Precise Mortgages - how long from application to offer?

KLHughes

angievaga said:

KLHughes said:

angievaga said:

Have just had call to advise that mortgage agreed subject to valuation which has been instructed today! 🤞

How are you all getting on today? 

Amazing!! Congratulations!

Well i’ve been on the phone to precise again today. The references from work (basically just states contracted hours, state date etc) are on the way to precise tonight and I know there wont be an issue with them. Broker asked for valuation to be done after offer so we wouldnt lose money if declined. I told precise today that i was worried that we weren’t going to exchange in time. Precise have now emailed my broker saying...

Thank you for your correspondence in relation to the above application.   Further to a review of the documents provided, the following is required in order to progress the application.

 

As per the applicant’s request the valuation will be instructed upon receipt of the below. We note completion is set for 31/05/21. If you wish we can instruct the valuation however we will be unable to refund the fee should we be unable to proceed.

 

1.            Mr – Employment reference. This has been resent via email

2.            Mrs – Employment reference. This has been resent via email

So does this mean once they have seen the references then thats all they need?! Ive already answered some questions about transactions. I haven’t instructed solicitors yet just incase it declines then I lose more money🙈 x 

This sound what I have been through today. I had 2 questions on bank statements then soon after submission I had the call. Fingers crossed for you tomorrow! 

Thanks all. Still away to go but 🤞 xx

How soon are they doing the valuation? I know with my luck it will end up being under valued! 🙈 The problem is its not like we can really use another lender if its under valued x

KLHughes

Spoke to Precise again today, they have the references from our work and said theres nothing else they need. So upto 4 working days for them to assess them then fingers crossed an offer 🤞🤞

pantheamoon

KLHughes said:

Spoke to Precise again today, they have the references from our work and said theres nothing else they need. So upto 4 working days for them to assess them then fingers crossed an offer 🤞🤞

That is great! I'm sure it will be great.  My MB has said precise will review all the documents I sent and will just wait for the P45 to issue a formal offer.  So I am hoping next week they will order the valuation, or they will get a reference from my landlord.  They asked for his details so I assume that's their next move.

KLHughes

pantheamoon said:

KLHughes said:

Spoke to Precise again today, they have the references from our work and said theres nothing else they need. So upto 4 working days for them to assess them then fingers crossed an offer 🤞🤞

That is great! I'm sure it will be great.  My MB has said precise will review all the documents I sent and will just wait for the P45 to issue a formal offer.  So I am hoping next week they will order the valuation, or they will get a reference from my landlord.  They asked for his details so I assume that's their next move.

Ooo hopefully we will both have the valuations next week! I wonder if they do actual valuations or desktop valuations🤷‍♀️ I’m gonna have a read back again through this post to see the average time it takes for them to do the valuation after instructing it  

angievaga

Have called precise today. They confirmed what my broker said. The lovely lady said that normally takes a couple of days to get an appointment with sellers for valuation but then quite a quick process after that! 

Congrats to you all, looks like we are all in a good place xx

pantheamoon

I don't think by any stretch of the imagination I am near a valuation, I think at minimum they will be contacting my landlord, but I have never had any issues so not worried.    Only thing I was wondering they have had my bank statements etc for initial assessment yet they asked nothing financial, I am hoping that this is a good thing.  Surely if they wanted some clarification they would have asked with all the information in front of them?

WooLucyWoo

They didn’t ask us any financial questions. 

KLHughes

To be fair the only transaction questions I were asked were about a parking fine I paid, the company name for the parking fine sounded like a debt recovery type thing so they just asked what it was. I was expecting loads of questions about my food spending habits🙈😂 I also thought they would ask about and transfers to family/friends, or incoming payments but they haven’t and Precise have told me to today they don’t need to ask me anything else 🤞 Take it as a good thing if they haven’t asked you transaction questions ☺️ 

angievaga

KLHughes said:

To be fair the only transaction questions I were asked were about a parking fine I paid, the company name for the parking fine sounded like a debt recovery type thing so they just asked what it was. I was expecting loads of questions about my food spending habits🙈😂 I also thought they would ask about and transfers to family/friends, or incoming payments but they haven’t and Precise have told me to today they don’t need to ask me anything else 🤞 Take it as a good thing if they haven’t asked you transaction questions ☺️ 

I had 2 questions from the bank statement about 2 payments we had received but that’s all. 

Have also noticed that the response times have gone from 4 days to 3! 

Good luck all. Will post when I have more information xx

Melandpaul

So our landlords selling our house and still waiting start morgage on 12th June..  also our new house ready aug now instead of Sept..  so could you all keep me in loop of how long from application  to offer is and how long takes to exchange. As can imagine the stress is unreal. If I get decline I'm facing being homeless 🙈🙈🙈