Precise Mortgages - how long from application to offer?

iaink

I know that this is a particularly old thread with no updates for some time but I’ve been reading through all of it whilst preparing for and submitting my partner and I’s application to Precise and found it helpful so thought I would add my timeline and info.

We’re FTB buying a 2 year old property so essentially new build but it’s had a previous owner.

We’re using a mortgage broker to assess our situation.

My partners credit is perfect (never a late payment or over limit) but mine is very poor. I am down to 8 defaults and 6 accounts with previous payment issues, either consistent late payments or over limits. Defaults are mobile phones, utilities, a personal loan and pay day loans.
All low value (under £300) and settled except one £3,600 loan which is still to be settled. 27 months since most recent default.
Experian 359/999. Callcredit 538/710. Equifax 216/700.

Property price is £185,000 and we are putting down £45,000 so a mortgage of £140,000. Combined income of 55k. 30 years term at 4.29% according to DIP.

Timeline
19.03.2019 - DIP approved at £161k
23.03.2019 - Property offer accepted
25.03.2019 - Sent broker all documents in shopping list
27.03.2019 - Full mortgage application submitted
29.03.2019 - Update expected.

Trying to stay positive. I know my adverse is some of the worst so I wouldn’t be surprised if it gets declined.

Been renting for years though and can prove I can afford it. So I’ll keep my fingers crossed and hope!

Gk2007

We have submitted our precise mortgage application today, and paid valuation fee!
Have also been looking through this thread, am pleased they has been a newish post!!
Will let you no how we get on!

iaink

A quick update.

Timeline
19.03.2019 - DIP approved at £161k
23.03.2019 - Property offer accepted
25.03.2019 - Sent broker all documents in shopping list
27.03.2019 - Full mortgage application submitted
29.03.2019 - Update expected.

Heard back from our MA today that Precise had a few queries. Looking for proof of bonuses (already sent 4 years of P60s). Sent again and asked if this is enough.

They also asked for a landline phone number which I supplied the number for our broadband and advised there’s no phone there. Don’t have one. Call work numbers if you must speak to us on a landline and provided them.

Finally a query on my electoral roll status as my address format for the roll doesn’t match up with credit accounts. I confirmed that I’ve been on the roll here for as long as I could be and that Experian managed to link the two.

MA also advised that they’re looking to book a valuation in.

It seems to be moving forward and so far so good. Remaining hopeful.

Nice to hear from you Gk2007. Hopefully we both get the offers that we need

Gk2007

Hi!
I’m not expecting a update for a few days.

I wonder why they are requiring home phone numbers, I can’t imagine many people have landlines, I no we don’t either.
How long have you lived at your current address?
We haven’t been here a year yet, seems Experian have us on the electoral roll, but Equifax don’t.
I have read that they do look at both Experian and Equifax. Could be that your not showing on one off them and there wanted to double check your address!

It’s such a nervous waiting game!!

sharpeye

our application so far......

11/03/19 - application made
11/03/19 - hard credit check shows up
15/03/19 - all requested docs sent in
19/03/19 - additional statement of fact and monthly statement requested from Step Change
01/04/19 - after delay waiting for additional docs from Step Change (took them 8 days to get my monthly statement to me after repeated chasing!) all extra info sent to Precise

Now waiting hopefully for offer but will update as and when we receive it

iaink

Hey gk2007,

I wonder why they are requiring home phone numbers, I can’t imagine many people have landlines, I no we don’t either.

I thought that it might be because they’re able to look up at address at BT and find the phone number. Seems like it may be a further layer of address checks.

I’d say if they do ask then honesty is the best policy.

How long have you lived at your current address?

I’ve been here around 14 months now. Signed up to the electoral roll within days of moving in.

We haven’t been here a year yet, seems Experian have us on the electoral roll, but Equifax don’t.

I’m in the same position where Experian shows me on the roll and Equifax doesn’t.

Edinburgh council won’t update the address they submit for electoral roll which doesn’t match a single credit account or utility I get and Equifax have failed to sort it out the 3 times I’ve sent in support requests.

I did advise my Broker that we may have issue with this.

It’s such a nervous waiting game!!

It really is. That’s my application submitted a week ago and based on all prior responses I expect to be waiting another couple of weeks or longer. Don’t know how I’ll cope with the stress.


Hey sharpeye,

Welcome to the thread.

Interestingly everyone (or most at least) here seems to have had a hard credit check on the day of application but I’ve not.

I did send a full copy of all three of my credit reports to my broker so I wonder if they’re working off that or if I could still get a decline when they credit check.

Did your hard check appear on Experian?

All I seem to have had from Precise is a soft ID check against Experian.

Gk2007

UPDATE:

Precise have requested my first payslip, my P45 from previous job, and a rental payment reference addressed to them from my current landlord (who are stating they can just send a statement out) so I’m not to sure what to do with that one!

My MA has advise there assessing my documents but have passed initial credit ect, and they are looking at booking valuation.
I’m just going to struggle to get a reference addressed to precise!

iaink

Hey gk2007,

That sounds like good news ��

Precise have requested my first payslip, my P45 from previous job

This seems pretty standard based on a lot of other posts.

and a rental payment reference addressed to them from my current landlord (who are stating they can just send a statement out) so I’m not to sure what to do with that one!

I’d imagine that if you ask the landlord to address it to your prospective mortgage lender they should be obliged to comply.

I’d think that all it needs to say is how long you’ve been renting, the monthly payment and that you’ve never missed or been late with payments. Signed by the landlord.

iaink

An update on my application.

Timeline
19.03.2019 - DIP approved at £200k with 40k deposit
23.03.2019 - Property offer accepted at 185k
25.03.2019 - Sent broker all documents in shopping list
27.03.2019 - Full mortgage application submitted for 185k with 45k deposit
29.03.2019 - Update expected but none received
01.04.2019 - Happy to proceed to valuation. Awaiting date.
04.04.2019 - Baluation booked for 09/04/2019. Also advised all documents submitted should have been assessed by then.

The stress and anxiety is still high. Some days I think surely they will give us this and others I’m sure it will be declined.

It’s in the underwriters hands now.

Gk2007

Hi iaink,

I’m feeling quite positive for you!

They must be quite happy to book the valuation in.

I’m still waiting on my old employer and Houseing association to send me p45 and reference, there in no hurry 😑