Precise Mortgages - how long from application to offer?

iaink

Ohh that’s a while isn’t it! Have they requested a lot from you too?

I've supplied:

Credit report from Experian and CallCredit
3 months bank statements (for all 4 current accounts)
3 months credit card statements
Proof of ID
Proof of address
P60 for the past 4 years
2 years of payslips*
Explanation regarding money sent and received between family*
Explanation regarding cash pay ins (business investment - sent all the investment paperwork over)*


Those marked with stars (*) were requested after our application was submitted.

Kaggs!

Ohh hope they done ask for much more from us... we have only given 1 years p60 each no credit card statements

iaink

Ohh hope they done ask for much more from us... we have only given 1 years p60 each no credit card statements

They didn’t ask for all the P60s I just had them to hand and thought it would be quicker to include all of them.

Since a large portion of my pay is bonus based they then asked for the years of payslips to confirm the payments.

If you don’t rely on bonus payments making up your affordability then you’ll probably not be asked for anything so substantial.

Credit cards weren’t requested but I thought I would include them as I had made a recent errort to clear them down to 50% having been up at nearly 100%. Sometimes briefly over limit.

Hopefully you’ll hear more soon too. It’s hard waiting. Wondering.

Kaggs!

Ahh I see... I know! I’m so impatient and anxious

Gk2007

So I heard back today..

The copy P60 from HMRC isnt suitable do now will have to wait until I receive this years.

They questioning affordability again as there is a £100 difference between our rent and what would be mortgage.
They are wanting explanations.

Feel a bit deflated now..
just can’t see the light at the end

Kaggs!

What? We’ll surely they knew your earnings outgoings etc when they originally have d.i.p pfft

Gk2007

I feel like they are just making things impossible.
Apparently the copy p60 I got from HMRC is no good and I need an original! So will have to wait until I receive this years! Good job it’s april.
They are wanting us to tell them how we will afford the mortgage..
we have a joint income off 42k and wanting a 140k mortgage.
We have your basic household bills..
no finance cars, Credit cards or outstanding debts ect.. so I really don’t understand.

The amount off stuff I have already sent what they have asked for is ridiculous!
Mortgage advisor said wont have an update until after Easter holidays now.

Our adverse background is...
me- 1 default from 2014
Partner - 2 defaults - 2013 (comes off next months) and 2014
No missed payments, CCJs ect..

But Credit score is poor.

Kaggs!

Wot the hell?? Our advisors have told us they are really picky mind.... try not to worry (easier said than done) I’m sure it’s just protocol, have U had valuation? aparantly they won’t do that until they know they can lend to you?

iaink

So I heard back today..

The copy P60 from HMRC isnt suitable do now will have to wait until I receive this years.

They questioning affordability again as there is a £100 difference between our rent and what would be mortgage.
They are wanting explanations.

Feel a bit deflated now..
just can’t see the light at the end

Hey Gk2007,

Don't give up hope there man. The fact they're still requesting documents and explanations at least means they want to lend to you.

Not sure what would be best to say regarding how you'll afford the monthlies.

If it's clear on paper that you have extra disposable income then I'd say something along the lines of: Well XXX is disposable income that we have to spare every month and spending some of this on a better place to live seems like a good use of the money.

Not sure if broker may be able to advise better on what to say there or if it really has to come from you.

onthemend88

Just want to wish everyone good luck on this post who are still waiting.

We will be applying with Precise later on in the year when all of our debts will be over 2 years old. We are going for a new build so will also be going through the HTB scheme.