Precise Mortgages - how long from application to offer?
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That was quick for u jade lol
I've been scouring this post regularly for the past couple of weeks since we put our application in with Precise.
I thought I'd let you know how our application went.
We had a decision in principle on the 8th July, a mortgage advisor came out to see us on the 13th and the full application was submitted on the 14th July.
At the time of the application the mortgage advisor had already taken from us:
3 months' bank statements
3 months' wage slips
P60s
Proof of previous address to cover 3 years address history. (Old bank statement)
Gifted deposit letter (must be addressed to precise)
After that it was 5 working days for an initial assessment by the underwriters, and then they let our broker know which documents they wanted. It was then another 6 working days for those documents to be assessed, they didn't ask for any other documents.
The valuation reports were back on the 22nd July.
We received a formal mortgage offer on the 28th July.
Hope that helps anyone who is desperately searching for info like I have been! ��
Looking for some advice as we have put an application full with precise on 22nd June via broker
Valuation was instructed on the 29th June
Valuation report was back on the 4 th July - report was all fine and we happy with it .
3 months wage slip
3 months bank statement
Id and gifted deposit - proof of deposit statement
P60
We put a joint application , my partners credit score is excellent never missed a payment ! However I have historic credit with two defaults . One back in jan 2014 and other back in jan 2015 both have been fully satisfied . My credit history since has been perfect. Since with no late payments etc.
Every week precise have asked for documents which we have submitted promptly. Now it's been five weeks since application and still no offer ? Today they requested my p60 from my previous Employment as it was showing on my current p60 that I had a previous Employment in the tax year that's just gone , my broker advised us that they want clarification on earnings and they are ready to give formal offer , we are tier 5 with 5.89% we have 15"% deposit . Borrowing 97000k
I see some clients have had their offer in the space of two weeks and some 3 weeks , starting to get concerned whether they will decline at this stage ? It's been very stressful so far . Oh the full credit check was done on 27 th June . Equifax . Do they do another credit check prior to offer ? If so which credit agency do they use ? Any inputs will be much appreciated . Thank you
Hilda, my credit was v bad, but a lot of defaults dropped off recently. When I applied I had 1 default from 2011, a late payment from 2011 and a late payment in 2014. My husband has 9 defaults which are 5 years old, and 1 from 2015.
Hope your application goes smoothly!
Biggie it sounds like they are just double checking your income, we were lucky in the sense that we have had the same employers for over 5 years. We did have 2 credit checks.
Good luck to everyone, it is a very stressful time.
We are expecting contracts in the post this week.
Thanks for advice acp84 appreciated!
If you don't mind me asking how much did you request for mortgage loan ? And how much deposit did you put down ?
Phil and linzi I'm feeling your pain ! I hope you guys get the offer! .. we submitted paperwork on Monday hopefully they will look at this Friday coming as they have 5 day turn around time to look at paperwork,
I spoke to precise direct today , they gave update where we are with our application , they said the underwriter will look at the requested document and if they happy with everything it will go to offer which should take No longer than 48-72 hours, I'm hoping by next Wednesday we have our offer! In the meantime our searches are been carried out by our solicitors, Phil if you don't mind me asking what are the age of your defaults and how many ? And does anyone know when the final credit check is Carried out and what agency they use ? Already they done full credit check on equifax I am aware that they do soft credit check with experian at dip stage . And full check at application with equifax .. not sure if they do both at same time as I have subscription with equifax now and cancelled experian . We found it strange they sent us direct debit instruction for mortgage payment few days after application was made I'd say around 29th june . If they instruct valuation does that mean they willing to lend and if they thinking decline I'm thinking they wouldn't take this long .. 5 weeks since application , were trying to keep positive but having it in black and white will put us in a calm situation ! So anxious right now .. guys i wish you all the best and keep me updated phil & linzi .. precise are mega fussy when it comes to paperwork but they ain't so fussy when it comes to bad credit . Hence the high risk - high interest rate .. but that's expected . Precise are overall pretty good giving us a chance at least with bad credit ! .. oh we got overall fair on condition of property at valuation report and the valuation matched the purchase price which was good ! How was it for you guys ? Did anyone else have had two jobs same time last year or so ? We've had to submit p60 from previous job .. why is that relevant It's been a year or so . They noticed by latest p60 has section 'previous Employment' and earnings figure . Any help will be appreciated . Thank you . God bless .