Precise Mortgages Changed Their Mind

Colesy99

Hi, we have a poor credit history, but through a broker, we received an offer in principle through Precise. We paid the application fee and survey fee had the survey, sent additional information they requested. Then they have turned around and said that they are not happy to proceed based on a status 6 showing on our mortgage payment history from 63 months ago. At the time my husband and I were out of work, and we had a payment arrangement to pay a lower amount for a time. However, we have not had any missed or late payments on any secured debts in the past 5 years. I'm not sure why but there is no mention of an arrangement on our credit report (through Experian). I am gutted as we did everything we could at the time and we really need this remortgage. Can anyone offer any advice?
Thanks, Mel.

amnblog

Advice? About what?

Why Precise’s position changed?

This is the reason Broker ask to see copies of all three credit file on a case such as yours (Experian Equifax Call Credit) Data on them differs.

A Lender will often search through one source on Mortgage in principle and others on full application.

Forward from here?

A question for your Broker who hopefully has a plan B

ACG

I am not a fan of Precise personally, they have done things like this to me in the past and it is really frustrating as it then reflects badly on the broker.

I tend to do a lot in the adverse world and have not needed to use Precise for around 2 years. There are other lenders who will probably do this. Precise used to be quite unique but now the market has opened up and there is a lot more competition in the adverse world. If you have no adverse in 5-6 years then you might even find high street rates are available.

As amn says, speak to your broker and see what they say as they are best placed to answer your questions really as they have a lot more information to look at.

Colesy99

Thanks. I was under the impression that the Experian report was the one they viewed initially anyway, as this was the one we supplied to our broker. I am really just unsure about the arrangement not being on my credit file. Would it look better if it was? My broker has been really good and said he will make sure he gets something sorted for me. But I really can't afford to pay the fees I have paid again to a different company. So it seems quite unfair that they have done this.

amnblog

What fees?

ThePants999

Your broker only asked to see the Experian report? That surprises me...!

Colesy99

We paid an application fee to our broker and a valuation fee too, which came to £470.

Yes, they asked for the Experian report for me and my husband. Then when this cropped up he asked for my Equifax report too, so he could see if there was anything different on that. I have viewed my noddle report, which I believe is based on Call Credit, am I right. There is nothing different on any of them really. Other than the Experian report does not show the arrangement being in place, but the Noddle does.

Neliltsylor5

They have habit of doing this , check out trust pilot reviews of precise mortgages , it’s daylight robbery , try to get a refund