Precise Mortgages - how long from application to offer?
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Precise have instructed a valuation for Tuesday 17th and today we received the DD confirmation. Precise also reached out to my broker and asked for 3 x payslips (for me), P60, SA302 (partner) and ID. They did not ask for Bank Statements, is this normal!?0
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Hi there, we’ve been following this thread for a few weeks now. Hope someone can give me a boost that I need. We got a AIP at the beginning of March and the full application was submitted on 27/03. Fee taken and DD letter signed and returned on 29/03. Valuation done on 11/04. We have a broker working on this for us and he’s had everything paperwork wise in advance of the application going in. The only thing he asked for was a ‘disclosure of incentives form’ from the builder. We are worried sick about not getting our offer. We’ve paid the builder a £500 reservation fee and search fees have been paid to solicitors. HTB is also in place. I’m hoping to hear something next week as can’t take much more. Can’t sleep, can’t eat. Driving me crazy! !!!128542;0
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I think they will ask for bank statements eventually. Maybe worth getting 3 months worth ready so you have them ready to send across when needed, save holding things up. Good luck !!!128521;0
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Update:
16-APR-2018: Precise have come back and asked for the Signed Standard Declaration. I might be thinking into this too much but I am wondering if we have passed the "credit score and affordability" and are now on document confirmation? Valuation is taking place today.0 -
Hi, it's unlikely that they would do the valuation if you had not passed initial credit checks. My broker asked for the valuation to be done last. I had 1 default from last year and was applying on my own. If you are using HTB then it's a new build?? With new build homes I was informed its just a tick box exercise and they are nearly always valued at the builders price.0
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18-APR-2018:
Precise have asked for 3 months bank statements for me only, this is because the DD is coming from my account. Slightly worried as we do most of the "living" from my partners account so mine is run down every month.
They also wanted clarification on the following:
1) If our housemate (on the electoral roll at our current address) was moving with us. He is not as he is actually just about to move into a flat he's just bought.
2) Estimated exchange and completion dates
3) Incentives offered by the seller
4) They want us to resign the Standard Declaration as we missed a tick in one of the boxes
Seems like pretty standard stuff and hopefully slowly getting towards to end goal!0 -
I know the feeling, we put our full application in to Precise just after Easter, then a few days later the broker comes back and says Precise have asked for proof of address for my partner for 2016, a bank statement for me that they were missing from beg February, confirmation that my DMP is paid off and who all the creditors were and some other bits. Then on Monday the broker emailed me saying Precise were asking about a couple of things showing on my bank statement for Jan, one was a huge amount from my grandfather when he helped me finish payment my DMP and the other was money back from one of the creditors because I had overpaid, they also wanted to know about a DWP deduction showing on my partner's wage slip. So I explained all that to the broker who put it to Precise on Monday. And today the solicitor I'm using to sell my flat emailed me because they need some money to get a management pack from my landlord. But that's nearly £300 so I've told solicitor I am waiting to get my mortgage approved before I pay it. So now we are just waiting on Precise, called the broker today and she is hoping for an update today or tomorrow and said she'll chase up tomorrow if she hasn't heard. So fingers crossed0
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They also wanted to know our estimated exchange and completion dates but how are we meant to know until they say they will give us the mortgage? They've also had disclosure of incentives form off us0
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Update for you all, about an hour after I last posted I got a call from my broker who advised Precise are happy with my case so far and have instructed the valuation. And then got to do some final checks once they are happy with the Valuation before they send the mortgage offer to us. My broker is confident it should all go through !!!55357;!!!56842;0
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Hi Everyone,
Thought I'd add my story... So nice to be able to see other people's experiences - so thanks everyone.
I submitted my application to Precise on the 9th April. I had a hard and soft credit check the same day. I received a letter from them confirming my direct debit details (if I was successful in my application) on the 14th April, but it was dated the 10th April.
I've heard nothing since... My valuation fee was taken out on the day of application which is standard practice.
I spoke to my Mortgage Advisor (who has been amazing) a few days ago and he said he's waiting for assessment of my initial application and documents.
Completely appreciate this process takes longer than normal, but wanted to see how other people are getting on? Hope you're all ok!0
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