Precise Mortgages - how long from application to offer?

Tinojino

Hi everyone, thought I’d post our DiP to (hopeful) completion timeline as it really reassured me when I was waiting. 

DiP - 19/06

Application made - 23/06

Valuation - 31/07

Formal offer - 13/08

Exchange 🤞 - 25/09

Completion 🤞 - 25/09

sarcal3813

Tinojino said:

Hi everyone, thought I’d post our DiP to (hopeful) completion timeline as it really reassured me when I was waiting. 

DiP - 19/06

Application made - 23/06

Valuation - 31/07

Formal offer - 13/08

Exchange 🤞 - 25/09

Completion 🤞 - 25/09

Did they ask you for any more information along the way? 

obc18

hseab89 said:

obc18 said:

hseab89 said:

Hi. Our mortgage application with Precise was submitted on the 21st August, we were asked for some
additional information twice. They instructed the valuation on 11th September which is taking place next week. Fingers crossed 

What additional information did they ask for out of interest?

A letter from my employee to say I was back off furlough, we are in shared ownership so a rent statement, and details of my student loan. They also asked for my P45 from my last job as it wasn’t quite a year since I started the one I am in (by 5 days) 

Thanks - we've already got the letter from employer confirm return to work in the first instance, so hopefully that will shave some time off.

sarcal3813

Our application is being resubmitted today, it turned out that it bounced back because the solicitor we had chosen wasn’t on panel! So, 4 weeks after our offer being accepted, we’re back to square one Was hoping to have been in by Christmas, but that’s not looking likely now. 

oldmill14

Our application was closed on Friday after waiting 3 weeks, without us and our broker knowing because my wife is on furlough even though she is returning to work next month ( on full salary) Since then it has been Escalated to Precise management who admit they have made a mistake but now we need to start the process again! 

Tinojino

sarcal3813 said:

Tinojino said:

Hi everyone, thought I’d post our DiP to (hopeful) completion timeline as it really reassured me when I was waiting. 

DiP - 19/06

Application made - 23/06

Valuation - 31/07

Formal offer - 13/08

Exchange 🤞 - 25/09

Completion 🤞 - 25/09

Did they ask you for any more information along the way? 

Home phone number, p60s and queried a couple of payments on my statement. Other than that, they already had everything from our broker.

freedom010

Hey everyone. 

We have made full application on 15th august. Precise is constantly coming back with some „requests” which seems to be a bit painful. Our last request was a contact detail to developer which could suggest that they could be looking to get valuation booked. However, i have seen on my credit report that they have made several identity and quotation checks today. Does anyone have experienced same stuff in terms of experian searches being done at nearly the last stage of underwriting?

i must say that it is very stressful process and once exchanged, i will need a week of sleep! 

obc18

We've also had an additional request for P60s, landline number and CML document from the builder, nothing else so far but will keep you posted. We've also had a few soft searches according to Experian. Not sure if a hard search is due soon but will keep an eye out for it.

obc18

Just re-checked, my mistake they actually have already done a hard search on Monday this week. Fingers crossed we hear soon.

freedom010

We had a hard search on the day when application was submitted. Now they have simply done few generic identity checks and one quotation search. Fingers crossed!