Precise Mortgages - how long from application to offer?

Owlzthat

Hi Guys

Me and my partner have been going through the porcess with Precise. We was asked to provide 3 months banks statements and 3 months payslips and our p60's, we had a email from our mortgage broker saying they are happy with what we have provided and they will be sending a valuer out today and we should have a Binding offer middle of next week, so far they have been really good and after a very nervous wait for last couple of weeks we seem to be getting somewhere

elchapo

AJK11 wrote: »

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!

That is unbelievably annoying. What on earth did the surveyor cancel for! For buyers, the purchase process is a nervous/anxious time but the professionals don't seem to appreciate that sadly! Hopefully you will get through soon.

autumn67

Hi All,

Long-time lurker on the forums but first time poster. Just been following this thread as my partner and I have submitted our application to Precise through a broker but things don't seem to be going well so I wanted to share on here as I know people have had all sorts of different experiences. Precise seem hard to nail down in the sense of getting a feel for how they treat people as it seems some people fly through with no problems, others experience more of a nightmare.

Basic summary of situation: Partner clean and superb credit history, myself terrible: bankrupt over 10 years ago due to divorce, then in 2014 started a DMP due to life event affecting finances at the time.

We found a good broker, got plenty of advice, got an approved DIP with Precise and submitted a mortgage application. Broker spent around 2 weeks helping us prep all our paperwork and checking anything that Precise might question.

Timeline so far with Precise has gone like this:

25/01/18 - application submitted

25/01/18 - first request for further information (telephone numbers - which was odd, given that we'd already provided that). Also more paperwork (proof of current monthly rental for tenancy and proof of my DMP information). Information sent back the same day, bar the DMP info due to having to wait for debt charity to send it.

31/01/18 - I forwarded the outstanding information from DMP, which was not exactly as Precise had requested it, with the debt charity saying they can only give me a "Statement of Fact" and not comment on anything else to do with my DMP. They emailed me a copy of my full payment history of my DMP but it wasn't on their letterheaded paper, which I think Precise have an issue with.

05/02/18 - Precise request further information, this time they wanted a copy of my bankruptcy discharge letter. Letter requested and sent back within a couple of days.

07/02/18 - advised Precise would assess documents within 48hrs.

13/02/18 - advised our case had been passed on to different underwriter within Precise and it would be another 48hrs wait.

16/02/18 - Precise again requested further information. They weren't happy with one of the letters I sent as it had one of my old house addresses on. I was able to rectify this. The debt charity had also not followed / provided all of the information that Precise had requested. They also then wanted our work phone numbers (again, odd, as this had already been provided).

The debt charity, after several phone calls with different people, were consistent in their response that they cannot "write letters" stating anything other than the basic facts of a DMP. They directed me to print off all my online stuff and send it to Precise as proof. I don't think Precise are going to accept anything I print off myself, so I am still trying to figure out if there is a workaround on that.

So as it currently stands, I am not getting a good feeling from this situation. I completely understand Precise need to be very thorough and strict and I am doing my best to get them what they want. What worries me is the very inconsistent approach and requests for information that cause delays, also the repeated requests for basic information which they already had at the beginning.

I dunno but....its worrying? It feels like a different person handles our case at each point of working on it and it doesn't give us any confidence that those people seem to know what they are doing in terms of basic admin processing. We've already paid out the house deposit, searches and other fees and Precise are seriously holding everything else up and the solicitors and developer are constantly chasing for confirmation of a mortgage offer as the house is now near Build Stage 10. Talk about stressful!

Anyway, as it stands, I've explained everything to my broker and I guess it all hangs now on whether or not the debt charity will send the information exactly as Precise have asked.

I don't know much about how Precise underwrite things but I get the feeling that even if we did supply all the paperwork exactly as they wanted it, the inconsistent approach, missing information / delayed requests for paperwork make me think they'll just find a reason to reject and it will probably be something really frustratingly minor. Are normal high street lenders this crazy?

Anyway good luck to everyone else in the queue, look forward to reading more and hopefully hearing some more success stories!

elchapo

autumn67, I understand your frustration. From what I read, although Precise accept Debt Management Plans, they scrutinise the hell out of them. In fact, the Precise website recommends that your broker uses an "application packager" to submit DMP cases to them. I think they can just be complex to underwrite but the packagers present the case in a very specific way and exactly to their taste.

I would say try and be positive. My wife was talking like the mortgage was in the bag from the get-go but I stressed myself out and barely slept. They kept asking for more information and that annoyed me. I just kept wondering why they'd not just send a long list all at once instead of making us have to keep going to the back of the queue. All you can do is hang in there and just see any requests for info as a good thing. When they reject, they just reject. They wouldn't ask for more info if they have decided to reject you already.

Good Luck.

autumn67

Thanks for sharing that elchapo The broker has been absolutely superb and has indeed used a packager, so I think in that respect we are in good hands and couldn't ask for any more.

You have a very good point actually, I'd never considered things from that angle before, so thank you...think I will just try to occupy myself with other things until then and see what happens! :eek: :rotfl:

AJK11

elchapo wrote: »

That is unbelievably annoying. What on earth did the surveyor cancel for! For buyers, the purchase process is a nervous/anxious time but the professionals don't seem to appreciate that sadly! Hopefully you will get through soon.

I've no idea, just know they cancelled last minute and we didn't find out until a few days later, very frustrating! Thankfully the rescheduled valuation took place yesterday morning and my broker tells me that the lender should have the report today so hopefully will get our offer this week. Almost at 4 weeks since our full application went in, however 1 week lost due to the valuation not taking place when it was meant to and another week lost waiting for proof of address to be sent to us and then sent on to Precise.

AJK11

I have good news, today we were issued our offer!!! So happy! Full application went in on 23rd January, valuation was rescheduled so we lost a week and eventually took place this Monday 19th and offer issued today so almost 4 weeks exactly in total. Can't believe I can finally start to get excited about our new house!!

Owlzthat

Good news for me and My Fiance , We had our mortgage offer through yesterday absolutely delighted.Precise asked for a couple of little bits but was excellent with us!, You do get back the initial valuation fee happy days

AJK11

Owlzthat wrote: »

Good news for me and My Fiance , We had our mortgage offer through yesterday absolutely delighted.Precise asked for a couple of little bits but was excellent with us!, You do get back the initial valuation fee happy days

Congratulations!! Our broker has informed us that they won't be refunding the valuation fee as far as she is aware but you are the second person to say they are getting it refunded. Can I please ask what is your loan to value percentage, what is your interest rate and is yours a remortgage or a purchase? I ask as our broker says that different products have different features and says that if she can get it refunded she will but it may vary depending on all of those things...

Owlzthat

Hi Ajk we are first time buyers using help to buy so 25% deposit. Our interest rate is a little higher than expected at 4.8%. It actually states on our mortgage offer that we receive the £410 valuation fee back on successful application.hope this helps !!!128077;