Precise Mortgages - how long from application to offer?

Jtotz67

So it did in fact take them ANOTHER three days to process it! However it was worth the wait!!!

Our mortgage broker emailed me this morning and said that he would update us today. Come 4pm there was no update and he had apparent left the office so I rang precise direct on the offchance we could collate any more information they need....except we were told that our case had gone to offer!!!!! We should have the offer in the next 3 working days!!!

While I will be 100% happy (and 100% believe them) when I have the offer in my actual hand, I can't quite believe it!!! It has definitely made our bank holiday weekend!:rotfl:

15 days from application to find out it has been progressed to offer - not too shabby! Hang on in there everyone - if I can make it without going grey, you all certainly can!!!!

Snackattack99

Hi there

Got a joint application going in with my wife. We had an AIP and have now found a house. We are only borrowing 1.6 times our income (JI is £140k and mortgage is £225k). I have bad history with 2 ccj’s - one settled, one not - both over two years ago and a couple of defaults. A business venture a couple of years ago went wrong and really messed us up.

Affordability isn’t a problem, we have around £2.5k a month spare after all bills. My worry is around the bad credit history I have and also the fact that I haven’t really had time to tidy up my bank statements as we weren’t going to buy anytime soon but found a house we loved. There are a few gambling transactions on there - no big amounts, just quite a few £5’s here and there.

How far back do they usually ask for? And do you think these transactions will get looked upon badly?

Jtotz67

The good thing about having bad credit and going with Precise is that Precise is a specialist in bad credit lending.... so you are going to the right place!


I couldn't help you or comment on the gambling transactions as unfortunately I have no idea but they asked us for 3 months of bank statements, and that was all. I have seen comments on here that they have asked some for 6 months so I think each case is different.


Hopefully if you have a good broker they will take off you everything they think you will need. Precise do ask for a lot of documentation and they do go through it with a fine tooth comb (rightly so) so if there is anything you are unsure of perhaps ask your broker?

Jtotz67

We had a bit of a blip because of the bank holiday Monday but our mortgage offer is finally in our hands! The broker scanned it over today :rotfl:

It was worth every second of the wait but it doesn't half take 10 years off your life!!

In case it helps anyone else out:

First Time Buyers
£200,000 loan
c. £43K annual joint income
Some historical adverse credit
Gifted deposit

3 weeks from application to offer in our hands.

They asked for 3 months of bank statements (joint and Mr), P60s, payslips (6 months), a gifted deposit declaration and some miscellaneous queries about personal details (phone numbers etc).

Hang on in there!

Dawson1208

Hi everyone,

Ive been following this thread for sometime now. I wonder if anyone could give me some positive news?

My situation:
Application about 2 1/2 months
Keep asking for other documents
My wife had to get a concrete job off for up north (Armed forces family) this took 6 weeks and was told after the valuation would be booked.

They have now come back and as as my wife wasnt working for 6-8 weeks last May (Armed Forces posting, we had to change her job, move house and settle our child into a new school was the reason.)

Their policy is 4 weeks Max, i have written a letter to explain as to why this happened and waiting to hear back from them.

What are our chances? our developer is going crazy as we are already 23 days late for exchange!

Thank you

Jtotz67

I'm afraid I am not sure much what to say as it does seem to be a unique situation. wow to 2 1/2 months!!

Hopefully though because you are dealing with Underwriters they can see beyond the policy and the very reasonable explanation you have provided!

We had a bit of a scary moment last week when our solicitors realised our flying freehold hadn't been reported to them by anyone (broker or surveyor) which jeopardised our offer but we are back on track now.

They look at each case individually so fingers crossed for you!!

Dawson1208

Update,

We have been declined by Precise due to the fact my wife hadn't worked for 6-8 weeks last year. I wrote a letter and it was still a no.

We have now changed brokers and they are applying through Halifax so fingers crossed

Taylorcan

Hi, got a DIP and full application now going in. Sorted all the paperwork I can imagine they will ask for and sent to broker. Anyone any recent experiences of them please? It!!!8217;s a HTB application. How fast are they turning round applications into offers... though appreciate that each case will be different! Thanks in advance

PD03

Taylorcan, I believe it!!!8217;s currently anything between 48-72 hours at the moment once all documents are in. That!!!8217;s what I!!!8217;ve been told today.

PD03

Been following thread for a while now. We!!!8217;ve currently got a application going through with precise. We had DIP on 25th May, viewed house and put reservation fee down on 26th may and full application went in on 30th May. Since then there!!!8217;s been a lot of backwards and forwards with them asking for additional documents. We are on a debt management plan which they are fine with and I!!!8217;m due to start new job on 2nd July which they have said they are ok about. But now they are saying I need a p45 from current employer which I can!!!8217;t get until end of month when I leave and payslips from new employer which i obviously can!!!8217;t get until I get paid. Does anyone else have experience with this as I!!!8217;m really worried we are going to loose a house we really want.