Applying with precise and a question about ? Payday loan

NurseNelly

Hi all,

I’m a bit nervous to post but I’ve been reading a lot recently after being accepted for a DIP with precise for a mortgage.

Bit of background, had some money troubles, had intended to spend this year fixing my credit history a bit and looking to buy a house in the future. Then had a horrendous time with landlords constantly wanting to sell up/move back in to their properties etc which my son who is autistic struggled to cope with. Ended up living with my parents to give him some stability. Parents kindly offered to help us get a mortgage and we were looking in to guarantor mortgages when I was advised by a broker to try applying myself through precise.

Having not realised I would be able to get a mortgage with my credit history, I wasn’t running my accounts in a way that I would have if I knew i’d be applying soon. We got caught short while abroad in August and a bag with my backup currency card was stolen so I applied for a £500 personal loan with loans2go over 18 months and have since paid it back in full after a few weeks.

I otherwise fit the published criteria for precise, but just came across another broker’s website that gives more detail about precise lending criteria but I’m not sure how recent it is. It says they won’t lend if a payday loan has been used in the last 3 months. On precise’s website it just says payday loan use will be considered, even recent.

My question (And sorry about the long winded post) is, is a loans2go personal loan considered a payday loan given that it’s a longer term?

Also, I provided my broker with a full copy of my experience credit file, and he says precise will have seen my credit file to produce the DIP and will just need to underwrite my salary and bank statements and obviously surveys/valuation etc. Does this sound right?

I didn’t honestly think i’d even get a DIP, then when I did, I told myself to be realistic and not get too excited, but obviously now I’ve put an offer on a house and the anxiety is rising. My broker seems fairly confident due to my deposit of 25% and I’m trying to just trust the process but ugh, this is so hard!

Thanks for listening!

First_time_buyer_worries

Hey how did you get on with this? We have similar background with payday loans and defaults and our broker is apply for DIP with precise?
Thanks

NurseNelly

Hi, sorry I’ve just seen this!

So, had some great news today! My full application went in on 27th so was expecting to not hear anything for another couple of weeks. I’ve had a lot of queries coming from precise every couple of days, asking about transactions on my statements, more bank statements, asking why my commute is 3.5 hours (it’s 20 mins away) and today they were asking why my payslips showed a salary £20k higher than I said (I wish! And as if I would hide that!) they realised their errors though.

I had asked for the valuation not to be instructed until they had underwritten the application. Today they said they were happy with everything and would be offering the mortgage subject to surveys which I can’t see being a problem!

I’m in shock! I really didn’t think this would go through. I know people always say that but my statements were a mess and i’d been spending erratically, had recent unpaid fees in my bank account etc. Recent high interest lending. (Not payday loans though as it turned out).

The mortgage advisors have been absolutely brilliant and I feel like they’re miracle workers to be honest!!

Good luck with yours!

NurseNelly

I forgot to mention, I do have historical payday loans but precise say you can’t have any in the last few months I think. I had a recent CCJ though and lots of defaults. The LTV of 25% minimises the risk for them I guess, which makes it unobtainable for a lot of people. I did a lot of digging though and it seems like if you fit the criteria published on their website then you’re in with a very good chance. It’s an anxious time though.

First_time_buyer_worries

Thank you so much for replying our advisor is doing the application this week, we have no defaults or CCJs within two years and all our debt has been paid off, but historic payday loans, defaults and two CCJs on our file. Yeah we seem to fit the criteria on the website so I'm hoping it all comes back okay! We have 20% deposit for the house also! Our advisor seems optimistic so fingers crossed! I hope the rest of your appocation runs smoothly best of luck xx

NurseNelly

Best of luck! Survey was instructed on Monday and had an email today saying it was valued at agreed price so everything is now just going to final checks for offer in just over 2 weeks. I’ve been so pleasantly surprised by how quick it’s been, I hope you have the same positive experience. There’s a great thread (50+ pages long!) with lots of people’s experiences and circumstances of applications with precise that I found extremely helpful too so I recommend checking that out. Put ‘precise mortgages’ into the search box for this sub forum and you should find it.