Precise Mortgages - how long from application to offer?

shankerrison

shankerrison wrote: »

@AJK11 Thank you, you too!!
Hoping we have an answer by the end of the week, we've reserved a new build that is due to completed in summer so I don't want to get excited or anything yet until we have the offer in place. Super nervous!!

We had an email on Thursday from our broker to advise the evaluation of our property was on hold until the mortgage was fully approved and would update me further when they know more. I've received an email today to say the evaluation is due to be completed today. Does this mean i can presume we are going to be approved following the evaluation? Full process has stressed me out cant wait to have an answer in writing haha

AJK11

Update...our case has been assessed by the underwriters already and all that was outstanding before proceeding with valuation was proof of address. They were quite specific about exactly what they would and wouldn't accept as proof of address and we have as a result had about a weeks delay what with work and waiting for copy bills etc to be sent through. I have now had my proof of address verified and signed off, just waiting to hear by close of business today whether they are happy with my partners proof of address and then they are going to go ahead and book the valuation, so looking positive.

Yes @shankerrison that does sound positive aswell, fingers crossed for you and keep us updated. Also I agree with you that the whole process is extremely stressful, we are also in the midst of moving out of our rental property so lots on our plate at the moment and could do with some good news!

AJK11

Received call today from my broker to say they have now approved everything and accepted our proof of address and are instructing the valuation to take place. Application went in on 23rd Jan and we lost a week with sending out extra documents etc so all in all it has been quite a quick process so far.
The broker is going to let us know when the valuation is booked for and then normally takes up to 5 working days for them to get the report back and send out the offer but may be quicker than that.

Almost there!! :-D

shankerrison

@AJK11 congrats!!! We have had everything approved now, just waiting to have something official through in writing yeyyyy!

Our application went in 27th of Jan, asked for proof of address for 3 years on 30th of Jan and our evaluation was completed on 5th of Feb so super quick for us too, was reading hellish reviews that it took some people up to 8 weeks to receive an answer and I thought god cant go through 8 weeks of that.

AJK11

shankerrison wrote: »

@AJK11 congrats!!! We have had everything approved now, just waiting to have something official through in writing yeyyyy!

Our application went in 27th of Jan, asked for proof of address for 3 years on 30th of Jan and our evaluation was completed on 5th of Feb so super quick for us too, was reading hellish reviews that it took some people up to 8 weeks to receive an answer and I thought god cant go through 8 weeks of that.

Ah thats fab news congratulations! Have you been told they are giving you the offer and just waiting for it to be posted to you? I spoke to our estate agents today and they told me the valuation is being carried out on Monday 12th so hoping they won't take too long to come back to us after that takes place

shankerrison

@AJK11 Yep, just waiting on receiving the official offer through in the post! I don't think they do the evaluation of the house if they aren't going to approve so I think you'll receive your offer through within a few days after your survey has been completed Our house isn't even built yet so not quite sure what they surveyed yesterday haha!

AJK11

shankerrison wrote: »

Sorry don!!!8217;t know why my writing went all jumbled, won!!!8217;t let me edit. Hopefully this works @AJK11 Yep, just waiting on receiving the official offer through in the post! I dont think they do the evualation of the house if they aren!!!8217;t going to approve so I think you!!!8217;ll receive your offer through within a few days after your survey has been completed Our house isnt even built yet so not quite sure what they surveyed yesterday haha!

Ah that is fantastic news, really happy for you!
Ha ha yeah that must have been a bit of a strange survey :rotfl: Our house is just over 100 years old but seems to be in excellent condition and the price we are paying is average for the street so hopefully the valuation goes ok.
Our broker says all is looking positive so keeping everything crossed but I definitely won't properly relax and start getting excited until I have the actual offer on paper in my hands.

AJK11

Just realised your valuation was only completed yesterday so that's super quick for them to have got the report back to the lender isn't it! When is your house due to be built/completed?

elchapo

If the house is not yet built, they just do a survey based on information sent by the developer. Strangely, they often still charge the same money.

Precise had come back to us asking for lots of additional documentation which we sent on Friday. The valuation was also done on Friday Feb 2nd. Today, they just said that my direct debit mandate has a different signature to the one on my passport but that was it so it seems they are happy with the valuation and extra info/documentation. Fingers crossed, we'll get an offer in the next day or so as our developer wants to exchange by 19th Feb and complete 23rd Feb.

shankerrison

@AJK11 I love old houses super jealous, is there a lot of work that needs to be done or can you move straight in? Our window for the house completion is June - August, was told by the developers it will likely be August time when we can move in if there are no delays! We have exchange of contracts as soon as the solicitors are prepped and then I can stop stressing lol