Precise mortgages

bethlibra21

Hi weve just submitted our application. I have a feeling they will ask questions about bank statements. Can anyone give example of what they will ask? Im employed and partner is self employed

Blackbeard_of_Perranporth

https://precisemortgages.co.uk/Residential

They appear to be a specialist lender. If you have no bad credit history, i.e no defaults or ccjs, I would be looking at getting a broker or using your legs down the high street in the morning. . I cannot find any rates on their site either.

pearsforlife

They will ask you for war and peace but you will get your offer so long as you have been accurate on the DIP  

KAP0365

They ask for Everything. We have been with them 5 years (stupidly went with them when we could have got a high St lender). Currently moving and can’t wait to switch (to a rate less than half our current one after a massive ERC) but I’ve got to say that their customer service has always been outstanding.

we had to send 6 months of bank statements and payslips plus p60s but that was 5 years ago however we were classed as simple to them then as they are a complex lender so be prepared to show them everything! 

pearsforlife

@KAP0365 how did you end up with them on a 5 years when you could of gone high street?

I second what you say though regarding customer service, absolutely outstanding on every level. Very professional financial institution with a lot of care and respect for there customers.

KAP0365

@pearsforlife broker we were using applied to Santander without thinking about the old defaults my husband had. At the time Santander weren’t accepting people with defaults. We were refused and I ended up having to do my own research and found Precise and went for it. We were FTBs, in a time-limited London rental and I panicked and broker didn’t dissuade me, just said ok he would submit to them as all he really wanted to do was appeal with Santander (assuming bcoz of commission). We started on 4.6% and currently on 3.7% for last 3 years (wasn’t much different to the rest of the market at remortgage time so we never bothered due to ERC which we would have had to pay if changing provider - circa £5k). We found out a few months after moving into our first time that at the time we could have gone with Halifax or Nationwide, especially as we had 25% deposit.

As it is we’ve gone direct with NatWest for our current move who we bank with at, 1.6% and approved subject to valuation within a week. Valuation on Friday, keeping fingers crossed! Still got an ERC of just over £3k to pay though.

pearsforlife

@KAP0365

I see! Annoying but if you think like me - and just glad that you got the home you love and you felt the price was worth paying it does not make you feel so sore, in a very similar situation gone from 5% with precise, and just had the offer from a high street bank for 1.8% - it feels like a winning the lottery... I wish you luck with your offer  

KAP0365

@pearsforlife exactly. It got us on the property ladder and we wouldn’t be in the position to buy our dream home now otherwise! Thanks, wishing you all the best with your move too 🙂

moneyworrier2021

Sorry to bump this old thread, We are on a fixed 5% mortgage with Precise at the moment. Rate ends in a years time. I have never changed terms/ product or remortgaged before. How does it work.

Our income will have over doubled from when we took out the mortgage a year ago but my default will still be present on my file. Are they likely to offer a better rate?

I can't imagine how much extra we are paying a month in interest over high street banks