Precise Mortgage Application

kingstreet

You aren't in a proceedable position. I'm surprised the EA is taking you seriously.

You need to have an acceptable offer on your property and an agreement in principle for the mortgage on your onward purchase before your offer will be accepted.

If a vendor does accept, they will more than likely sell to someone else who comes along in a better position while you are trying to find a buyer.

Ginga16

I've not yet out an offer to the EA. I called L&C back but they have said I need to pay £485 valuation/application fee 1st then we will find out if we can get a mortgage from them or not. This is doing it based on the price we would offer for the property we've seen. Just not sure of doing it this way???

kingstreet

You are nowhere near making a full application. Have you made them aware you are dependent on a sale and don't yet have an offer?

It should be;-

put property on market
get firm interest
get agreement in principle
agree sale
make offer for purchase
agree purchase price
chain forms
instruct solicitors and apply for mortgage.

amnblog

Three times the !!!! crows.

Use another Broker.

[Deleted User]

Even Greyfriars Bobby didnt has as much loyalty as you are showing to this broker!

Go to facebook, stick a post on the local group asking for a mortgage broker recommendation. Call every one of them and ask if precise do free AIP's. Once you have got all that info you may then start to realise that L&C are playing a game with you here.

You cant even submit a full application with Precise without having a free AIP already keyed. To request £485 to get a decision on if they will lend is an impossibility as they get that decision far far before the payment screen

Ginga16

Why would they not just go through the DIP beforehand?

I've arranged for an EA to come out tomorrow to start the process of putting ours on the market. I know it will sell really quickly due to size/location etc. Even EA said it will be 1-2 weeks max.
Affordability is no problem and we have £70k equity to use as a deposit and pay off our DPP. Just need a lender to take common sense approach and give us a chance on this. I hate all the uncertainty of it. We have lived here for 14 years and didn't really think we'd ever move but baby #3 has changed all this......

[Deleted User]

Ginga16 wrote: »

Why would they not just go through the DIP beforehand?

I've arranged for an EA to come out tomorrow to start the process of putting ours on the market. I know it will sell really quickly due to size/location etc. Even EA said it will be 1-2 weeks max.
Affordability is no problem and we have £70k equity to use as a deposit and pay off our DPP. Just need a lender to take common sense approach and give us a chance on this. I hate all the uncertainty of it. We have lived here for 14 years and didn't really think we'd ever move but baby #3 has changed all this......

The timeline for selling then buying is really good and simple. Might steal it myself for future use ;-)
The only think i would say is to get that AIP in place before going too much further as would be a proper kick in the teeth if the mortgage declined once you have a buyer

Ginga16

That's why I'm starting to question what L&C are telling me about not getting a DIP from Precise.
I really don't want to have an offer by accepted to then not being able to get the mortgage.

[Deleted User]

Easy solution then. Find someone who wants your business and ask them to arrange the mortgage for you.



You aren't going to get any more answers that aren't 'find a new broker' at this point

Ginga16

Ok - little update. Decided to go through Finance Advice Centre who got me a DIP with Precise.
Put our house on the market on Sunday evening and accepted and offer on Wednesday. Our offer was then accepted on the house we seen the same day.

Precise application made yesterday (Thursday) and application/valuation fee made. Instructed solicitors to put in official offer.

Now starting to panic big time we'll be rejected. Based on experience what's the chances everything should be ok since we got DIP. Broker thinks we've got a strong case and he's done a fair few DMP mortgages. So anxious about it all 😬