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Precise Mortgages - how long from application to offer?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1.2K replies 218.1K views
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  • Missymae0Missymae0 Forumite
    85 posts
    Ninth Anniversary
    Faithshalo I'm so sorry what a situation to put you in, they should have declined at the dip stage.
    I'm still waiting apparently we should hear today but to be totally honest after your and other experiences on here I am not holding out much hope.
    Luckily I haven't put notice in on our rented house as we are hoping to buy a new build and we need time to get floors etc sorted so I was intending to keep our rented house for a month after completion anyway.
    Good luck on finding somewhere else I'm sure you will find something sharpish
  • GibbslGibbsl Forumite
    15 posts
    Faithshalo, Oh my word i cannot believe that they have done this after all that time, Im so sorry. I hope you find a home quickly and manage to find a silver lining. I would definatley take this through some kind of formal complaint as they had indicated an offer was on the table. All the best x.
  • Thanks everyone, I'm sure this is just an individual thing on our case or a mistake and that others will not be in the same position. I hope you all get your offers :) Back to the drawing board for me I'm afraid :(
  • GibbslGibbsl Forumite
    15 posts
    Good luck x
  • Hi all

    Faithshalo- what a nightmare- I am so sorry to hear of this and it makes me incredibly nervous about our application!

    Just to update you all- we had our valuation on 29 June and were told to expect an offer the following week. Last week came and they requested my bank statements which I understood had been provided to them at the start of the process! Apparently the doc collector only scanned the front pages! I have made a complaint about the mortgage advisor following this and a string of other problems (could do a better job myself) and am now dealing with the manager.

    I was told to expect an update by the 11th- yesterday came and I was told I should have an offer within 48 hours.

    I won't hold my breath! But I will keep my fingers crossed!

    Crossing my fingers for all of you too!

    Xx
  • lsuttonlsutton Forumite
    47 posts
    Hi 1sttimebuyer.

    How quickly did you hear about needing more paperwork after valuation? Did they come back and tell you all was fine with the survey?

    My valuation was done on the 6th and it was only because I have called them directly do I know the survey has come back ok. Nothing from the broker .

    Good luck with your offer xx

    I've heard nothing since the 5th.
  • @lsutton

    Once valuation was done, we still had requests for additional information and then each time that info was sent, it would be 4-5 working days before they acknowledge it and it can move into the next set of questions.

    I was hassling my broker daily, sometimes hourly, at the end of the day, that's what they are there for.

    When I figured that the broker wasn't as efficient as I'd of liked them to be, I started going directly to Precise and this something cut down on the waiting so definitely worth a shot if you're struggling with your broker.
  • lsuttonlsutton Forumite
    47 posts
    Thankyou Futureisbight

    I will call Precise tomorrow if no joy with broker.

    How long from valuation until they came back to you with questions/requests?
  • I had the same issue as you with the valuation. There was no communication that the valuation had been done and had to chase for it to be eventually sent through. It was nearly 2 weeks before I heard anything.

    From valutionn, it took them another 2 weeks to ask more questions which were then responded to 5 days after I sent the required info.

    Just be aware that even once it's valued, it's may be that it get downvalued again depending on what your searches come back saying. I had £10k knocked off mine as the land the garage is on is rented land which they knew from the start.
  • Hi L Sutton,

    Our broker has never updated us without me calling- I have called every 5 working days and each time got an update later the same day.. poor service in my opinion :(

    So it was around a week after valuation- valuation is ok but they needed the further info.

    I phoned broker today and have now been told to ring again tomorrow as with underwriters. I'll update you all as to how that goes and please keep updating- helps to share the stressful journey :) hope one of us have good news soon!!

    Xx
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