Scary read with precise mortgages!

Mrsf2023

We’ve gone with haysto due to my colourful credit history - they’ve been amazing and put us with precise.
accepted DIP and went to application. 

We then read how they are…. 

Application went in Tuesday, valuation booked in for 3/6 of the property we’re buying and today already heard back with extra questions.

mainly over my returning wage from maternity and currently in rented (damage to the house my husband owns meant we had to move out while it was fixed so insurance have covered a rental for six months - as soon as his house was fixed we put it up for sale as fallen in love with the area the rented property we’re in!) 

so we’ve had large amounts of money going through our account from insurance company.

sent all information back as soon as they’ve requested it, haysto are great and are all over it.

so I’m quite shocked how quick they’ve been… is it a fluke 🫣🤣

I was expecting them to review ours and decline straight away. Given me a little bit of hope

ACG

We do a lot of adverse. 
Most people expect a decline. 

But the reality is that we only get maybe 1 or 2 declines a year. Most do go through. 

Mrsf2023

I’m hoping we’re one of the very few who pass! The extra questions haven’t been as scary as I imagined.
even better precise have been fairly quick which I wasn’t expecting. 

Thankfully we have managed to secure a bargain for a house so I know there will be no issues with the valuation.

thank you for replying ACG, I guess as a broker you’d be silly to put people forward who you didn’t think would be accepted

ACG

Exactly. We only charge on full offer of a mortgage, so we would only apply if we were confident. 
If they are asking questions, its normally a good sign. 

Mrsf2023

Are they likely to come back with more questions about different stuff?

Again haysto seem to be all over it so I’m sure we will hear something again middle of this coming week

ACG

Its unlikely but not impossible. 
I suppose it depends on how good a job you/haysto did at answering the questions and whether those answers throw up more questions. 

Mrsf2023

I answered as honestly as possible, just depends how much depth in the explanations they wanted.
Im sure with haysto having multiple dealings with Precise you’d like to think they’d know how much detail they would like… nothing was said on my answers so fingers crossed.
weve not heard anything yet sure it will be tomorrow if any further questions/explainations required.
the valuation took place of the property today so I’m guessing it’s also when they get the report back on that too

Mrsf2023

@ACG They’ve come back at the very end and refusing to 2years fixed only offering a 5 year fixed at the same rate.

Also only just asked for my own bank statements which I gave the broker at the beginning 🙄🤦🏼‍♀️

it’s all feeling as if it’s never going to happen! 

mrsgrantsonxoxo

Hello,

we are in the process with precise and they have come back 3 times in a week with lots of questions! but valuation is today and we only applied 8 days ago with our broker. did you get your mortgage in the end?

ACG

https://forums.moneysavingexpert.com/discussion/comment/81492763#Comment_81492763

Bit late now sorry, but I dont recall seeing this post otherwise I would have replied.

Hopefully they found a Plan B for you.