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Precise Mortgages - how long from application to offer?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1.6K replies 248.2K views
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  • Dollybird2021Dollybird2021 Forumite
    10 posts
    10 Posts Name Dropper
    We are still waiting. It will be 4 weeks on Friday. Two sets of questions asked and querying affordability now although broker has done and re-done affordability checks and it’s affordable for us. Loosing all hope this will go through to be honest and we will loose the search fees and valuation fee 😔. 
    I feel the same as you now claire. It’s actually soul destroying. I feel
    terrinlw today & my stomach is churning. I have accepted an offer on my house aswell 😢
  • KLHughesKLHughes Forumite
    21 posts
    10 Posts Name Dropper
    Hi, I think we will be using Precise at the end of the month (we should fit criteria then🤞) Can I ask which brokers you all used? And how much their fee was please? I’ve spoke to a few but I’ve had wrong information by quite a few that obviously don’t specialise in adverse credit, and then a couple that seem good are between 1.5k-2.5k broker fees 🙈 I wondered if anyone recommends anyone?
    Thank you
  • Clairelou86Clairelou86 Forumite
    43 posts
    10 Posts Name Dropper
    Oh no. It’s hard isn’t it. I don’t think it’s just precise im getting it’s like this where ever you apply. Are they questioning affordability for you? I believe they will lend to us but not the amount we need, it’s abit below😔. Wondering if they would let us pay something off or whether it will be rejected. MA is doing all
    he can 🤞 

  • gemstar28gemstar28 Forumite
    28 posts
    Tenth Anniversary 10 Posts Combo Breaker
    KLHughes said:
    Hi, I think we will be using Precise at the end of the month (we should fit criteria then🤞) Can I ask which brokers you all used? And how much their fee was please? I’ve spoke to a few but I’ve had wrong information by quite a few that obviously don’t specialise in adverse credit, and then a couple that seem good are between 1.5k-2.5k broker fees 🙈 I wondered if anyone recommends anyone?
    Thank you
    We were originally talking with a broker who was going to have the same level of fees as you’ve been quoted. But then by chance we’re buying a new build and the broker they recommended will have their fees paid by developer. 
  • KLHughesKLHughes Forumite
    21 posts
    10 Posts Name Dropper
    gemstar28 said:
    KLHughes said:
    Hi, I think we will be using Precise at the end of the month (we should fit criteria then🤞) Can I ask which brokers you all used? And how much their fee was please? I’ve spoke to a few but I’ve had wrong information by quite a few that obviously don’t specialise in adverse credit, and then a couple that seem good are between 1.5k-2.5k broker fees 🙈 I wondered if anyone recommends anyone?
    Thank you
    We were originally talking with a broker who was going to have the same level of fees as you’ve been quoted. But then by chance we’re buying a new build and the broker they recommended will have their fees paid by developer. 
    Thank you,
    We have found loads that don’t charge a fee, including the brokers recommended by our developer but they don’t seem to understand adverse cases. I had to tell our developers brokers how long a default stays on our credit file 🙈
  • Dan210993Dan210993 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Hi :) First time posting here but I think I’ve read every one of the comments on this thread haha! Just hoping that someone could give me some insight on how much longer they think the process will take/if I t seems to be going well or at least in the right direction! I have no idea and it’s stressing me so much, my broker is quite hard to get hold of and tends to take just as long as precise to reply! We’re buying a new build, he was recommended by the building company :) My partner has excellent credit, never missed a payment - mine is the issue, 3 defaults from 2 years 8 months ago all settled! Both full time employed in insurance. Neither have any loans/Credit cards but partner car on finance!  We had our AIP on 13th Feb, Valuation fee was paid on the 17th and MA put application in - hard credit check done!  22nd broker asked gifted deposit letter to be addressed to Precise and we filled in a disclosure form. 24th we had a DD form to complete. 26th MA asked for both our P60s and new months bank stamens and payslip as it reached end of the month! Was told valuation was done! Today MA said  they came back with one question from my statement - checking a payment which was for the rent! We moved in when I was young and in uni so have always made payments to my guarantor (my mum) each month for the rent, always paid on time and have been living here for 5 years :) Anyone had a similar time scale or can shed some light on how much longer this might take??? Thanks so much for any opinions :) 
  • Philippa91Philippa91 Forumite
    25 posts
    10 Posts Name Dropper
    KLHughes said:
    Hi, I think we will be using Precise at the end of the month (we should fit criteria then🤞) Can I ask which brokers you all used? And how much their fee was please? I’ve spoke to a few but I’ve had wrong information by quite a few that obviously don’t specialise in adverse credit, and then a couple that seem good are between 1.5k-2.5k broker fees 🙈 I wondered if anyone recommends anyone?
    Thank you
    Hello,

