Precise Mortgage ,15% now they want 20%

fresa

Please I need help and advice I fell like I want to pass out....we did get a phone
call from our broker saying that Precise want now 20% of deposit, we just have 15% ....
Does anyone have the same experience? I want to die fell totally lost please help

csgohan4

more info needed,

salaries, house price your buying, negative credit history e.t.c???

Was there a negative housing survey?

ACG

Speak to your broker, if you can not get the extra 5% then your broker needs to find an alternative. If they can not find an alternative then try another broker. If neither broker can find an alternative then you need to look at cheaper properties or put off buying for a little longer.

There is not really enough information for us to help. It seems odd that the lender wants an extra 5% because of a commitment, but I suppose not unheard of.

fresa

Is just like a joke...dont understand anything theres not a chance that we cant get this extra money I want to cry , what extra information you need. this was the original offer and now this guy say that we are in SHOCK

kingstreet

We don't know if this is about credit score, or affordability.

We don't know the lender concerned. Every one works differently.

None us here know your circumstances in any degree of detail to be helpful to you, so giving us snippets of info won't really help. You need to speak to your broker to establish the reason this has happened and how he/she intends to proceed knowing you can't go higher than 15% deposit.

fresa

I dont understand what is the problem and why they are triying to get now 20% of deposit, this sound like a joke and I just can handle more stress I am in tears....

ACG

And neither do we.
We would need to see your application form, bank statements, credit report and payslips and then speak to the lender in order to give an answer with any confidence.

You need to speak to your broker.

Strummer22

Your broker is the person to ask. The broker should be able to find out exactly why Precise want the extra 5% on the deposit.

It sounds like they are concerned about the extra £60/m you're paying back for overpayment of child tax credits, which would make it an affordability issue. Was this new information to them, or did you include it in your original application? Did you have an actual offer at a LTV of 85%, or only an AIP?

One thing I can think might help - do you have any credit card debt? When I was looking at affordability, I tried seeing how much I'd be lent based on paying off certain amount of my credit card balance. I can't remember the exact figures but it went something like for every £1k I paid off the credit cards, the lenders would up the maximum loan by £2k. So it's possible Precise will lend on a 15% deposit if you can afford to pay down some debt before completion (which should be a smaller sum than the additional 5% deposit you'd otherwise need).

fresa

I have bad credit but my partner good credit, this is why we are doing the mortgage with Precise,we earn more than enough money to pay the mortgage, I can't see why this 60 pounds is a big deal, that was their only concern I wish to understand the problem and truly I appreciate all the replies, thanks Stun_N I fell in a deep hole and I need to pray to see if we can get this house

kingstreet

ACG wrote: »

And neither do we.
We would need to see your application form, bank statements, credit report and payslips and then speak to the lender in order to give an answer with any confidence.

You need to speak to your broker.

Apparently, it's a Precise case and it's cascaded down to 80% based on the information keyed and the credit score.

The broker has illustrated at 85% and not bothered to tell the client that when the application is submitted, the loan amount, loan to value and product are confirmed and prior to that, no-one knows the outcome and it is subject to change.

fresa

If they said that from the begining I will say no thanks because I just have 15% of the deposit, they did already hard searches in our credit scoore...any ideas about what we can do? I fell very confuse