Hi all... New to the game
Just though I would join in as we are awaiting to be accepted from precise also. The full application went in on Monday and so far all we had to do is change solicitors. We recieved the direct debit confirmation today which states "if" you are accepted. I'm just wondering at what stage they are... Have they flicked through all paper work yet? This is so stressful lol.... Broker reckons we should know something tomorrow? Not too sure though x
Hi jade same here ours prob went in tuesday/ weds, havnt had a letter yet though or the money taken . Very nervous but are fiancial advisor said 3-4 weeks is the general wait at the moment to see if weve been accepted did you chhoose precise for bad credit too?
When you have a Decision In Principle done by Precise they do a soft search on your credit file from which they can see your credit history ie CCJ's , Defaults etc, from this they offer you the products which match your status. Your broker will be advised by Precise as to what documentation is required - they always require applicants to sign their Declaration form - the broker should have been aware of this at the outset. Also proving addresses over the last 3 years is also a standard thing and a Bank Statement for the required year will be acceptable - it must be that you do not appear on voters role or credit search data for that period. Any lender reserves the right to request further information after receiving application - from what you have said I would not get too worried - just keep in close contact with your broker.
I am a mortgage broker and as such used Precise many times - as with any lender you just need to know how their systems work and the time frames they work to - when any lender gets in a lot of business the time taken to review information starts to take longer - most lenders will tell brokers what their current service level are and it up to us as brokers to keep our clients informed and hence take the stress out of the mortgage process.
Oh no, do you know why, my partner has a ccj from last year etc but im fine, my advisor thinks we will be ok but not sure myself, worried now. 2 weeks is quick
Alan do you think if our advisor if shes confident thats a good thing or genrally do they not kmow, we have had a mortgage in principal so if thats been accepted which it has do you think its likely the whole thing will be.
Thanks for the replies guys!! Starrybear that's gutting sorry to hear that!! Did your broker explain why?
Our money was taken same day as the application was submitted. And then yesterday I had the direct debit confirmation sent so im
Hoping this means they have actually had a look at our appliction. Our broker said we should know by today but I'm not convinced as I've heard they can be quite slow. Also my husband checked on experian and we have both had searches done by them on Monday. Let's hope if anything they didn't like would have flagged up and we would have known about it. Yes my husband had defaults in the past .. 2 coming up to 6 years this September and the last in two years old. All settled but his score isn't the best. Mines average according to noddle.
Anyone had any updates?
Thanks guys! Nice to chat to people who are in the same position.
As long as you have passed Precise credit score and your broker has had a Decision In Principle agreed there should not be a problem as long as you can prove income, address history etc.
It must be borne in mind that lenders have 1000's of applications on the go at any one time from brokers all over the country and it therefore takes time for applications to be processed with lenders usually operating a strict system - looking at Precise times today they are working on applications received on 11 July 2016.
I am a mortgage broker and this is for information only.
Ohh thank you... Well I guess that is why our broker said we could find more info out today as ours was recieved on Monday. Yeah we passed DIP there and then and it looks like credit searches was made on Monday. Hopefully I am over stressing and everything's fine. Our broker had all the info needed at the start i.e bank statements. We both on electrol roll so hope we have all bases covered.
Ohh I can completely appreciate they must be busy. Thank you
Wow there applying quickly then, ours told us 3-4 weeks so if it went in weds should be next week. So if youv had a mortgage in principal its a good sign.
Replies
Just though I would join in as we are awaiting to be accepted from precise also. The full application went in on Monday and so far all we had to do is change solicitors. We recieved the direct debit confirmation today which states "if" you are accepted. I'm just wondering at what stage they are... Have they flicked through all paper work yet? This is so stressful lol.... Broker reckons we should know something tomorrow? Not too sure though x
I am a mortgage broker and as such used Precise many times - as with any lender you just need to know how their systems work and the time frames they work to - when any lender gets in a lot of business the time taken to review information starts to take longer - most lenders will tell brokers what their current service level are and it up to us as brokers to keep our clients informed and hence take the stress out of the mortgage process.
This response is for information only.
Alan do you think if our advisor if shes confident thats a good thing or genrally do they not kmow, we have had a mortgage in principal so if thats been accepted which it has do you think its likely the whole thing will be.
Our money was taken same day as the application was submitted. And then yesterday I had the direct debit confirmation sent so im
Hoping this means they have actually had a look at our appliction. Our broker said we should know by today but I'm not convinced as I've heard they can be quite slow. Also my husband checked on experian and we have both had searches done by them on Monday. Let's hope if anything they didn't like would have flagged up and we would have known about it. Yes my husband had defaults in the past .. 2 coming up to 6 years this September and the last in two years old. All settled but his score isn't the best. Mines average according to noddle.
Anyone had any updates?
Thanks guys! Nice to chat to people who are in the same position.
It must be borne in mind that lenders have 1000's of applications on the go at any one time from brokers all over the country and it therefore takes time for applications to be processed with lenders usually operating a strict system - looking at Precise times today they are working on applications received on 11 July 2016.
I am a mortgage broker and this is for information only.
Ohh I can completely appreciate they must be busy. Thank you