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Precise Lending Multiples

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Baggies16
Baggies16 Posts: 17 Forumite
Fourth Anniversary 10 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hello,


just looking for what multiples Precise apply when working out affordability.


I earn 32K and wife 35K, only finance is car HP at £390pm.


Any one have any experience with them?


Thank you
«1

Comments

  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    They do not have a calculator, its done based on the DIP.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Baggies16
    Baggies16 Posts: 17 Forumite
    Fourth Anniversary 10 Posts Name Dropper Combo Breaker
    If I met all their criteria based on the above salaries with only the car finance would I likely get a £195,000 mortgage.


    That's based on HTB


    260k House,
    52K HTB
    13K deposit (5%)
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Im not sure, you can only access Precise through a broker and your broker can only get an answer to that by doing a DIP.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds in the ball park but as ACG say the dip is key to affordability.

    Presumably, Precise are in the frame due to patchy credit so you might drop through the tiers on score hampering affordability.

    What does your broker say?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Baggies16
    Baggies16 Posts: 17 Forumite
    Fourth Anniversary 10 Posts Name Dropper Combo Breaker
    Thank you both for taking the time to reply.


    I don't have a broker yet, I have studied precise's website with a view to prepare for applying. I will be looking to apply in May when my credit file will be in a much better position. The only thing I couldn't look into was how they calculated affordability.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you sure you need Precise?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Baggies16
    Baggies16 Posts: 17 Forumite
    Fourth Anniversary 10 Posts Name Dropper Combo Breaker
    maybe not amn but my take is they are my fail safe. If in May a broker can get me sorted then great if not a 2 year fix with precise with a view to re-mortgage.


    Using HTB will effect who I can mortgage with, I believe I meet some building society's now but they are not taking part in HTB equity loan
  • chromac
    chromac Posts: 32 Forumite
    I'd be interested in how you progress, I am in a similar situation, though I thought I'd be okay for some high street lenders my broker opted for precise because of two missed payments over a year ago and an immediately settled £99 phone default over two years ago.

    Yesterday, the day they were supposed to submit the app, they did a U-turn and put me with lloyds......
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    chromac wrote: »
    I'd be interested in how you progress, I am in a similar situation, though I thought I'd be okay for some high street lenders my broker opted for precise because of two missed payments over a year ago and an immediately settled £99 phone default over two years ago.

    Yesterday, the day they were supposed to submit the app, they did a U-turn and put me with lloyds......
    Why did your broker not think high street lenders would do it?
    Assuming its not a 95% mrotgage, I would think its worth a try with one or 2 high street lenders.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds like they tried Lloyds ACG.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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