Precise Mortgages - how long from application to offer?

NEY_2

Hi Abi, Thanks for your response. 1st time buyer using Help to Buy on New Build. I've had my job for 2 years but my partner has just started a new job in July 16. They have taken money out for the valuation . I have a default but my partners credit score is good . Awaiting for Precise to get back to us with documents required as the broker took all the documents from us but waiting for Precise to request them as will only send what is required. I just hope we get the offer as I could lose a lot of money i.e. survey fees for solicitors reservation fees for the builders and valuations fees. plus get rid of sleepless nights due to worries and have fallen in love with the new house. I can't buy anything for it as unsure of the decision.

getinmyselfoutadebt

Hi does anyone mind me asking the amount and age of your defaults? And have precise accepted?

ndf9876

Absolutely packing it now. Precise are, unfortunately, last-chance saloon for me, because I was an idiot and took PDLs. Otherwise good credit history, two late payments last year because I was moving house and the bills when to the wrong address - and two missed payments on partner's file because she didn't set up a direct debit and "Just forgot" :shocked:

Anyway, we had our AIP two weeks ago, and our full app went in about a week ago. We have been through the hard credit search (I am sad enough to monitor Equifax on a daily basis throughout this process) and the broker told me yesterday that our application is still showing as a pass after that process - which I suppose can only be a good thing!

If anything kills it now, it will be my wretched PDLs. I wish these companies never existed, but I only have myself to blame :mad:

sash_berry

Precise have refused us My file was very good but my partner has defaults after divorce. Last one 2 years ago. They gave us AIP, then told maybe they will give 75%, then big fat NO.
So we are waiting for TML - The Mortgage lender offer.
Quite upset with Precise, it took them few weeks to say NO and we may lose the house now too
Also I dont get WHY they give AIP and then say NO? Messing up with people...

sash_berry

getinmyselfoutadebt

My partner has few defaults, around 6-7 for approx 30k.
Our deposit was 75k and salary together around 140k
But Precise said NO

ndf9876

Well, a quick look at the Precise lending guide regarding adverse credit, says that there's a max 5 defaults in 24 months allowed, and current DMPs must be repaid on completion of the mortgage. I'm certainly not an expert, but on the face of it, that might be what sunk you?

Very frustrating that they would give AIP then blanket refusal, I don't think that's very fair on anyone.

Good luck and I hope it works out for you.

sash_berry

Thank you ndf9876,

Explains a lot but our defaults were older than 24 months..Anyway what is done is done now
Just why to give AIP if you have strict rules.

Thank you again and good luck too

kempstar

We have just applied for two mortgages with Precise, via a limited company.

Unfortunately I have a missed BTL mortgage payment on my file, it was one month late, back in April. This was due to a bank error, which they do not accept responsibility for. I have a complaint with the FOS but it has not been resolved yet.

Do you think this is likely to be an issue? Both mortgages are for £75k, 75% LTV. I am self-employed, earnings have been between £150-200k the last few years. I have borrowed from Precise before, - bridging loan a couple of years back for an auction purchase. No other non-mortgage debt.

Thrugelmir

sash_berry wrote: »

My partner has few defaults, around 6-7 for approx 30k.
Our deposit was 75k and salary together around 140k
But Precise said NO

Are/were the defaults fully settled?

Lyndseyjack

Hello,

Looking for some advice.

We have just put our full application in with Precise yesterday through a broker.

My husband credit is excellent but mine not so good. I have a default from 5 years ago settled and one from 3 years ago settled over a year ago.

My husband has a loan outstanding at £8k and a loan ato £1 5k.

We have no there debt.

We earn around £52k between us and have fell in love with our dream home. Only 169950. We've used HTB so have a 25% deposit to LTV would be 75%. We have an AIP with a rate of 3.9%.

The only thing that's worrying me is that we've used our overdraft on every bank statement we've submitted. It's now clear and I suppose the use of it was just a bad habit. I could kick myself.

Anyone been refused with Precise over an overdraft?