Precise Mortgages - how long from application to offer?

budgie32

Hello,

I am still waiting on our final offer from Precise. I have no credit rating and some historical defaults (no CCJs or DMPS) but my husband has a great credit rating so our broker found precise who accepted us on a tier 4 at AIP. I was surprised it was a tier 4 given how long ago the defaults were and that we have a 50% deposit, but options limited.

Our full application went in on 24th August and full credit search done on same day.
Valuation done on 5th September.

Precise then came back for more info - updated Tax credits award, statement of earnings from HMRC for my husband as he only had p40s from his employer due to contract changes, proof of address for 3 years for my husband as he isn't on the electoral role and signed declarations.

It took 2 weeks for the HMRC to send us the documents we needed, the last of which was uploaded last Tuesday. Our advisor has chased precise for us several times and was told that if the valuation has been done then this is a good sign and they are just doing final checks. Our advisor doesn't think there should be a problem, as affordability isn't an issue but theres always that chance!

Solicitors have sent out contracts for signing for our buyers and for the house we are buying so things are starting to move. Its been just over 5 weeks since full application which isn't too bad really but nerves setting in now.

Cokibear123

My full application was submitted this morning and Precise have taken the valuation fee already. Is this a good sign???

EverythingIWant

Coki that means you have passed the electronic criteria i.e what they can see on your credit file etc. It will now go to the manual underwriting stage where they will look through your statements etc and request more documentation I expect.

Tax credits are a real pain, we are waiting on the letter arriving with an updated to the penny income letter. HMRC are slow as hell so our application is on pause till they get that.... The annoying this is we are not even using tax credits as our income!

Cokibear123

We are lucky that we don’t receive tax credits so one less thing for them to ask for. I’ve been reading that they have been asking for proof of address etc and the good thing is that we have both been on the electoral roll at this address since 2013 so that should be ok. Also we are both employed and have been with the same employer for many years so another thing that shouldn’t be needed etc.

Hopefully it should be straight forward if we’ve passed the full credit check.

EverythingIWant

I had been with my employer 5 years but still requested contract of employment, 3 months payslips, p60 for last year, and contacted my work place for a reference on top of that. Fingers crossed it will go smoothly but I thought we were an easy case turns out they still wanted every document you could think of, I think the worst thing is the fact that it is a week pretty much after submitted something new until they tell you if what you have submitted is right. All in all they are very good though given the market they are serving. May I ask what you are buying new build etc? Help to buy? LTV? And how much you looking to borrow?

EverythingIWant

And yes won't be a problem if your showing on the electoral role for the past 3 years and have no other linked addresses in that time frame. Have you found out which rate they have given you?

Cokibear123

I am remortgaging to buy my ex out of my house with my new husband. The house is worth £190,000 and I am borrowing £125,000. I have got defaults and ccjs from when we first split up and I was left on my own so that is why we unfortunately have to use Precise.

Cokibear123

Yes we are on tier 4. Which is better than not getting a mortgage.

budgie32

they wanted to see our tax credits revision as they said they wanted to ensure there would be no future claw back from HMRC which would affect affordability. I needed to do it anyway for that reason as my salary had gone up substantially so it wasn't a problem. We don't use tax credits as our income but because we have 3 kids and get tax credits it is quite a chunk monthly so I don't have an issue with them checking it all out.

They told my broker about 3 weeks ago that they had given full approval just needed to do the final checks before releasing the offer. I still panic though as they have requested additional documents since and have told her this.... she's confident, although very annoyed with Precise as they are being so slow at the moment.

They have said close of business today apparently......

Cokibear123

Budgie32
Have you heard anything about your offer yet??