Precise Mortgages - how long from application to offer?

Awil31

We've been declined after hearing nothing for 10 working days. Valuation fee refunded early this morning. MA said it was referred to the underwriter and they declined it on the basis I took seiss grants during covid. My DIP was based without the grants included as income so it's a bit of a shock. 

They said anyone who takes the grants shows signs of financial stress. I guess it just depends on which underwriter you get on the day. Good luck to the rest of you.

Melandpaul

Bit unfair it's like self employed being punished for covid and taking up help entitled from government. Has your ma got another lender they going to try? 

Awil31

Melandpaul said:

Bit unfair it's like self employed being punished for covid and taking up help entitled from government. Has your ma got another lender they going to try? 

We've got two other options, it got to the underwriter so affordability wasn't the problem which we're relieved about. Our MA is sorting a DIP with another lender so we'll find out on Monday whether we're trying buying a house just yet or not. I don't think it goes to the underwriter until last thing so hopefully we still stand a good chance.

It's annoying because I've been self-employed for 6 years, who's to say a full time employed person has more security in their job than a self-employed person. The grants are just an equivalent for furlough. 

Precise basically said while the pandemic is ongoing they can't offer me a mortgage. I just wish they'd have raised a query sooner, like at the decision in principle stage. If our second option is a no go then we'll be out of pocket about 600 for searches, developer admin and whatever other things we've paid for with the solicitors. Seems a bit harsh to take people's money before a mortgage is guaranteed.

Good luck anyway, fingers crossed it goes well for you

pantheamoon

Sorry to hear about your outcome.  We have had bad news again our 4th chain is about to collapse again because the offer is taking to long to come through.  They have put their house back on the market.  We just have to hope the offer comes quick so we can offer completion ASAP x  Feeling broken 🙏

Awil31

pantheamoon said:

Sorry to hear about your outcome.  We have had bad news again our 4th chain is about to collapse again because the offer is taking to long to come through.  They have put their house back on the market.  We just have to hope the offer comes quick so we can offer completion ASAP x  Feeling broken 🙏

Shame that, you'd think they'd stick it out for you!! They'll only have to go through a similar timespan again....hopefully you get your offer soon!!

Melandpaul

Awil31 said:

Melandpaul said:

Bit unfair it's like self employed being punished for covid and taking up help entitled from government. Has your ma got another lender they going to try? 

We've got two other options, it got to the underwriter so affordability wasn't the problem which we're relieved about. Our MA is sorting a DIP with another lender so we'll find out on Monday whether we're trying buying a house just yet or not. I don't think it goes to the underwriter until last thing so hopefully we still stand a good chance.

It's annoying because I've been self-employed for 6 years, who's to say a full time employed person has more security in their job than a self-employed person. The grants are just an equivalent for furlough. 

Precise basically said while the pandemic is ongoing they can't offer me a mortgage. I just wish they'd have raised a query sooner, like at the decision in principle stage. If our second option is a no go then we'll be out of pocket about 600 for searches, developer admin and whatever other things we've paid for with the solicitors. Seems a bit harsh to take people's money before a mortgage is guaranteed.

Good luck anyway, fingers crossed it goes well for you

Let me know how get on with new lender I've feeling I will get declined due to similar reasons issues over covid.. ill know more tomorrow or Tuesday when get 1st lot questions.. 

Melandpaul

Cant believe how quick this been application put in thursday got call today to say they happy to proceed with valuation.. sent few questions about my partners address history... surely it can't be this easy???

COYI123

Awil31 said:

We've been declined after hearing nothing for 10 working days. Valuation fee refunded early this morning. MA said it was referred to the underwriter and they declined it on the basis I took seiss grants during covid. My DIP was based without the grants included as income so it's a bit of a shock. 

They said anyone who takes the grants shows signs of financial stress. I guess it just depends on which underwriter you get on the day. Good luck to the rest of you.

What a load of crap , they are the biggest scumbags at times , how does that honestly show financial stress ?!? If your entitled to it your not just going to decline it are you , plus they don’t think of it as a bit of money back what you’ve lost out on , makes my blood boil , hopefully you get an offer soon

WooLucyWoo

So sorry to hear this news. I have had a few seiss grants and we were accepted. So seems odd this would be their reason 

pantheamoon

Well we had some good news today.  Valuation done ..waiting for news and offer as soon as possible hopefully and we found out the end chain now are going to complete for us and move into rented sooooo happy 😊  we are hoping by 14th July we can complete... 2.5 years and we might be there! X