Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • starrybear
    • By starrybear 5th Jul 16, 1:57 PM
    • 56Posts
    • 5Thanks
    starrybear
    Precise Mortgages - how long from application to offer?
    • #1
    • 5th Jul 16, 1:57 PM
    Precise Mortgages - how long from application to offer? 5th Jul 16 at 1:57 PM
    Hi all,

    I've searched for answers to this, but can't find anything recent.

    If anyone has dealt with Precise recently, I'd appreciate any insight into your timelines?

    Thanks in advance
Page 44
    • NewBuild72
    • By NewBuild72 17th Nov 18, 5:41 PM
    • 5 Posts
    • 0 Thanks
    NewBuild72
    Our timeline
    Our journey with Precise:

    25/10 - meeting with broker and DIP
    31/10 - application made
    01/11 - hard credit check shows up
    05/11 - queries on a couple of bank transactions
    09/11 - offer made
    13/11 - offer arrived in post

    Was a lot quicker than weíd be advised, but still glad itís done! I have 5 defaults, 3 from 2014, 1 from 2015 and 1 from 2017.
    • iaink
    • By iaink 29th Mar 19, 12:06 PM
    • 22 Posts
    • 3 Thanks
    iaink
    Just put my application in
    I know that this is a particularly old thread with no updates for some time but Iíve been reading through all of it whilst preparing for and submitting my partner and Iís application to Precise and found it helpful so thought I would add my timeline and info.

    Weíre FTB buying a 2 year old property so essentially new build but itís had a previous owner.

    Weíre using a mortgage broker to assess our situation.

    My partners credit is perfect (never a late payment or over limit) but mine is very poor. I am down to 8 defaults and 6 accounts with previous payment issues, either consistent late payments or over limits. Defaults are mobile phones, utilities, a personal loan and pay day loans.
    All low value (under £300) and settled except one £3,600 loan which is still to be settled. 27 months since most recent default.
    Experian 359/999. Callcredit 538/710. Equifax 216/700.

    Property price is £185,000 and we are putting down £45,000 so a mortgage of £140,000. Combined income of 55k. 30 years term at 4.29% according to DIP.

    Timeline
    19.03.2019 - DIP approved at £161k
    23.03.2019 - Property offer accepted
    25.03.2019 - Sent broker all documents in shopping list
    27.03.2019 - Full mortgage application submitted
    29.03.2019 - Update expected.

    Trying to stay positive. I know my adverse is some of the worst so I wouldnít be surprised if it gets declined.

    Been renting for years though and can prove I can afford it. So Iíll keep my fingers crossed and hope!
    • Gk2007
    • By Gk2007 1st Apr 19, 4:36 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    We have submitted our precise mortgage application today, and paid valuation fee!
    Have also been looking through this thread, am pleased they has been a newish post!!
    Will let you no how we get on!
    • iaink
    • By iaink 1st Apr 19, 9:39 PM
    • 22 Posts
    • 3 Thanks
    iaink
    A quick update.

    Timeline
    19.03.2019 - DIP approved at £161k
    23.03.2019 - Property offer accepted
    25.03.2019 - Sent broker all documents in shopping list
    27.03.2019 - Full mortgage application submitted
    29.03.2019 - Update expected.
    Heard back from our MA today that Precise had a few queries. Looking for proof of bonuses (already sent 4 years of P60s). Sent again and asked if this is enough.

    They also asked for a landline phone number which I supplied the number for our broadband and advised thereís no phone there. Donít have one. Call work numbers if you must speak to us on a landline and provided them.

    Finally a query on my electoral roll status as my address format for the roll doesnít match up with credit accounts. I confirmed that Iíve been on the roll here for as long as I could be and that Experian managed to link the two.

    MA also advised that theyíre looking to book a valuation in.

    It seems to be moving forward and so far so good. Remaining hopeful.

    Nice to hear from you Gk2007. Hopefully we both get the offers that we need
    • Gk2007
    • By Gk2007 2nd Apr 19, 6:45 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Hi!
    Iím not expecting a update for a few days.

    I wonder why they are requiring home phone numbers, I canít imagine many people have landlines, I no we donít either.
    How long have you lived at your current address?
    We havenít been here a year yet, seems Experian have us on the electoral roll, but Equifax donít.
    I have read that they do look at both Experian and Equifax. Could be that your not showing on one off them and there wanted to double check your address!

    Itís such a nervous waiting game!!
    • sharpeye
    • By sharpeye 3rd Apr 19, 7:44 AM
    • 14 Posts
    • 3 Thanks
    sharpeye
    our application so far......

