Precise offer and HTB

Damien83

Hi All, 
Me and my wife have had an offer from Precise using the HTB , now my question is how hard is it to be accepted for the help to buy equity loan? As you would imagine my wife and our credit rating s is poor! Do the Government credit check for the equity loan? 

Our offer has been sent out and now just waiting on the HTB bit but nervous we will get turned down. 
If anyone is interested in my journey to obtain a mortgage via precise I am happy to give my story  
Kind Regards 
Damien

kingstreet

HTB Affordability is a simple check. However, the usual standard rate 4.8% will be replaced by the follow-on rate from your offer. Why didn't your broker do this prior to the mortgage application. We are newbuild specialists and we wouldn't have done affordability for one without doing the other at the same time...

Toodlepips

Hi there! I would love to know your story with Precise, it may be our next option. 

EverythingIWant

As a precise mortgage holder and help to buy user I can tell you that you should have the H2B green light first really and I am surprised that you have not had it already given precise take a good deal of time to underwrite.. in retrospect though you will be fine - help to buy does not involve a credit check just affordability which if you passed under precise affordability you have next to nothing to worry about. Congratulations on your offer and house purchase, that was me nearly 2 years ago - and precise as a lender for the subprime have done us well and got us in the house we love, in the process of trying to remortgage away from them now onto more reasonable rates (help to buy is a pain in the !!!!!! come remortgage time) forewarned is forearmed and all that! Enjoy

Damien83

kingstreet said:

HTB Affordability is a simple check. However, the usual standard rate 4.8% will be replaced by the follow-on rate from your offer. Why didn't your broker do this prior to the mortgage application. We are newbuild specialists and we wouldn't have done affordability for one without doing the other at the same time...

Thank you for your reply, we have had an offer from precise at 3.64% as I said before (our credit is horrific from 2017 so cant complain and fixed for 2 years. 

My broker said something about all good on affordability calculator and should have the go ahead soon.
I just heard that they do a credit check etc.. ( HTB ) 

Thanks 

Damien83

EverythingIWant said:

As a precise mortgage holder and helw8lp to buy user I can tell you that you should have the H2B green light first really and I am surprised that you have not had it already given precise take a good deal of time to underwrite.. in retrospect though you will be fine - help to buy does not involve a credit check just affqlw6ordability which if you passed under precise affordability you have next to nothing to worry about. Congratulations on your offer and house purchase, that was me nearly 2 years ago - and precise as a lender for the subprime have done us well and got us in the house we love, in the process of trying to remortgage away from them now onto more reasonable rates (help to buy is a pain in the !!!!!! come remortgage time) forewarned is forearmed and all that! Enjoy

Hi,
Thanks precise took 3 weeks from application to offer so not bad
I was surprised be cause our credit score was really bad (I mean bad) plan is to get better rate later down the line but our mortgage repayment is cheaper than our rent  

Damien83

Toodlepips said:

Hi there! I would love to know your story with Precise, it may be our next option. 

What would you like to know Toodlepips? I am happy to share whatever you need  

Toodlepips

Hi Damien83, do you mind me asking how bad your credit is? (please ignore if too intrusive!) i only ask because we have bad credit and currently appealing a decision with another mortgage provider but precise will be our back up plan. 

Damien83

Hi Toodlepips,
I am happy to share my my credit (be shocked if yours is worse than mine) so I have 6 defaults and 0 CCJ'S my wife has 9 defaults and 1 CCJ all from around 2017, both on very poor on credit score. 
My income £40k wife £10k and we required a mortgage of £189,000 from precise house price is £252,000 with 5% from us and 20% HTB
any more questions please fire away  

EverythingIWant

Damien83 said:

Hi Toodlepips,
I am happy to share my my credit (be shocked if yours is worse than mine) so I have 6 defaults and 0 CCJ'S my wife has 9 defaults and 1 CCJ all from around 2017, both on very poor on credit score. 
My income £40k wife £10k and we required a mortgage of £189,000 from precise house price is £252,000 with 5% from us and 20% HTB
any more questions please fire away  

Jeez that is quite a lot of defaults! Are they all satisfied? Mine took 14 weeks to go to offer with a lot less but that’s by the by maybe more efficient these days what rate did they get you onto? Enjoy your new home! 

Damien83

Yes that is a lot! Back in 2017 was a horrific year for me and my wife and kids. All the defaults and the CCJ was all awarded then. 

Now 2020 we are 20k a year better off and have been clean since. No satisfied defaults. 

My rate is 3.64 (mortgage payment cheaper than my £895pm rent) precise never gave me a headache either, they wanted to have 3 pay slips from us both and both P60's and utilities bill from both. The only odd question they asked my broker for was how much my tesco loan was for? I said I dont have a loan with them!? I have car insurance (shows on bank statements as Tesco Bank) 

Dont know if they take things like rent payments into consideration for example we have been paying private rent of £850 plus every month on time for 7+ years..