Precise Mortgages - how long from application to offer?

elchapo

That’s really annoying because it’s such a simple thing yet causing a massive blocker for you. My advice would be to:

1) Clarify as much as possible with both Experian and Precise as to exactly the best way to fix this and proceed.
2) Try and get absolutely everything possible ready in terms of documentation for when your full application actually goes in. You can find a full list on Precise’s website but from experience and reading others experiences, the biggest delay is them asking for bits of information every few days and then putting you to the back of the queue for a few days.

james_19742000

elchapo wrote: »

That’s really annoying because it’s such a simple thing yet causing a massive blocker for you. My advice would be to:

1) Clarify as much as possible with both Experian and Precise as to exactly the best way to fix this and proceed.
2) Try and get absolutely everything possible ready in terms of documentation for when your full application actually goes in. You can find a full list on Precise’s website but from experience and reading others experiences, the biggest delay is them asking for bits of information every few days and then putting you to the back of the queue for a few days.

Annoying is mild to say the least! We have spoken to Experian a few times, but getting to someone who understands the situation is difficult, when we did he could see exactly what our issue was, he said that by making sure everything was correct in terms of updating her details and double checking etc then when Precise do credit score her all the information would be there, we've done that, checked and double checked, spoken to the broker several times etc they've spoken to Precise and Precise just say, until the auto address finder comes up with the flat number they cant proceed, seems to be as though they are being deliberately difficult!

All our paperwork is ready to go, just need the scoring to go ahead and then see what happens from there!

Does anyone know what score you have to get to so as to be accepted/considered for a mortgage from them at all??

elchapo

Precise appear to be very thorough and by the book due to the fact they are accepting applicants with adverse credit. For example, I had to sign a signature discrepancy form stating why my signature is different to the one on my passport.
My Experian score was 686 at the time we got our DIP. Although the scores on these credit sites are somewhat irrelevant. The lender looks at your report, your salary and your application as a quick snapshot and creates their own score which gives you a pass or fail for a DIP. This is the criteria you need for a residential loan as per their website:

Precise Mortgages allows a certain amount of adverse credit with levels being dependant on the product chosen. As a guide our maximum adverse allowed is:

Defaults: 5 in 24 months
CCJs: 3 in 24 months
Mortgage arrears: 1 in 12 months, 3 in 36 months (worst status), 0 in last 3 months
IVA and bankruptcy: Must have been discharged for 6 years
Repossessions: Are not accepted
Debt management plans: Specific product range available.

You should make sure your broker has checked all of this though.

Kaggs!

Helppp praying we get accepted with help to buy !!!128591;!!!127996; Not good credit history !!!128532;

AJK11

james_19742000 wrote: »

Annoying is mild to say the least! We have spoken to Experian a few times, but getting to someone who understands the situation is difficult, when we did he could see exactly what our issue was, he said that by making sure everything was correct in terms of updating her details and double checking etc then when Precise do credit score her all the information would be there, we've done that, checked and double checked, spoken to the broker several times etc they've spoken to Precise and Precise just say, until the auto address finder comes up with the flat number they cant proceed, seems to be as though they are being deliberately difficult!

All our paperwork is ready to go, just need the scoring to go ahead and then see what happens from there!

Does anyone know what score you have to get to so as to be accepted/considered for a mortgage from them at all??

Any news? Hope you've managed to get a DIP sorted now.

AJK11

elchapo wrote: »

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.

Have they given you any more updates? Our valuation was completed on Monday and our broker says she expects to hear something tomorrow but who knows!

elchapo

AJK11 wrote: »

Have they given you any more updates? Our valuation was completed on Monday and our broker says she expects to hear something tomorrow but who knows!

Yes, good news for us.
Thursday 8th, we sent back the Signature Discrepancy Form and the updated Direct Debit Mandate. On Monday 12th, we were told by our broker that they are happy with the documentation and should be making an offer soon. Then at about 6pm last night, the broker forwarded our offer electronically. We are just waiting for the physical offers to reach us and our solicitor now which should be tomorrow hopefully. Can finally relax a bit.

You should hear tomorrow but Friday the latest I would think. It took us a little while to get feedback from our valuation. Is your valuation fee being refunded? I don't know how/why but our broker got Precise to return our £630 upon successful application.

Hannah56

Currently awaiting an offer from precise!
They!!!8217;ve now asked for a letter when I return to work from maternity and my hours are the same etc.
They have also asked why we had £2k off a family memeber (this was to lay upfront for searches etc)
They!!!8217;ve also asked for an explanation as to how we are going to afford the mortgage! this really doesn!!!8217;t seem very positive!

elchapo

We were asked for the maternity return confirmation so that bit is standard and same with explanations of deposits.
Although the last question of how you are going to afford the mortgage insinuates that they have some doubts. All you can do is try to settle their concerns as much as you can but your broker should know what to say.

AJK11

elchapo wrote: »

Yes, good news for us.
Thursday 8th, we sent back the Signature Discrepancy Form and the updated Direct Debit Mandate. On Monday 12th, we were told by our broker that they are happy with the documentation and should be making an offer soon. Then at about 6pm last night, the broker forwarded our offer electronically. We are just waiting for the physical offers to reach us and our solicitor now which should be tomorrow hopefully. Can finally relax a bit.

You should hear tomorrow but Friday the latest I would think. It took us a little while to get feedback from our valuation. Is your valuation fee being refunded? I don't know how/why but our broker got Precise to return our £630 upon successful application.

Congratulations that is excellent news! What a relief! Annoyingly our valuation was booked for Monday just gone but the surveyor cancelled at the last minute and rescheduled for this coming Monday so now we have to wait until probably the back end of next week before we hear back from them! Very frustrating as my broker had to chase them up yesterday only to be told the valuation had been cancelled and rescheduled.
The good news is they haven't asked for any further documentation since our initial application went in so we should still be on the home straight once they actually do the valuation!

Oh and no my broker hasn't mentioned anything about getting the valuation fee back but I will definitely be asking her as that must be a standard thing and I'd quite like it back if that's the case!