Precise Mortgages - how long from application to offer?

Flossy491

Our application was submitted on 27/03, (4 weeks tomorrow) DD form sent and returned on 29/04, also valuation fee taken. We initially sent all paperwork to our broker before application was submitted so he pretty much had everything. Valuation was done 11/4. Since then we’ve been asked for extra bank statements on 20/04. Really hoping to hear this week, and everything crossed that we get our offer. It’s been the longest 4 weeks of our lives. Good luck to everyone.

junglist_matty

We took a mortgage with HSBC: Application was submitted on 15/01/2018 and our mortgage offer was received on 22/02/2018.

Our application had to go to the underwriters for which we had to verify a few queries they raised and the valuation survey took a little longer than expected, but it didn't seem to be too drawn out. We've had several mortgages over the years and average time from application to offer seems to be (from our experience) around 4-6weeks

Jtotz67

I thought I would join in the fun!

We had our DIP accepted on 18/04 and full application submitted 19/04. Our MB asked for a pretty comprehensive set of docs to be sent over (bank statements, payslips etc) for when they ask for them and we also have a gifted deposit so we sent over that information today with the signed form and proof of funds etc.

Haven’t heard much from our MB since the application went in (i.e. next to nothing) but he has been fantastic generally throughout the whole process. Especially dealing with my incessant questions!

We know they have hard credit checked with Experian and that they have taken out the valuation fee (which seems standard practice) but as far as we have heard they have not yet requested any further documentation.

I am nervous about the valuation because the house has a very tiny flying freehold (max 5% of footprint) but hopefully that shouldn’t be a snag!

No question as such, I am just a giant, anxious, worrying stress ball and I think that if I stress about it at home any more, my husband might lock me in a sound proofed room until we hear back! So I thought I would join you all on here!

MG42Maniac

Update 24-APR-2018:

Precise are happy with the valuation. They have queried a few debt payments on my bank statements and got me to confirm the accounts are at £0 balance, which they are.

They have also asked for a Section 106 to confirm what % of the housing is affordable, I know it's 40% so I don't think there will be any issues.

I feel like they really are box checking now and I really hope we get an offer soon.

Jtotz67

Good news they are happy with the valuation.


Heard back from our MB this morning that they requested our P60s and hubby's bank statements (as our car finance goes from his account). Have sent all but hubby's P60 over as he works in a much smaller company so he is finding out how to get his.


MB also told us that the valuation has been instructed and, while not one to get my hopes up, I feel like this might be a little glimmer of a good sign - absolutely not ruling anything out though!


Here's hoping!

JoanneC1983

I think its definitely good news if they've instructed the valuation?

I spoke to my mortgage advisor yesterday and he said that no further documentation had been requested and that we are just waiting for the valuation... I'm so nervous with the wait!! Hope you all get good news soon!

Jtotz67

You too!


Our broker has gone absolute radio silence on us - not responding to any emails (not tried calling to be fair but just don't have the time during the day). I have to say that is doing nothing for my nerves!


They requested further info on Tuesday and we know valuation was yesterday. So it is anybody's guess at the moment! I go through periods where I am really positive and then switch to being really negative.

It is absolutely a que sera sera situation but I hate being kept so out of the loop!!

Jtotz67

Update!

I was internally raging a little bit and struggling to concentrate so I bit the bullet and rang precise direct.


The broker sent over our additional paperwork yesterday and they had already had the valuation back (which came in at what we are paying for it which must be a good thing). ETA on a decision (or at least further contact) is next Tuesday.


At least now I can relax over the weekend knowing how long a wait I have!

MG42Maniac

Just received our offer from Precise, took 18 days from start to finish, Sooooo relieved.
Just a bit of background info to help anyone else who may stumble across this thread:

We are both first-time buyers
House is £440K using HTB
Combined of £85K
Partners credit is perfect (Experian 961)
I have a two-year-old default for £438 from Argos (Experian 740)
Only debt is a loan payment of £161 a month with £2K remaining.
We were put into the least risky category and got a rate of just over 4%.

Jtotz67

Bang on 3 days! Got an update from my broker this morning.

They have queried a regular payment from joint account into hubby's sole account (car finance debit still comes from his sole account - we are changing it over). They asked for our landline number and they asked for the name of the person who certified our deposit donor's bank statements.

They also queried an issue with my husband's P60 but my broker seems to be handling that one himself as it wasn't on his list of queries to me.

I am really hoping that as it is only information and not documents that it is not going to take ANOTHER three days for them to review that stuff and come back to us! I don't think I can take the wait!