Precise Mortgages - how long from application to offer?

AJK11

shankerrison wrote: »

@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

No luckily it's in really good condition but we are going to do cosmetic things such as new carpet, kitchen and bathroom to bring it up to date a bit, so excited!!

Ah hope the build is all completed on time for you and no delays, just out of interest, how does it work with your mortgage offer lasting until then? For some reason I thought I read on here that the offer is only valid for 6 weeks or something but I may be wrong?

shankerrison

AJK11 wrote: »

No luckily it's in really good condition but we are going to do cosmetic things such as new carpet, kitchen and bathroom to bring it up to date a bit, so excited!!

Ah hope the build is all completed on time for you and no delays, just out of interest, how does it work with your mortgage offer lasting until then? For some reason I thought I read on here that the offer is only valid for 6 weeks or something but I may be wrong?

That's great, bet you can't wait to all your cosmetic bits and make it your own, I'd love to do something like that but new build was the best option for us! The offer lasts for 6 months, which brings us to August, this was our concern but we was assured by precise that if there was any delays with the build we would be able to have an extension to cover completion. Not sure if it has something to do with the fact we are doing help to buy and its a new build why we can have the extension if required, my memory isn't the best but sure our broker mentioned something along those lines!

AJK11

shankerrison wrote: »

That's great, bet you can't wait to all your cosmetic bits and make it your own, I'd love to do something like that but new build was the best option for us! The offer lasts for 6 months, which brings us to August, this was our concern but we was assured by precise that if there was any delays with the build we would be able to have an extension to cover completion. Not sure if it has something to do with the fact we are doing help to buy and its a new build why we can have the extension if required, my memory isn't the best but sure our broker mentioned something along those lines!

Absolutely, have been browsing kitchens and bits online but until that offer is in our hands, don't want to allow myself to get fully excited just yet. Oh that's good news then, not sure where I read about the 6 weeks lol! I've spent many a late night trawling through these threads to try and reassure myself so probably misread it in a half asleep state :rotfl:

shankerrison

AJK11 wrote: »

Absolutely, have been browsing kitchens and bits online but until that offer is in our hands, don't want to allow myself to get fully excited just yet. Oh that's good news then, not sure where I read about the 6 weeks lol! I've spent many a late night trawling through these threads to try and reassure myself so probably misread it in a half asleep state :rotfl:

I've been exactly the same!!! My partner through this whole process has been speaking about the house as if the offer was already in the bag from the beginning, I've been like stop you will jinx us!! I had a default on my account from two years ago, so was reading through all the threads to try and find someone in the same position as me haha! I expected hell from Precise to be honest, I saw their trust pilot prior to coming onto the forum and thought oh my what have I got myself into but everything has been really straight forward!

AJK11

elchapo wrote: »

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.

Have you heard anything from them yet? Our valuation is booked for 12th Feb.

elchapo

AJK11 wrote: »

Have you heard anything from them yet? Our valuation is booked for 12th Feb.

Yes, its starting to get a little frustrating though. This us our timeline:

Thursday 25th Jan: Submitted application
Friday 26th Jan: Case was reviewed
Monday 29th Jan: Survey/Valuation was instructed (for Friday 2nd Feb)
Wednesday 31st Jan: Precise asked for lots of info. My tax overview for previous year when I was self-employed (now perm), contact info for my wife, confirmation of wife's maternity arrangements from employer, proof of address for 2015, confirmation of wife's student loan balance. All sent back the same day.
Tuesday 6th Feb: Precise said the Direct Debit mandate needs resigning as my signature is different to the one on my passport. I have changed it since the passport was issued many years ago.
Thursday 8th Feb: Precise sent a "Signature Discrepancy Form" for me to sign because my signatures on their forms don't match my passport. They also asked for the CML Disclosure of Incentives Form. We sent them both back today.

Hopefully we will hear something tomorrow but they seem to be getting busier so likely Monday. Ideally, we'd just have been asked for everything at once and then the process would only take a few days in total. Requesting info and placing to the back of the queue seems a bit crazy.

AJK11

elchapo wrote: »

Yes, its starting to get a little frustrating though. This us our timeline:

Thursday 25th Jan: Submitted application
Friday 26th Jan: Case was reviewed
Monday 29th Jan: Survey/Valuation was instructed (for Friday 2nd Feb)
Wednesday 31st Jan: Precise asked for lots of info. My tax overview for previous year when I was self-employed (now perm), contact info for my wife, confirmation of wife's maternity arrangements from employer, proof of address for 2015, confirmation of wife's student loan balance. All sent back the same day.
Tuesday 6th Feb: Precise said the Direct Debit mandate needs resigning as my signature is different to the one on my passport. I have changed it since the passport was issued many years ago.
Thursday 8th Feb: Precise sent a "Signature Discrepancy Form" for me to sign because my signatures on their forms don't match my passport. They also asked for the CML Disclosure of Incentives Form. We sent them both back today.

Hopefully we will hear something tomorrow but they seem to be getting busier so likely Monday. Ideally, we'd just have been asked for everything at once and then the process would only take a few days in total. Requesting info and placing to the back of the queue seems a bit crazy.

Oh dear that is frustrating. They seem to require different things from different people, for example I pay student loans from my salary each month but they haven't asked me for a statement or anything (yet!) The main issue which delayed our application so far has been getting proof of addresses that they considered to be acceptable.

Our broker has told us that once they have completed the valuation and as long as they are happy with the valuation then they will send out the offer as they haven't asked for anything further from us. They wanted to instruct the valuation 2 days after our application went in but she told them to wait until they were happy with absolutely all of our documents etc before going ahead with it so should be speedy once they've done that but I won't get too excited until I actually have the offer in my hands!

I really hope they get back to you asap with the news you've been waiting for and no more delays!

AJK11

Also, what is the CML disclosure of incentives form?

elchapo

It sounds like you are on the home run. I’ll keep my fingers crossed for you.
The CML disclosure of incentives is a statement from the seller of new build properties declaring what incentives have been given. For example, stamp duty contributions, lowered sale price etc.

james_19742000

elchapo wrote: »

james_19742000, waiting a week for a DIP sounds a bit strange. Our broker got us a DIP immediately. I'd have thought it would have given a yes or a no based on the address history it can or cannot find. Can you see any obvious gaps on Experian where your partner is not showing on the electoral register?

We are now into the 3rd week of waiting for a DIP!!!

Because the property that my partner used to love at was a large old house divided into 3 flats, the address finder that Experian use won't find the flat number, so until that is rectified Precise cant credit check her, go on Royal Mail, the address is there, plus all other credit reference agencies it is there, but not on Experian, even though she is on there on her credit file etc they won't process it until Experian update to say that property was 3 flats.....!!!

Its a complete joke, the home we want is available on the help to buy, the builder has given us a list of incentives to proceed, but we cant do anything until this is resolved, due to my previous adverse credit due to a divorce Precise are our only option, so a bit stuck really, Precise have said they will sort this week, but it is driving us nuts!!!!!

Any advice....!!!!