Precise Mortgages - how long from application to offer?

willithappen83

After reading this thread there are a lot of positives. My wife and I submitted a full application on Fri 23 Feb. Money has been taken out for the valuation and TT Fee. We both have a poor credit score (combined 3 defaults all settled and over 2 years old). We were offered a mortgage with Precise last year but the move fell through after we withdrew following a survey. Fingers crossed but not very confident. What will be will be I suppose.

AJK11

Owlzthat wrote: »

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;

Thank you, have clarified with the lender and we unfortunately don't qualify for a refund as is a specific feature of those using help to buy/purchasing a new build. Didn't hurt to ask though and thank you for the info!

Kaggs!

Hi, did you get your fees paid back? Hope you managed to get sorted in the end... x

Labo

Dear all,
I wanted to also share my journey with you as well as my frustration – Im literally aging as I speak.

My partner has 2 defaults on his account – one 2014 the other in 2016. My credit is fine. We don’t have any debt. My partner is in full time employment (Oct 2017) previously was self-employed. I am also in full time employment – have been for many years.
Our DiP was accepted straight away. Our full mortgage application was submitted on 20th January 2018.

They have come back to us 4 times requesting additional information. Whilst trying to collate all of this information they have made numerous mistakes one of them being the fact that a private & confidential letter went to the wrong place. Instead of going to my employers – it went to my partners employer asking to confirm confidential information regarding me.

My broker raised a complaint and was advised the case will be fully assed today (28th Feb). They called me personally today asking if I had electronically signed my signature or wet signed it. I asked them how long till I find out – they said another 2 days. Are these cowboys having a laugh???

We was due to complete 28th Feb 18!

How have you guys been dealing with such stress?

willithappen83

I have heard nothing from Precise for a couple of days. 1 day after Application I notes to Credit Searches has been completed and they asked for more Pay Statements from my wife. The declaration was sent, signed, scanned and sent back, but nothing since Tuesday. I suspect the bad weather has precluded normal business? I am hopeful they at least instruct valuation next week, but it seems most people are waiting an average of 4 weeks from application to offer.

Hannah56

So after initial application over four weeks ago valuation on Wednesday we!!!8217;re finally waiting for our offer!
The valuation matches! We had how was we going to afford it! My maternity leave, specific letter to them advising how long I!!!8217;m off, a copy of my work contract. A letter to explain how we are going to afford the mortgage!
Hopefully get our offer today!

willithappen83

It!!!8217;s so frustrating and I!!!8217;ve only been waiting a week. I rang Precise today and they told me exactly what paperwork they are outstanding - lots, all of which I have given to my broker. I!!!8217;m guessing the broker is just waiting to receive a letter confirming my HTB before submitting it all. My wife is also on mat leave but they!!!8217;ve only asked for confirmation that she is still employed. She works for a law firm so I suppose Precise are being careful that they don!!!8217;t ask for a date she is going back as that is up to the person and not the company. Valuation has not been instructed yet but I!!!8217;m hoping for some development next week otherwise I!!!8217;ll go mad!

willithappen83

Latest update on the Precise Mortgage application. The broker stated early in the week Precise did indeed want confirmation from my wifes employer on her return to work date. That was submitted on Tuesday afternoon. Wednesday evening Precise then asked for clearer copies of my P60 and Pay Statements and also requested my latest Pay Statement which hadn!!!8217;t been issued when we applied. These were sent to the broker on Wednesday night and to Precise in Thursday morning. Thursday afternoon we have been informed that the Precise underwriter has signed off on the application, all credit checks have passed and valuation has been instructed. This will be carried out next week and providing there are no problems then we should have an offer soon after. I!!!8217;m hoping there are no problems with the valuation as it is a new build (not yet built) and we already have £10000 off the asking price. Fingers crossed for good news, but so far Precise seem to be turning things around quickly

steph2901

How soon after the valuation fee is paid do they do the valuation? It showed as a pending transaction for a couple of days and then on Wednesday actually came out of my account.

Does the fact that they've taken this mean they are happy with my paperwork?

I've not heard anything from my broker since he requested P60's on Wednesday, which I emailed immediately.

AJK11

They don't tend to book the valuation until they are happy with your application as they don't usually carry it out unless they think they are definitely going to lend to you.