Precise Mortgages - how long from application to offer?

sptravis99

Hi all
We too had a DIP from Precise in the middle of July, and put our full application in around a week ago. They have our bank statements, wage slips, P60s and credit reports, and have taken the valuation fee last week.
We have no Defaults or CCJs and our only debt is a car finance at £191 a month.
I have 5 missed payments on a loan from last year, which was paid in full in December, but it says they don’t look at unsecured arrears? This put other high street lenders off.
My question is, what is the process from here? Are we likely to be declined for any reason not listed above? I’m probably worried about nothing, but after 6 years of fighting debt and credit, we finally look good on paper but maybe not good enough?!  My wife was on furlough but isn’t anymore, and has two different part time jobs. I have a full time job that’s never been furloughed luckily.
Any feedback will be much appreciated!

mt13579

sptravis99 said:

Hi all
We too had a DIP from Precise in the middle of July, and put our full application in around a week ago. They have our bank statements, wage slips, P60s and credit reports, and have taken the valuation fee last week.
We have no Defaults or CCJs and our only debt is a car finance at £191 a month.
I have 5 missed payments on a loan from last year, which was paid in full in December, but it says they don’t look at unsecured arrears? This put other high street lenders off.
My question is, what is the process from here? Are we likely to be declined for any reason not listed above? I’m probably worried about nothing, but after 6 years of fighting debt and credit, we finally look good on paper but maybe not good enough?!  My wife was on furlough but isn’t anymore, and has two different part time jobs. I have a full time job that’s never been furloughed luckily.
Any feedback will be much appreciated!

Going off what you’ve said, it seems you have a strong case and seem eligible - they don’t look at unsecured arrears in their current products. Only thing is with furlough, I think they are requesting payslips proving 2 months of returning to work normally (I could be wrong but this is what others have experienced). 

Does anybody know if they underwrite the application prior to instructing the valuation ?

mt13579

Valacarno12 said:

Any ideas if Precise would instruct valuation if they were still determining whether to approve? 

It’s a new build.

Hey, have you received an update from precise since your valuation was carried out? 

freedom010

As far as I am aware from my previous "encounters" with Precise, they do instruct property valuation right away prior to assessing any case as its a customer who is paying such fee. Banks who offer free valuation would only do valuation at the end to not waste own money in case if an application is declined. Our broker in the past simply asked underwriter to assess case first and once happy to instruct valuation - and they did it. I recommend doing the same if you are anxious or if its something that would make you more relaxed about potentially loosing that valuation fee. 

onthemend88

A bit late to update as we have had a really busy week but we finally completed on our house purchase with Precise on the 7th August and are finally living in our dream home. 

For all those waiting on your decisions, the wait is horrible but I promise the end result is worth it. 

This was my timeline

17/02/20 - DIP.

18/02/20 - Mortgage Application completed, hard credit check (Experian), HTB (Wales) Application Completed.

24/02/20 - HTB Granted, Hard Credit Check by HTB Wales (Equifax), Authority to Proceed obtained.

25/02/20 - Full Mortgage Application Submitted, Valuation Fee taken.

27/02/20 - Further documents and info requested from Precise. Direct debit confirmation received via post.

• Signed Declaration
• Proof of ID needed to be countersigned by Broker
• Disclosure of Incentives
• A couple of questions (had we paid reservation deposit, confirmation of exchange and completion date, landline number)

28/02/20 - Further document and info requested from Precise. Valuation on hold until underwriters are satisfied with all documents and nothing more required.

• Disclosure of Incentives to be sent again as file did not upload properly 
• Queried 3 transactions on our bank statements

29/02/20 - Precise underwriters happy with all documents and information submitted and valuation instructed
02/03/20 - Valuation booked for 16/03 (Builder on Holiday so could not be done any sooner)

16/03/20 - Valuation completed

17/03/20 - Mortgage Offer

23/03/20 - Lockdown. All work on our new-build halted. Completion date changed from 30/04/20 to 17/07/20

10/07/20 - Further delays. Completion date changed from 17/07/20 to 07/08/20

07/08/20 - Completion. Officially homeowners

HS12345

xcvx said:

Hi guys
I know this thread is regarding application process but was wondering if someone could give me any reassurance/hope.

Myself and my partner and hoping to put in a full application with precise within the next few weeks on a few build (waiting for it to be released for sale) my partner has excellent credit with only a £200 child maintaince payment each month.

I have 3 defaults from 2018, latest one Dec 2018. All paid off as off Jan this year and multiple payday loan use all from 2017. 
I have a car on finance which is due to end Nov this year and a loan which ends in Aug 2021.

We have a joint income of just over 40k and will be using the HTB with 5% deposit of our own. 

Has anyone with similar situations been accepted with precise? It makes me feel sick thinking about it!! 

Looking to see if this went through for you? 

Valacarno12

We’ve got our valuation booked Thursday, all documents etc supplied. Hoping, after reading on here, that valuation is normally the last step before offer. It’s a new build so can’t imagine valuation is too strenuous 

mt13579

We got our offer!!!!

So relieved as we honestly thought we would never be able to get a mortgage. We are using HTB on a new build property.

 Thought I’d post our timeline to potentially help anyone applying now and curious as to current timeframes due to Covid.

10th August - DIP
12th August - Full application submitted 
13th august - Valuation instructed 
17th August - Valuation carried out
18th August - Precise requested info (requested proof my partner never had a DMP, proof provided on 19/08)

20th August @ 9am - MORTGAGE OFFER ISSUED 

This was such a quick turnaround, from application to offer within a week!  I was expecting to wait a month atleast. 

Good luck everyone, hope your wait is also short and sweet!

freedom010

@mt13579
That's amazing! congrats!
Could you please just confirm if you had any contact from Precise asking for extra documents? We have submitted our application but precise came back two days later asking for signed declarations, p60s, and statements. Have you supplied that straight away when sending an application or you had to supply that during the process? (maybe your broker is a bit more clever lol)

NannyPlum89

Valacarno12 said:

We’ve got our valuation booked Thursday, all documents etc supplied. Hoping, after reading on here, that valuation is normally the last step before offer. It’s a new build so can’t imagine valuation is too strenuous 

Hi! Can I ask when you submitted your application please? Ours went in 14th August, they requested a few bits of information on the 19th but other than that, we haven't heard anything else.