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Precise Mortgages - how long from application to offer?

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  • sam791
    sam791 Posts: 46 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Our full application went in yesterday . I’ve been set a mortgage illustrated now . Is this a good sign ? 
  • sam791 said:
    Our full application went in yesterday . I’ve been set a mortgage illustrated now . Is this a good sign ? 
    Everyone get illustration as soon as DIP is generated so its a good sign as you have been issued an agreement in principal (DIP) but you still have to go through very detailed underwriting. 
  • Hi guys. After some advice as this is such an anxious process. 

    Submitted full application following DIP on Tuesday.
    Broker emailed this morning providing valuation report (all good) and Precise have queried a large transaction paid into my account (sold my car) and if I could provide explanation as to what it relates to. Replied this morning explaining it was the sale of my old car which I can prove if needs be.

    Can someone confirm how much longer I should wait for full offer? Nail biting stuff!
  • sutts2 said:
    Hi guys. After some advice as this is such an anxious process. 

    Submitted full application following DIP on Tuesday.
    Broker emailed this morning providing valuation report (all good) and Precise have queried a large transaction paid into my account (sold my car) and if I could provide explanation as to what it relates to. Replied this morning explaining it was the sale of my old car which I can prove if needs be.

    Can someone confirm how much longer I should wait for full offer? Nail biting stuff!
    There is a very good chance that precise will ask for a proof of sale - we had same situation. I supplied dvla paper and car sale agreement. 

    In theory it does state on precise website that they review stuff within 1 working day, but from my personal experiance at the moment it takes nearly a week from upload to their response. So be patient and prepare for the week. It is very stressful to wait and not knowing whats coming next. 

    Once they have everything they want and valuation is all good, you can expect some searches being done on you once again to check of circumstances changed and offer within few days. I know some people saying that its been issued the next day but i do prefer to be realistic and to be prepared to wait few days at least. 

    Btw: congratulations on your valuation! :) hopefully very soon you will be able to get that champagne bottle opened :)
  • sutts2 said:
    Hi guys. After some advice as this is such an anxious process. 

    Submitted full application following DIP on Tuesday.
    Broker emailed this morning providing valuation report (all good) and Precise have queried a large transaction paid into my account (sold my car) and if I could provide explanation as to what it relates to. Replied this morning explaining it was the sale of my old car which I can prove if needs be.

    Can someone confirm how much longer I should wait for full offer? Nail biting stuff!
    There is a very good chance that precise will ask for a proof of sale - we had same situation. I supplied dvla paper and car sale agreement. 

    In theory it does state on precise website that they review stuff within 1 working day, but from my personal experiance at the moment it takes nearly a week from upload to their response. So be patient and prepare for the week. It is very stressful to wait and not knowing whats coming next. 

    Once they have everything they want and valuation is all good, you can expect some searches being done on you once again to check of circumstances changed and offer within few days. I know some people saying that its been issued the next day but i do prefer to be realistic and to be prepared to wait few days at least. 

    Btw: congratulations on your valuation! :) hopefully very soon you will be able to get that champagne bottle opened :)
    Many thanks for that, I actually work for the DVLA and like I told my mortgage broker, I can prove it was for the sale of my car quite happily. I’m guessing they’re quite busy at the moment too but I’ll keep you posted on how long it actually took. It’s one of the most stressful things i’ve had to do, constantly playing the waiting game and not knowing what’s next, can’t bloody wait for it all do be done with. Many thanks for your kind words and hopefully won’t be too much longer! 
  • Our full application is now in, and all documents that they should need are in (hopefully!) 
    How long does it take for them to do the valuation? 
  • Our full application is now in, and all documents that they should need are in (hopefully!) 
    How long does it take for them to do the valuation? 
    Our full application went in Tuesday morning. We had our valuation done yesterday and had the results today. But they’ve questioned a large transaction on my bank statement this morning (sold my car) so I had to just tell them it was money from the sale of my car. Still waiting for decision. 
  • sam791
    sam791 Posts: 46 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    Application went in Wednesday. Valuation booked Monday . Is having the valuation a good sign or just part of the process ? 
  • How did you all know when the valuation is? I haven’t heard anything yet :/ 
  • How did you all know when the valuation is? I haven’t heard anything yet :/ 
    Some underwriters are getting a valuation done as the first thing when the application is logged. Other underwriters (like mine) prefer to do it at the end when underwriting is all done and sorted. In case if my case is declined, at least I can get a valuation fee refund. I would not get too excited about the valuation being done right away. 
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