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tiers explained

jessnat995
jessnat995 Posts: 108 Forumite
in Mortgages & endowments
I see Precise have different tables etc for the amount of defaults.


My broker has put me in for the top one, with no default's in 24 months or ccj etc.


Is there more chance of been accepted with been in the "top" tier?


I am only gauging opinions, saves me pestering my broker,


Thanks

Comments

  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Not really.
    If you fit criteria and they are happy with what they see then you get your mortgage regardless of the tier you are in.
    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.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    With Precise you don't request a tier as such. After running a decision in principle their system allocates you products that match the clients credit profile.
    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.
  • ACG
    ACG Posts: 24,896 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Just to add to Davids that you could fit the criteria for Tier 1, but once they have credit scored you, you end up with a Tier 4 product.

    It is one of the downsides to Precise, customers think they get one product but when it comes to it you end up with a different one.
    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.
  • jessnat995
    jessnat995 Posts: 108 Forumite
    Thanks guys,


    Guess everyone is the same when waiting for a decision,


    they have all documents now,
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No. You'll just drop to the next tier.

    Sorry, was stuck on phone then pressed enter not aware of replies.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • jessnat995
    jessnat995 Posts: 108 Forumite
    right ok, cheers,


    so there credit score process is slightly different, so to speak its independent of Experian etc.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    The only situation I've seen before where a client has dropped down a tier is due to undisclosed adverse credit.

    Sadly the consumer versions of Experian etc are very much dependent on what the consumer tells it up front.
    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.
  • David_White
    David_White Posts: 892 Forumite
    Fourth Anniversary 500 Posts Combo Breaker
    They will view your credit profile when doing a credit check however the broker will also have manually inputted your adverse credit when keying the DIP.
    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.
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    jessnat995 wrote: »
    right ok, cheers,

    so there credit score process is slightly different, so to speak its independent of Experian etc.
    Lenders don't take what Experian suggests is your "credit score" they create their own from your credit file data (which could be Experian, Equifax, Call Credit and all different!) and what is entered on their system by the broker.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ThePants999
    ThePants999 Posts: 1,748 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    And that's ALL lenders, not just Precise, indeed not just mortgage lenders.
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