Precise Mortgages - how long from application to offer?

sar8546

Hi all,

Our application went in on 1 March.
Was with their underwriters by 7 March.
They received the report from the surveyor on 14 March.
We are still waiting for an outcome.

Every week since the application we've been asked to provide some kind of supporting documentation, and of course every time you submit something it's another 5 working day wait. Finding it really difficult now, we just want to know either way! And the agent/vendor are getting twitchy about the wait. Even our broker is losing patience with precise. But i guess there's a reason people go to precise and for that reason they need to be extra cautious. Broker expects us to receive an offer on Thursday - fingers crossed!

Katie1988

Getting a bit fed up with precise now. Since our application went in on the 24th march they have been back to us almost every day asking for documentation all the time.
It goes to show that they do not communicate they asked for a letter from my employer stating how much I earn and when im due back of mat leave. Even though they already have it they clearly did not look on the file! And also asking when my husband is due back in work even though hes been back since jan 8th. Its getting a bit ridiculous as they dont seem to have a clue what they are doing.
Our exchange is getting closer and closer and still no mortgage offer. :mad:

Thefutureisbright

I'm in a similar position Katie1988.

Our full application was submitted on the 28th March, all requested documents sent, hard search done, fee and valuation taken from my back.

Since then, I've heard nothing. Not a single peep. I've had the agents on the phone for the house were buying asking why the survey hasn't even been done yet and I've avoided their calls today because I don't know what to tell them!

I've been pestering my broker every day and they just keep telling me it's out of their hands. All I want is for the valuation to be booked to keep the wolves from the gate! We need to be out of our house at the end of next month so out buyer can move in.

It's torturous!!

Katie1988

Thefutureisbright
That must be awful for you I can not believe how bad they are being. Have you got the number for precise mortgages directly or an email can you get on to them. Your broker needs to keep on at them thats what he/she is paid for. Especially with you having to be out of your house by the end of the month. Its like they just take the money then dont do anything. I dont blame you for avioding the calls.
Its like precise just come back everyday requesting new information. They definitely dont communicate though asking for documentation they already have x

Thefutureisbright

Hi Katie
I would rather them come back and ask for every document going (hopefully they won't as I've provided everything and more!) rather than not hearing from them at all...that's the most annoying part. I'm getting frustrated with my broker cus all they keep saying is that it's out of their hands regarding the valuation but I'll keep pestering them as that's what I've paid for! My biggest peeve with my broker is that to start with, I was dealing with him directly and now, I'm dealing with his 'assistant' who quite frankly, can barely string a sentence together and that's being kind! If I've not heard anything by lunchtime tomorrow, I'll be ringing my broker and asking to speak to him directly and not his assistant as I cannot risk losing the house and the agents are getting tetchy now and rightly so cus so am I!

I just need to have the valuation booked in (which was paid for last Monday!) then I can relax a little.

Katie1988

I understand your frustration it must be awful. Is it a new build home you have bought?
I've just checked my bank and they took our valuation money on 30th march and we are having it done tomorrow so I don't understand why they haven't booked you in.
Oh dear yeah ring them tomorrow and demand you speak to him its not right that they keep fobbing you off. X

Thefutureisbright

No, not a new build, should be a fairly straight forward 85% LTV.

I have it in my head now that I'll be making sure the valuation is booked by tomorrow and not giving up until it is! I know patience is a virtue and all that by I don't think I'm being unrealistic in thinking the valuation should be well and truely be on it's way by now!x

Katie1988

Yeah it should of gone through quicker than it is.
Definitely get that valuation sorted. Let me know the update. X

kwackerman

I'm also waiting for Precise but reading this thread has made me realise the experiences on here are not likely to help.

One person posts every time they ask for new documentation it goes to the bottom of the pile and it takes 5 days for them to deal with then another person on here is saying they are asking for another document every day!
Neither experience then can be the norm.

It is so stressful but all you can do is wait.

leighlad86

i'm also waiting for an outcome at the moment however the broker has been upfront and set the expectations with us so we know what timescales to expect. AIP on 31/03/17 then Full app was submitted on 04/04/17 along with the payment for our valuation. After reading this topic i gave our broker every document i could think of relating to an app so hopefully if they request anything the broker can get it back to them ASAP but i'm aware each time its 5 days before they asses the doc.

The full app passed through and will be looked at by the underwriters on or around 11/04/17. In the meantime i'm expecting the valuation to be booked in this week to be done at some point next week depending how busy the valuers are.

The way i see it for most of us it's last chance saloon in terms of lenders just got to keep positive and patient. If it's meant to be it will happen.

As a side note i'm more bothered about the valuations. The house we are selling is going to FTB's with 90% LTV so no room down valuations on ours and the one we are buying is a private sale so have no idea of its true value as there aren't any comparables to go off.