Precise Mortgages - how long from application to offer?

onthemend88

Tinojino said:

Hi everyone, it’s been really helpful reading this thread. We’re putting our application in to Precise tomorrow through our broker and I’m already dreading the wait for an answer. 

We’ve reserved a new build and are applying for the HTB. 

I keep seeing people talking about tiers. What do they tiers mean? I can’t find anything online. And why does it affect the application? 

The tiers are based on your adverse credit history. The more adverse your credit history, the higher interest rates you will pay. Pre-covid, there were three tiers with tier 1 being the better of the adverse, and tier 3 being the worst. 

Currently, Precise are only considering applicants with no adverse history (CCJ's/Defaults) within the last 24 months - this is their tier 1 product. 

ImThatGuy

onthemend88 said:

@gazzaroonie Where did you find out about the phonecall from Precise prior to completion? 

We are hoping to exchange within the next week or so with a completion date of the 17th July. 

Meant to be completing on Thursday. Had that call with Precise earlier, they just asked if anything had changed job/financial wise with us. 

Apparently there is an anti fraud and bankruptcy search prior to money being sent to solicitor aswell.

onthemend88

@ImThatGuy That's good to know, thank you for posting to let us know. Good luck with the completion on Thursday, hope everything runs smoothly for you How exciting for you! Just over 3 weeks left for us providing there are no delays. 

freedom010

Hey @ImThatGuy,

Do you mean final credit search and AML check prior to funds payout (standard precedure) or some extra checks? Interesting if lenders are now introducing new way of trying to refuse borrowings.

ImThatGuy

freedom010 said:

Hey @ImThatGuy,

Do you mean final credit search and AML check prior to funds payout (standard precedure) or some extra checks? Interesting if lenders are now introducing new way of trying to refuse borrowings.

It was literally a 3 minute call including getting through security. They simply asked if our financial situation had changed and that was it. 

Our solicitor emailed and told us we needed to make contact with Precise. Made it seem it was going to be a lot worse than it was, and had us really panicked there was an issue. 

freedom010

@ImThatGuy
Oh yeah, that's a very standard procedure of any lender. They call to welcome you and make sure that everything is still good. I thought that they introduced something new to make it all even more complicated.
We are awaiting with our application due to issues with covid and one of our employers, hopefully it will go through soon

jobo13

Tinojino said:

Hi everyone, it’s been really helpful reading this thread. We’re putting our application in to Precise tomorrow through our broker and I’m already dreading the wait for an answer. 

We’ve reserved a new build and are applying for the HTB. 

I keep seeing people talking about tiers. What do they tiers mean? I can’t find anything online. And why does it affect the application? 

Have you heard anything yet? Our full application went in on 23rd june and I'm so nervous, convinced we will be declined. Haven't heard a thing yet and it's been a week - have you had to provide any extra documents etc yet?

homelyhome4

jobo13 said:

Have you heard anything yet? Our full application went in on 23rd june and I'm so nervous, convinced we will be declined. Haven't heard a thing yet and it's been a week - have you had to provide any extra documents etc yet?

Hey jobo13
              Im new to the thread also. This is our journey so far!!! Our situation, both self employed (although I'm not back at work due to covid). no ccj's or defaults, just a few late payments. We had 2 credit cards and 2 store cards which we cleared on Friday from the sale of our house.

- full app 15th June
- val fee taken (and put on hold) and hard search on 16th
- first lot of queries asked on 17th
- answered queries and returned proof of address 19th and back in queue
- second lot of queries (latest bank statement, have we paid reservation fee, proof of completion on our current property) today and sent back today.

I hope they don't take another week to come back to us. It's the worst part waiting. I think the week wait is standard at the moment due to lack of staff maybe?!

hope you hear something soon

jobo13

homelyhome4 said:

jobo13 said:

Have you heard anything yet? Our full application went in on 23rd june and I'm so nervous, convinced we will be declined. Haven't heard a thing yet and it's been a week - have you had to provide any extra documents etc yet?

Hey jobo13
              Im new to the thread also. This is our journey so far!!! Our situation, both self employed (although I'm not back at work due to covid). no ccj's or defaults, just a few late payments. We had 2 credit cards and 2 store cards which we cleared on Friday from the sale of our house.

- full app 15th June
- val fee taken (and put on hold) and hard search on 16th
- first lot of queries asked on 17th
- answered queries and returned proof of address 19th and back in queue
- second lot of queries (latest bank statement, have we paid reservation fee, proof of completion on our current property) today and sent back today.

I hope they don't take another week to come back to us. It's the worst part waiting. I think the week wait is standard at the moment due to lack of staff maybe?!

hope you hear something soon

Hi! 
I still don't think we have had the hard search done? I've had no notifications with credit agencies. Application submitted a week today and we haven't heard a thing, no queries, requests for info or anything. We have paid the valuation fee.
I'm absolutely terrified - we were working on our credit scores and randomly went to view a new build a few weeks ago, loved it and here we are. I have three defaults, most recent is 2.5 years ago, my husband has three defaults and most recent is 4 years ago. He is self employed, I am a teacher and have been with my employer 6 years. Hope we hear something today...
Good luck with your application! Keep us updated. 

homelyhome4

jobo13 said:

Hi! 
I still don't think we have had the hard search done? I've had no notifications with credit agencies. Application submitted a week today and we haven't heard a thing, no queries, requests for info or anything. We have paid the valuation fee.
I'm absolutely terrified - we were working on our credit scores and randomly went to view a new build a few weeks ago, loved it and here we are. I have three defaults, most recent is 2.5 years ago, my husband has three defaults and most recent is 4 years ago. He is self employed, I am a teacher and have been with my employer 6 years. Hope we hear something today...
Good luck with your application! Keep us updated. 

Are you going through a broker??? Have you heard anything yet? It’s so stressful!! We never wanted a new build either until we actually went to see one and fell in love. Trouble is I’ve got my heart set on it now lol!
i still haven’t heard anything either and they solicitors are pestering me to pay for searches to be done but I’m reluctant until we know for sure.
Has yours been built yet?