    I used haysto so you say what's wrong with your credit or whether your self employed ect and they find you a broker who specialises in the situation. We're paying £1495 and a few extra bits on top but nothing major. We paid £250 once he found us a AIP and then once our mortage has been approved we will pay the rest off. So far so good 😊
  • Philippa91Philippa91 Forumite
    25 posts
    10 Posts Name Dropper
    Another update. Precise got back today with a few questions. Asked about 2 payments on my bank statements my p60 and asked for a copy of my work contract with start date. For my partner they asked about a few payments ( mainly work related) and another bank statement as he had furlough on one of his so they want to make sure he still isn't on furlough. 
  • mrseff_2mrseff_2 Forumite
    35 posts
    Ninth Anniversary 10 Posts Name Dropper Combo Breaker
    Just had an update from my MB - they wouldn't accept my atp as it was a word document so she sent it back as a PDF first thing yesterday morning. They also wanted to confirm whether I was Ms or Mrs - we'd already told them this. I'm separated (for 12 years) and on some documentation I'm still Mrs and on others Miss or Ms - really doesn't matter to me! (slight feminist tangent here - why do women have to be portrayed according to their marital status, hmmmm?!) Anyway she says they're super busy and what was taking 2 days to turnaround is now taking about 6 and so not to expect to hear until next week now - raaaaah. She did say though that it looks like it's in for final assessing and we're waiting on an offer... eeeeeeek!
  • BenS89BenS89 Forumite
    2 posts
    First Post
    MoneySaving Newbie
    Hi all, been looking through this thread alot throughout our application process. So thought I would post our experience in the hope that it may help somebody else. Obviously everybody’s application is unique to them and their circumstances, but here’s ours. I must say that our MB is absolutely brilliant! The underwriter even commented on how well she put together and presented our application.

    House price £280k. Mortgage amount applied for £210K with 25% deposit. 

    DIP- 10/01/2021

    29/01/2021- Found a house we liked and had offer accepted.

    Full application submitted by broker- 08/02/2021

    10/02/21- Additional documents requested:

    Both of our driving licences again and signature discrepancy form. This is because my wife’s signature on her driving licence was different to the mortgage application paperwork. Normal story of her driving licence signature was done just after we were first married.

    11/02/2021- more documents required.

    -My P60 from last year. Initially we submitted my March payslip which had my YTD earnings with March being the end of the year. I couldn’t get my P60 at the time, but did in the end.

    -Bank statement queries for me;

     -Cash paid in (I sold our phones after upgrading and put the cash in the bank)

    -PayPal credits (I sold a few bits on eBay)

    -Bank credit from HMRC (tax refund)

    Wife’s bank’s statements:

    -PayPal credits (some of her customers pay through PayPal)

    -Bank credits from being paid for doing some other adhoc work for a friends business

    Incase anybody is wondering they ask a lot about credits going into your account, because they are suspicious that friends and family are sending money to help you get by which will make them question affordability.

    18/02/2021- MB rang and confirmed that the underwriter was happy and booked the valuation (our MB made sure the valuation was put on hold until the underwriters were happy)

    24/02/2021- Valuation carried out


    02/03/2021- Mortgage offer received :)

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