Precise Mortgages - how long from application to offer?

Tinojino

jobo13 said:

Hi all! We got our offer today! I am absolutely ecstatic. Timeline is below for anyone interested (seeing these from other posters really helped me get through the weeks):
12th june: DIP, new build reserved
18th june: application completed
23rd june: due to covid, application submitted and valuation fee paid
1st july: request for more info (not much at all! I needed to sign my passport and request for letter to state that both incomes were unaffected by covid)
13th july: valuation instructed
20th july: valuation completed 
22nd july: offer received!

I must admit... this is the most stressed I have EVER been but looking back, the whole process has been super smooth.. broker and Precise both fantastic. Good luck everyone ❤

Amazing news! Congratulations! We had our valuation instructed a few days ago so hopefully not too far behind you. 

homelyhome4

Huge congratulations @jobo13, so excited for you wishing you well in your new home.

Bex_27

jobo13 said:
Hi,

I think you will be OK. We are in very similar position and just had our offer today. Mortgage very similar amount, very similar income. My credit score is poor, husband's is fair. Defaults from 2+ years ago. We don't have any loans or overdrafts but I don't think you'll struggle if you're paying them off.
Good luck!!

Thanks so much, @job013! I am so nervous about it all and constantly checking my credit score. I have noticed it went up by 30 points yesterday so I am almost at fair now. I am aiming to shave off a few hundred off my overdraft, the loan will be all gone by the time we go for the mortgage and I am aiming to settle things like AO beforehand too. I am hoping they will see that we are actively trying to rid our debts and appreciate that. I have been told we could lend up to £230,000 so we are quite far off that! Just so apprehensive about it all, I am afraid of rejection. This is really the only way we will get on the property ladder, if we do it next year we won't be entitled to H-T-B because my other half already owned another property. 

Kolacat

Yay we have our mortgage offer agreed today!! 8 weeks to the day from the application being submitted. It's been a long and stressful experience but finally got there 😁

Bex_27

Me again! I noticed a missed payment on my credit file from November 2019 and my partner April 2019. These were both paid off but I am now worried this might affect us. My MA mentioned nothing about late payments but just defaults, which were a long time ago.

xbinxycatx

Kolacat said:

Yay we have our mortgage offer agreed today!! 8 weeks to the day from the application being submitted. It's been a long and stressful experience but finally got there 😁

I got my offer on the 10th of July and completed today ... the best feeling in the world getting your keys

homelyhome4

Yayyyy congrats @xbinxycatx and @Kolacat so pleased for you both 👍🏽😊

onthemend88

We are completing next week (after delays due to covid) having had our mortgage offer on 17/3 and exchanging 19/6.

Solicitor is requesting funds from Precise tomorrow due to Monday being a bank holiday. 

@xbinxycatx did Precise call you prior to releasing the funds to your solicitor and was a final credit check performed? 

xbinxycatx

@onthemend88 - I was told to expect a call by my solicitor and broker but didn't actually get one. 
Funds were released around 11am and i had completed by 12pm .
i cant see that another credit check was completed either, welcome letter arrived at my new home the day after just detailing my first payment date etc

Was pretty straight forward - i was super nervous as i was a FTB at the bottom of a chain but it went well

onthemend88

xbinxycatx said:

@onthemend88 - I was told to expect a call by my solicitor and broker but didn't actually get one. 
Funds were released around 11am and i had completed by 12pm .
i cant see that another credit check was completed either, welcome letter arrived at my new home the day after just detailing my first payment date etc

Was pretty straight forward - i was super nervous as i was a FTB at the bottom of a chain but it went well

Thank you I bet it is such an amazing feeling now that the house buying process is over. We are FTB with no chain buying a new build but so nervous! Just out of interest, how long will it be before Precise take your first payment?