Precise mortgage full application criteria

adm21

Hi there, 
We have a DIP in place with Precise and we are in the process of submitting a full application. However, I have been in my overdraft for the past few months for just over 1k but this gets paid each month after my salary is paid which is usually double the amount of overdraft I am in. I am concerned this will scupper our chances. 

I would be grateful for any advice? 

obc18

Assuming your broker has seen your statements already by this point, I would have thought they’d have highlighted this, and anything else, if they felt it was a problem. Pretty sure it would show on your credit file anyway. If they haven’t mentioned it then you should be ok. 

adm21

Thanks for your comment Obc18. Yes, we have shared three months worth of statements now and also did sumbit three months bank statements during the DIP stage. It seems to be a really long submission process and from what I have heard it can go either way with Precise and it all comes down to the underwriter himself? Which is what I am worried about.

obc18

Hmm not sure on that tbh. I think having a broker who knows how Precise ticks helps. We’ve just had our offer from Precise in about 2 weeks from application to offer, it was really easy. Our broker seemed to know ahead of the game what additional questions/documents would likely be required so we sent off war and peace and there wasn’t too much quibble. Have you got a good broker?

haras_n0sirrah

As obc says the trick with precise is pre empting what they are likely going to ask for, getting it all upfront and then sending it all in as one so it goes straight through rather than them keep coming back for stuff. In this situation I would just ask for an explanation from the client as to why (if there is a reason) and just send a little note in with the application.