Precise Mortgage

ajakesson

Hi, advice/reassurance needed.
We have applied for a mortgage with Precise yesterday due to my credit history (2 defaults in the last 24mth - latest 10 months ago). DIP was approved and full application submitted yesterday. I have a couple of questions that I am looking for recent experience on;

1) How long have other peoples applications taken from application to offer?
2) I have a returned DD on my bank statement from August (totalling £9) will this result in a decline at underwriting stage?

Thanks

Jane.1963

I put application in with precise in March, it was declined due to a late payment showing on our bank statement from January for £74.
I think a lot depends on your situation, we were stretching ourselves to be honest so I think this was a major factor and our MA didn’t pick it up before app went in (not blaming him for that)
We were told to wait 3 months until we applied again and have no late payments.
We waited and went with a different MA and got an offer with Aldermore.
Everyone’s situation is different so don’t go by my experience as yours maybe different.

ajakesson

Thankyou for getting back to me Jane. I am super nervous now, did they ask for an explanation or was it a straight decline?
How long after submitting your application did you hear back they they were not proceeding?
Fab to hear you got an offer with Aldermore

newbuildbuyer

My advice would be to try a good broker before going with a subprime lender.

Our first broker was a non fee payer and put us with Precise, Precise actually declined us.

We then went with a fee charging broker who somehow managed to get us a mortgage with a mainstream lender on a brilliant interest rate. We also have Defaults etc.

To this day I have no idea how we got our mortgage offer to be honest, certain brokers must be able to do something you simply can't do on your own, there's no chance we would have got the offer with our lender without them.

ajakesson

Thankyou for your advice. We do have a good broker ( I hope) he went through everything with us and submitted the application. It was not until after we realised there was a bounced direct debit for £9 (nightmare). Awful waiting around! We have no affordability issues so I am hoping they will only question it and ignore it.

Jane.1963

ajakesson wrote: »

Thankyou for getting back to me Jane. I am super nervous now, did they ask for an explanation or was it a straight decline?
How long after submitting your application did you hear back they they were not proceeding?
Fab to hear you got an offer with Aldermore

It took about 2 weeks before we knew from what I remember.
I did explain the reason for the late payment, virgin put our direct debit up and my husband forgot so didn’t leave enough money in his account to cover it so their reason was how can we pay a mortgage when we can’t cover our bills! Fair enough.
In all honesty my experience with my MA wasn’t great, let me explain.
My brother works for a financial company and he arranged a meeting with their MA who is also a director of the company, they do charge a fee but because of my connections this was wavered
Once I had my DIP from Precise everything was then handled by his office staff ( nothing wrong with that)
Whenever I rang to see what was going on because I guessed there was a problem the office staff seemed to go into panic mode!
So when I finally got the decline and told to wait 3 months I did but I didn’t feel comfortable using the same MA (women’s intuition lol)
So once we were in a better situation my brother then put me in contact with another MA who he used to work with but is now independent and he’s been great, totally different, he always replied to my texts, emails just made such a difference.
Please don’t go on my experience as every case is different.
Sorry to go on, I’m sure you will be fine, keep updating.

newbuildbuyer

ajakesson wrote: »

Thankyou for your advice. We do have a good broker ( I hope) he went through everything with us and submitted the application. It was not until after we realised there was a bounced direct debit for £9 (nightmare). Awful waiting around! We have no affordability issues so I am hoping they will only question it and ignore it.

I just know from experience non fee paying brokers will see a tiny bit of adverse credit and automatically put you with precise. A lot of the time this is unnecessary and simply taking the path of least resistance. I'm not saying that's the case here but do tread carefully.

For the record we got our mortgage with one historic CCJ, one default and consistant overdraft usage and several missed payments.

I'm pleased to say my credit is in much better shape now as I learnt so much during the mortgage process.

Jane.1963

newbuildbuyer wrote: »

I just know from experience non fee paying brokers will see a tiny bit of adverse credit and automatically put you with precise. A lot of the time this is unnecessary and simply taking the path of least resistance. I'm not saying that's the case here but do tread carefully.

For the record we got our mortgage with one historic CCJ, one default and consistant overdraft usage and several missed payments.

I'm pleased to say my credit is in much better shape now as I learnt so much during the mortgage process.

My husband had a CCJ from July 2018 which was settled immediately but we had pay day loans taken out in November/December 2018 and they were settled in February 2019 so we had no choice originally but to try Precise but after the decline we waited and that’s when MA went with Aldermore and it was a slightly better interest rate.
I totally agree with you that going through the mortgage process really makes you re think your finances.
We’ve been told that as long as we make sure we pay everything on time and NO payday loans we should be able to get a mainstream mortgage in 2 years when our fixed rate ends.

NurseNelly

Hi,

I made a full application with precise on the 27th, with two fairly recent CCJ’s, recent lending and erratic spending showing on my bank accounts. I was very sure that it would be declined. I had only applied because I contacted a broker to enquire about future options and to see if a guarantor mortgage was an option. My housing situation was terrible though and I was desperate for stability, so when the broker took all of my details and encouraged me to give it a go, and obtained a DIP through precise, I decided I had nothing to lose.

The broker did explain that because I was able to provide a 25% gifted deposit it removed a lot of the risk for precise. So this might be a factor, also they have different products with different lending and underwriting criteria.

After application went in I printed out my bank statements and realised I had 2 missed payments charges on there from August and June. Both for very small amounts. Broker said it was unlikely to make any difference. I still thought that on top of all the other negatives it would.

I’ve had a few requests for extra explanation of transactions over the last couple of weeks, but my broker asked that surveys aren’t instructed until they’ve underwritten the case. Today I was told that they were satisfied with the underwriting and will be instructed the surveys on Monday.

I’m still in shock. I read through all of the precise threads on here and had resigned myself to it being a decline this time.

It’s such an anxious time but I kept telling myself to trust the broker, who seemed positive about things, and it’s all going well so far. I still won’t feel completely relaxed until the formal offer is in but I feel the main hurdles for me have been overcome.

Best of luck for you! Precise seem to be working very quickly at the moment. Every time I’ve provided extra info I’ve had an additional update 1-2 days later. The last bit of info was provided this afternoon and I received the call from my broker an hour later to explain the above.

ajakesson

That is great to hear and I have my fingers crossed for you? Did they question the returned direct debits? I have had no questions yet apart from requests for more documents.

Can't wait for the underwriting to be complete this week!

NurseNelly

No they didn’t ask anything about the bounced payments. They just asked me to clarify some payments made in to my account from friends, asked the current balance on my credit cards, queried what a payment was from my old job that I left in May, that showed in June’s statement. The rest of the queries weren’t anything to do with statements etc. Just about commuting distance etc.

Good luck!