. 

JoPea

@steele3790
oh really might give that a go and hopefully get it sooner, hopefully they will see it Monday, I’ve read that a lot of people ring precise themselves too to see where it’s up to. 

I know how u feel I feel exactly the same we did actually get a dip in March but had to submit another once everything was up and running again after the covid had calmed just hoping everything stays at it is! Once you know they have taken the valuation money you know they will have you application so might be worth keep checking your back as they took our straight away. 

steele3790

@JoPea

The application went in fine, they took our val fee and we received a direct debit form the next day, they came back and asked for a few things that same day and we sent them to the broker who forwarded to Precise (it’s these which are missing). I thought it was odd that I hadn’t heard anything for 3/4 days so I rang Precise and they said they were still awaiting the requested documents from the broker. Bit annoying really as we’ve lost a whole week due to these documents missing. I went back to the broker and they said they had been submitted so god knows what’s going on. I’m going to call first thing Monday and get the broker to submit them again. We were in the same boat with the DIP, we originally had it the middle of March but couldn’t do anything as by the time we were submitting the application Precise went off the market. We did another DIP I think it was the 21/05 and the full application went in on the 27/05. Are you doing HTB? 

gazzaroonie

Hi all, I ahave a question regarding precise....
I see they complete a call prior to completion and any fails on the questions can result in the funds not being paid on completion. Is this factual and if so what questions do they ask?
Also what checks do they complete as we are exchanging tomorrow with a completion date of the 30th June, I have checked my credit against Equifax, Exeperian and TransUnion and nothing has changed but to be honest as they are not the usual high street lender its making me proper nervous?

Valacarno12

We’re still waiting for their products to extend, as we fell into Tier 2 on HTB. Broker thought we were 1, and seemingly fit the criteria but ah well.

What are the things we should look out for in terms of they questioning? We’ve started bringing all credit card debt right down, and by end of August expect to have most paid off, but not sure what else we need to be doing? Our broker isn’t giving us much to go off.

steele3790

@Valacarno12
Did you put your application in and then get told you actually fell into tier 2?