Precise mortgages

starM

Hi,

Our broken obtain DIP from Precise mortgages last Friday and put through full application for BTL on Monday.

According to my Equifax credit report they have done credit searches on all of our addresses yesterday.

Anyone know how long before they will provide us with a decision and proceed with valuation?

Thanks
MS

ACG

Have you asked your broker?

Thrugelmir

starM wrote: »

Anyone know how long before they will provide us with a decision and proceed with valuation?

You won't receive an offer until the valuation has been conducted. The timing of the valuation depends on the availability of a surveyor.

amnblog

A DIP is well away from a valuation. It sounds like you have not even submitted the full application yet.


If you are using a broker, go to them for all queries and updates, not this forum.

starM

My remortgage and new property valuation is booked this Thursday with e-surv. Looking through MSE and on goodle worried that they might under value the property. They do have very poor reviewes.

If they undervalue the property, can I get the property valued by another independent surveyors and produce the report to Precise? Will that be acceptable?

Thanks

amnblog

starM wrote: »

My remortgage and new property valuation is booked this Thursday with e-surv. Looking through MSE and on goodle worried that they might under value the property. They do have very poor reviewes.

If they undervalue the property, can I get the property valued by another independent surveyors and produce the report to Precise? Will that be acceptable?

Thanks

Not it won't.


But currently there is no issue anyway.

starM

Valuation completed today.

I rang e-surv around 5pm. They can just said valuation report has been sent to the lender. Will not provide me any more details. They have asked me to contact lender.

Is that normal?

I may be over worried.

Thanks

ACG

Yes it is normal.
Relax, take a step back and just let it go through its natural steps. It should be tomorrow but it could end up being monday before you hear anything.

You chasing everyone is not going to speed anything up.

starM

Update:-

Mortgage offer has been issued on property we are trying to purchase.

There is an issue with remortgage. Got following enail from broker:-

The lender has some concerns regarding the Turkish grill that is adjacent to your property. Can you please confirm if this adjacent as the application form did not state this?

There is a turkish grill although I never thought I will have effect on remortgage application. Apart from that valuation shows it is suitable for morgage security and rent stated is higher than current rent.

Broker sent me an email around 5.30 so by the time ai tried to ring the office was closed.

What is likelyhood now remortgage to be approved?

Thanks

starM

Any adv please?

amnblog

starM wrote: »

Any adv please?

A bit baffled by all this.


You are using a broker, yet seem to be trying to manage everything yourself?


You are using a broker to raise a re-mortgage but the broker is not aware that your current property is adjacent to a restaurant/take away?


I will speak plainly in your own interests.


The 'Turkish Grill' may well be a problem and a deal breaker on your re-mortgage.


The best thing you can possibly do is open the communication lines with your broker. Allow your broker to manage this situation for you and stop trying to micro manage everything yourself.