Precise Mortgages - how long from application to offer?

abi34

Hi, miss sjl , welcome to MSe

The minimum deposit precise accept is 15% .. You must also be in continuous employment for minimum of 12 months , if married you must make a joint application, how long ago did you take out pay day loans ? They are notorious and lenders hate to see them , as long as it's few years old it should all be okay ! I am not a financial advisor or anything , I'm just giving some advice from what I know . If your planning ahead to step on the property ladder, it's best to keep all your documents and wage slips , p60 filed away , as you'll need them ! . Precise are a sub prime lender. With historic defaults and pay day loans you are seen as high risk , hence the high interest rate and 15% deposit as a minimum required . At the time of application make sure you declare everything on the dot , anything not matching up later will cause delay and headache which nobody wants , it's good to check your credit file online , and make sure there isn't something your not aware of . Never use your over draft , lenders see it as your Hungary for credit. And never max your credit card , pay on time , and try not to use credit card if possible. Also keep your bank statements as clean as possible , Cut down your spending habits , it's all planning and you'll be just fine ! ���� . Anything your not sure just ask were here to you help !

phil22

how come precise take a minimum 15% deposit, we are applying with them now and only have 5% which iv read on there website they will take? there still getting paperwork off us but surly that cant mean they will turn around and say you need 15% as we dont have that and are doing help to buy?

i just found this on there website
Customers will need to provide a minimum 5% deposit from their own
resources.

abi34

Hi, Phil

15% minimum deposit applies to residential property mortgages. However for new build with the help to buy scheme your right it's 5% but the help to buy covers more than 10% so they still get more than 15% irrespective deposit , i think you will be fine , how's the application , what stage are you at ? It's been a month now ? Good luck with the application. All the best Phil !

phil22

Thanks well they hVe requested a few thigs the main thing delayed it was the fact what we provided a letter from the bank wasnt accepted so thats took a few weeks they just requested my p45 from my last employer and my first payslip from current employer, there appartly speaking to the business development manager but theyv applied the pressure saying we will be ready to exchange this week which we are but they still arnt hurrying:( makes me wonder if they will take us as they dont seem
Bothered we could be kicked off ( which we shouldnt be) but yeah been 6 weeks ��Fed up is a understatement

abi34

Hi Phil , if you give them everything they want , and it's acceptable then I think you'll be fine , it's only dragging because they've requested further documents and the turnaround time as you know you lose a week every time , I wouldn't worry as long as you give them all the right documents and they back up your application you should be good to go , i doubt there gonna kick you off just like that , they want everything on file. It's procedures you just give them everything on the dot you'll be fine ! .. beware exchanging contracts require deposit, if your mortgage doesn't pull through you lose risking your deposit as you won't get it back , they requesting your wage slips and p60 for a reason , they just confirming your employment history and salary etc it's normal , They want it on file , they check your documents with fine tooth comb . They have to check look much they lending you ? You can't hurry them up unless they satisfied with your paperwork , when you get your mortgage offer its valid for 3 months from valuation date . Hope this helps

abi34

Hi jen ..any updates how's the progress ? Hope your getting on well . All the best and keep us updated .

phil22

Thanks abi were borrowing 108k house is 145k got our deposit and htb, fingers crossed we will hear soon making me very stressed.

We just spoke to our broker who said dont worry there just getting all the paperwork they need and we wont be told no now they would of done it by now, seems a bold statement to make but trying to be positive still just want to know 100%

jen1301

Hi guys, I forgot to update here...

Our mortgage offer came through last Monday (15th), so it was actually only 19 days from Application to offer which felt like forever but seems quick now after seeing how long it has taken for some others.

Good luck to those still waiting!

abi34

Hi ,

Congratulations jen yours was pretty quick !hope the conveyancing goes as quick too ! Phil i would try to remain calm and you know patients is a virtue , like your fa is advising you , they just checking over your paperworks. Once they happy your all good to go! ..

StevePEvans

Fairly quick on Offer but currently have been waiting 5 months[yes five months] for funds to be released.There legal people are a complete nightmare! Avoid at all costs!!