Precise Mortgages - how long from application to offer?

xcvx

@Kelda1 I have been checking up to see about your progress! Congrats!! 

Toriam31

Hi, So glad i found this forum! My partner and i have applied for a mortgage with precise due to a default on my part back in Oct 2016. Since then no major financial dramas. This will be my first mortgage but not his.  We submitted our application via MA on 29th Jan and last week we had a few requests for more info which is normal.  Sooo the main question i have is, have any of you that have applied for a mortgage with them live in Scotland? if so how long did the process take for you from application to approval?  We are on week 3 now and valuation inspection hasn't been done yet    

moneyworrier2021

Our application was about 3 weeks but we were very proactive with our Broker to push back with any requests they add. A major one was that my default was marked incorrectly. I'm on a debt repayment plan rather than debt management plan and they wanted that corrected before completing the application. Was a nightmare as i Literally pleaded and begged Barclays to sort it within a week. 2 calls a day seemed to get it sorted,

Next march i am at the end of my 2 year fixed term, what happens then? do i automatically go onto a variable or will they contact me about fixing it again? I have to get off this stupid 5% rate im currently on. Cant imagine how much i could save a month against a regular fixed rate with a highstreet bank.

Toriam31

Yeah our MA is very good at getting requests sorted and sent asap to avoid any delays. It has taken me phoning around and getting requets done as well as our MA doing the same to get them actioned.  We were able to get a interest rate of 3.7% (or thereabouts) with precise. Dont know how as ours are all done through our MA, he just lets us know what he has found and we confirm whch one we want to go with.  
In relation to when your term comes up they will notify you. It may be worth finding a Mortagae Advisor to find the best deal for you.  We dont pay ours as he gets paid through commision for taking customers to the Mortgage companies.  

mrseff_2

Another wee update from me today - 
Hard credit check done on 12th Feb & valuation instructed today. However, as my application gives the plot / site address rather than the actual road address which we've now had I need to go all the way back to get my ATP from HTB amended so that everything reads the same. They've advised 4 working days for that but for my original application were quicker than planned so fingers crossed...

Other things they have asked for:
Incentive form from developer
3 months payslips, 3 months bank statements & 2 x P60 as I get an annual bonus. They have also asked for proof of rent which will come from bank statements and proof of a 'maintenance' payment my ex pays me. This is a personal arrangement made between us and will carry on until my daughter is 23 and he's happy to say so in writing but not sure if they will allow. I don't think it will affect my affordability too much. Oh and proof of enough funds for deposit sitting in an account, erm and whether I'm Mrs, Miss or Ms - I'm all over the place with this stuff - having been married, actually still married, but separated but apparently if I stick with one it should be fine!
Argh... nailbiting stuff!

Kelda1

xcvx said:

@Kelda1 I have been checking up to see about your progress! Congrats!! 

Thank you I can’t remember who it was but a while ago someone put be in touch with David MB and he has been amazing 🤩 so whoever it was thank you so much 

Clairelou86

So quick update. Precise have come back with some queries on bank statement and partners wage slips. Hoping there will be no more questions after this would just rather know. So frustrating! How’s everyone else getting on? 

gemstar28

Our application went in last week paid valuation fee then too. Not really heard anything other than it’s with underwriters. Is that normal?

gemstar28

Clairelou86 said:

So quick update. Precise have come back with some queries on bank statement and partners wage slips. Hoping there will be no more questions after this would just rather know. So frustrating! How’s everyone else getting on? 

What questions did they ask about bank statements if you don’t mind me asking? 

_AandL_

gemstar28 said:

Our application went in last week paid valuation fee then too. Not really heard anything other than it’s with underwriters. Is that normal?

What day last week did it go in? We sent ours off on Thursday. Had a couple of questions raised and documents to send off on Tuesday this week.