Precise mortgages

gazzaroonie

Hi, has anyone completed on a precise mortgage, what checks do they complete and what questions do they ask on the completion call?

KAP0365

We have a precise mortgage at the moment, been with them 5 years. The checks are quite in-depth. At the time we had a couple of historic credit issues, however we now know we could have gone with Halifax and got a much better rate! Get a good broker they will tell you exactly what Precise need as it will be relative to your circumstances.

gazzaroonie

KAP0365 said:

We have a precise mortgage at the moment, been with them 5 years. The checks are quite in-depth. At the time we had a couple of historic credit issues, however we now know we could have gone with Halifax and got a much better rate! Get a good broker they will tell you exactly what Precise need as it will be relative to your circumstances.

We’ve got the offer sorted and are exchanging tomorrow just wanted to know what final checks they do before they release funds and why do they call you before releasing funds

KAP0365

They may credit check again to check nothing’s changed, they did with us. We went through a broker, they never called us. Things may have changed though I think they deal more directly with customers now. 

NatalieAGC

KAP0365 said:

We have a precise mortgage at the moment, been with them 5 years. The checks are quite in-depth. At the time we had a couple of historic credit issues, however we now know we could have gone with Halifax and got a much better rate! Get a good broker they will tell you exactly what Precise need as it will be relative to your circumstances.

What historic did you have? how do you know Halifax would have accepted?
  I have a 5 year old default and 15/20% with no credit commitments, not sure I will get high street under current Covid climate. 

MovingForwards

Can't say the call will be the same as my adverse lender but it was just to run through the property address you are buying, the amount you are borrowing, how much the interest rate is during the fixed period and non-fixed period (which can go up / down), advised how much the monthly payment was, asked if any change in my circumstances (I just replied no changes, I was still working, same as before the virus, but from home instead), asked if I had paid the arrangement fee, asked if I had any questions and he then said the money was being released to my solicitor. There were probably a few other things but nothing scary.

I had a call a few weeks after moving in, to run through payment details, check bank details, say how much the first payment will be, explained why it's slightly higher, explained subsequent monthly payments, advised of when my fix would end, said any problems during this climate or in the future to get in touch and will work with me to get through them, asked if I had any questions.

JoPea

@MovingForwards
hi congratulations on your new home 🏡 🎉
we are just going through our application now 😫 they asked for more paperwork yesterday and in the email it stated valuation will be instructed upon receipt of the documents is this a good sign I get mixed views on here?

MovingForwards

@JoPea it varies lender to lender, getting the paperwork approved is a good start. Some look at it in two parts eg your situation and the valuation so you could fail on the first hurdle, others look at it as a whole eg your situation, the valuation then see if every meets their requirements (which I think is a bit mean).

Mine is an adverse lender, so potentially scary but it was only when Covid hit and my offer expired date was approached did I fall to pieces as I had waited months due to a clause in my offer which I wouldn't meet until 2 days before it expires.

Seems like years ago now!

All you can do is hang in there, don't get too excited about your new home and ask for guidance from your broker. Remember to breathe 😉

JoPea

@movingForwards

That is mean to go that far and get declined! I just want all this to be over feel so sick with worry with it.

MovingForwards

I know @JoPea you have to trust your broker, they've placed you with them for a reason.

Here's another long thread, if it is precise you are going with:

https://forums.moneysavingexpert.com/discussion/5489568/precise-mortgages-how-long-from-application-to-offer#latest

JoPea

@MovingForwards

I’ve just been reading online that precise only use certain Solitors my adviser is aware who we are using, but I can’t see them on precise website is this something we should be worried about as we have started our solicitor doing searches etc