Precise Mortgages chances of success

Bradley2

Hi,

Panicking about submitting full application as nervous that something is going to go wrong. I'm aware that each case is looked at on an individual basis but just wondered if anyone could offer any advice/thoughts on the chances of this application being successful.

My husband and I have an AIP with precise Mortgages for 214,000. We are using HTB So along with our deposit (10 %), and the 20% HTB deposit, we are applying for a 70% LTV mortgage ( total property price is 307, 000). We are using a broker who advised Precise due to past credit problems. I have two defaults (both are under £500 and satisfied) which are both over 3 years old and my husband also has 2 defaults (again, both under £500 and satisfied) with the last one being 2 years old in December. My Husband is self employed with 2 years of accounts ( currently earning 6000 per month) and I am a full time teacher earning just shy of 37000. We have been working hard on our finances over the last year or so and have paid all bills on time for at least 13 months. We have two car finances and a credit card with a £2000 balance. Broker seems confident but we have waited so long to own our own home, I just really want the application to be successful. Any advice would be greatfully received.

bryanferguson07

I was in a similar position to yourself, minus the figures involved. Myself and my partner had an AIP of 210k - the house we wanted was on the market for 80k. We paid 83 for it in the end, but I had a poor credit rating due to mobile phone contracts and overdrawn on my bank account within the past 3/4 years. My partner had fair credit rating but had never had any credit. We was worried about getting the credit but as I understand now it's more about affordability rather than scrutinising the credit report. If you've been given the AIP that bank/broker will likely give you the money. Be confident and hopefully you get what you want! Feel free to message me for any further details or questions.

Neliltsylor5

A DIP does not mean you will get an offer, have you tried other Main Street lenders at all ? Anyway good luck to you and sincerely hope you get a formal offer soon