Precise Mortgages - how long from application to offer?

Dollybird2021

Hey looking for some advice.

Mortgage offer submitted 5th feb with precise. They have asked us about affordability & ask about various transactions all explained.   My MB said it’s very common for precise to pull apart bank statements etc 😣 he said I should hear this week but I really keep thinking it’s going to be knocked back. We paid £500 to submit application I take thats for the valuation? What can go wrong a valuation? We have reserved a new build doing even feel like I can get excited ! 

_AandL_

Dollybird2021 said:

Hey looking for some advice.

Mortgage offer submitted 5th feb with precise. They have asked us about affordability & ask about various transactions all explained.   My MB said it’s very common for precise to pull apart bank statements etc 😣 he said I should hear this week but I really keep thinking it’s going to be knocked back. We paid £500 to submit application I take thats for the valuation? What can go wrong a valuation? We have reserved a new build doing even feel like I can get excited ! 

We paid money before sending the application off, this was for the valuation. We submitted ours a week after you and have only had a couple questions so far. Sounds like it’s just the start for us!

Clairelou86

Hi @Dollybird2021 we submitted our application on the same day as yours and still waiting. I know the valuation has been done (last Thursday) just not received an answer yet. We did have to send some further paperwork off on Friday and I believe it’s 3 days for review of paperwork so hoping hear something back this week. We have also reserved a new build. 

Dollybird2021

Aw it’s stressing me out so much! They phoned me today & was like oh yeh end of play Friday hopefully. I nearly died when I seen the number come up lol. I am in proper stale mate with it all. I have accepted an offer on my property & the lawyers are hounding me for stuff but I feel like I can’t even do anything the now because I just have this horrible gut feeling. They asked us about affordability on Thursday night due to me have 3 returned DD (which were paid) so I have doubts. Even though me and my partner have full time steady income jobs I have the fear. I thought AIP was fine too wasn’t really freaking out but now I am

Clairelou86

@Dollybird2021 I completely understand as I feel the same. Just got a funny feeling they are going come back with some questions which will be annoying. We haven’t waited that long considering but it feels like ages. Everything’s on hold now till we get a decision from precise. I hope it works out for us. I’d be gutted if we got declined and lost the valuation fee now 😩. 

_AandL_

We made sure the valuation isn’t carried out until all underwriting is ok as we couldn’t afford to lose out on the money. 

Clairelou86

We asked the MA to request the valuation was not completed before the checks. I had an email to say they were happy with the initial checks and booked the valuation but then later requested more documentation. I think the MA hasn’t passed on the request, no idea. 

helzyb

Hi
I have been stalking this thread. Your all a bit further ahead than us. Are developers are not on HTB list yet hopefully they will be in the next week. Therefore we have nt submitted full application yet.

we have found the house submitted the offer paid the reservation fee and are living in limbo consumed by the house and the process.

so scary to think after paying the fees then solicitors then valuation it could all fall through at the whim of an underwriter 😢

Looking forward to seeing how all of your applications go in the meantime x

Dollybird2021

Clairelou86 said:

We asked the MA to request the valuation was not completed before the checks. I had an email to say they were happy with the initial checks and booked the valuation but then later requested more documentation. I think the MA hasn’t passed on the request, no idea. 

That’s a good sign! My MA stated that once it’s at valuation stage it’s basically in the bag! Especially with a new build surely? 

Clairelou86

Hope so 🤞. Hopefully hear something tomorrow & will let you know. Hope you hear something soon.