Precise Mortgages - how long from application to offer?

Rar_rar

Sorry I apologise I missed a word from my message. Should have read when did you get it back?
We have been informed it will be refunded.
Just wondering how long it takes

BAMBIESFRIEND

Full application submitted on 12/3/18.
Requested my P45 on 16/3/18 (all other info provided on the first day)
They instructed the valuation to take place yesterday (20/3/18)


Im guessing they wouldn't of instructed the valuation if they weren't prepared to approve the mortgage.
How long after valuation did you all need to wait until you had a offer?

steph2901

I'm still waiting for my offer even though valuation was done last week and they were happy with it I contacted my MA yesterday who said he should have an update for me within 48 hours. I'm just wondering why it's taking so long with the underwriters and beginning to lose hope.

tonyp1983

So I’ve been following this thread with interest for the last few weeks, knowing that we were likely to need to apply for our mortgage through Precise following an initial discussion with our chosen broker... it’s been very insightful and glad that most people seem to have gotten the mortgage they needed, even if the wait was looooooong!

I have 3 defaults ranging from 34 to 46 months ago, last one satisfied 20 months ago and not so much as a late payment in the last 3 years. All of my existing credit card and loan balances were cleared at the end of last year. My partner has a clean credit report and only car finance and a credit card he uses infrequently. The broker did an AIP with Halifax which was declined as expected so we’re ready to go with Precise, have a DIP from them and had our face to face meeting with the broker last Friday to go through the product and other information.

Our formal application was submitted yesterday and the valuation fee taken (though we’ve asked for the valuation to be held until they’ve checked the documents over and are happy) so now the countdown has commenced. Thanks to all the insight I’ve gotten from this thread, we were able to get more information gathered together than we were asked for in readiness for the barrage of requests/questions we might get Precise so hopefully that will help move things along.

Fingers crossed.

steph2901

Still nothing, I'm getting fed up now!

tonyp1983

Had our first response back from Precise yesterday afternoon to ask for posted statements for my partner, the declaration and confirmation we had not paid any of the deposit to the builder or solicitors. All scanned and emailed back to the Mortgage brokers yesterday evening and confirmed uploaded to Precise this morning. Quite impressed they came back so quickly to ask for documents.

@steph2901 - Any news yet?

steph2901

We just had our offer today! Mortgage broker said it is being sent out to us and solicitors

Good luck Tonyp1983!! Took us about 3 weeks

tonyp1983

steph2901 wrote: »

We just had our offer today! Mortgage broker said it is being sent out to us and solicitors

Good luck Tonyp1983!! Took us about 3 weeks

Brilliant news!

Thank you! Hope ours is that quick.

AJK11

Just a little update and also something positive for anyone following this thread.
We had our mortgage offer a month ago which was exactly 1 month from application date. We are still trying to finalise a few bits with the house before we can set a date to exchange but we also had to knock some money off the asking price due to some issues which showed on the survey. Precise were extremely helpful as we explained to our mortgage broker that in order to pay for the repairs needed, we would need to put down a slightly smaller deposit. We were initially putting down 25% but within the same day of my mortgage broker asking the underwriters, they agreed for us to put down only 23% which may not seem a big change but this gives us the 4k needed for the repairs. They are sending out our revised offer this week and the change only cost £120 which in the grand scheme of things is not a big deal at all and means we can do the work required :-) Very impressed with how quickly they agreed the change!

jessicap1995

hi all,
i have a DIP have given all the info and paperwork ive been asked for up to this point, I'm now waiting on a tax credit letter that shows how much i will be getting as my partner has earnt more last year than the year before. cannot wait for it all to be over with!
hows everyone getting on?