    11/03/19 - application made
    11/03/19 - hard credit check shows up
    15/03/19 - all requested docs sent in
    19/03/19 - additional statement of fact and monthly statement requested from Step Change
    01/04/19 - after delay waiting for additional docs from Step Change (took them 8 days to get my monthly statement to me after repeated chasing!) all extra info sent to Precise

    Now waiting hopefully for offer but will update as and when we receive it
    • iaink
    • By iaink 3rd Apr 19, 11:23 AM
    • 22 Posts
    • 3 Thanks
    iaink
    Hey gk2007,

    I wonder why they are requiring home phone numbers, I canít imagine many people have landlines, I no we donít either.
    I thought that it might be because theyíre able to look up at address at BT and find the phone number. Seems like it may be a further layer of address checks.

    Iíd say if they do ask then honesty is the best policy.

    How long have you lived at your current address?
    Iíve been here around 14 months now. Signed up to the electoral roll within days of moving in.

    We havenít been here a year yet, seems Experian have us on the electoral roll, but Equifax donít.
    Iím in the same position where Experian shows me on the roll and Equifax doesnít.

    Edinburgh council wonít update the address they submit for electoral roll which doesnít match a single credit account or utility I get and Equifax have failed to sort it out the 3 times Iíve sent in support requests.

    I did advise my Broker that we may have issue with this.

    Itís such a nervous waiting game!!
    It really is. Thatís my application submitted a week ago and based on all prior responses I expect to be waiting another couple of weeks or longer. Donít know how Iíll cope with the stress.


    Hey sharpeye,

    Welcome to the thread.

    Interestingly everyone (or most at least) here seems to have had a hard credit check on the day of application but Iíve not.

    I did send a full copy of all three of my credit reports to my broker so I wonder if theyíre working off that or if I could still get a decline when they credit check.

    Did your hard check appear on Experian?

    All I seem to have had from Precise is a soft ID check against Experian.
    • Gk2007
    • By Gk2007 3rd Apr 19, 5:04 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    UPDATE:

    Precise have requested my first payslip, my P45 from previous job, and a rental payment reference addressed to them from my current landlord (who are stating they can just send a statement out) so Iím not to sure what to do with that one!

    My MA has advise there assessing my documents but have passed initial credit ect, and they are looking at booking valuation.
    Iím just going to struggle to get a reference addressed to precise!
    • iaink
    • By iaink 3rd Apr 19, 9:55 PM
    • 22 Posts
    • 3 Thanks
    iaink
    Hey gk2007,

    That sounds like good news ��

    Precise have requested my first payslip, my P45 from previous job
    This seems pretty standard based on a lot of other posts.

    and a rental payment reference addressed to them from my current landlord (who are stating they can just send a statement out) so I’m not to sure what to do with that one!
    I’d imagine that if you ask the landlord to address it to your prospective mortgage lender they should be obliged to comply.

    I’d think that all it needs to say is how long you’ve been renting, the monthly payment and that you’ve never missed or been late with payments. Signed by the landlord.
    • iaink
    • By iaink 4th Apr 19, 6:14 PM
    • 22 Posts
    • 3 Thanks
    iaink
    An update on my application.

    Timeline
    19.03.2019 - DIP approved at £200k with 40k deposit
    23.03.2019 - Property offer accepted at 185k
    25.03.2019 - Sent broker all documents in shopping list
    27.03.2019 - Full mortgage application submitted for 185k with 45k deposit
    29.03.2019 - Update expected but none received
    01.04.2019 - Happy to proceed to valuation. Awaiting date.
    04.04.2019 - Baluation booked for 09/04/2019. Also advised all documents submitted should have been assessed by then.

    The stress and anxiety is still high. Some days I think surely they will give us this and others I’m sure it will be declined.

    It’s in the underwriters hands now.
    • Gk2007
    • By Gk2007 5th Apr 19, 9:08 AM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Hi iaink,

    Iím feeling quite positive for you!

    They must be quite happy to book the valuation in.

    Iím still waiting on my old employer and Houseing association to send me p45 and reference, there in no hurry 😑
    • iaink
    • By iaink 6th Apr 19, 1:50 PM
    • 22 Posts
    • 3 Thanks
    iaink
    I am hopeful, just concerned that my partner and I are still to see any kind of hard credit check.

    I am still hoping that the brokers sent our full credit reports along with the application and that Precise are satisfied with this. Maybe just a re-check before paying out.

    Definitely can’t help but think that they may do this later and decline at that point.

    Hopefully it won’t take you too long to get those documents and get them sent over.

    The wait is killer. I just want to know one way or another.
    • Gk2007
    • By Gk2007 7th Apr 19, 5:10 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Hey,

    Iíve noticed Iíve not had a hard search either, just a identity check.
    If that makes you feel any better.
    I was thinking the same though, maybes they do the full search at there final stage.
    • Gk2007
    • By Gk2007 7th Apr 19, 6:05 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Hey, just wanted to follow up,
    Iíve just checked Experian again and itís showing a had credit search now as well as a soft search.
    Both where done on the 1st April
    • onthemend88
    • By onthemend88 7th Apr 19, 7:47 PM
    • 27 Posts
    • 7 Thanks
    onthemend88
    Would anyone mind telling me which CRA Precise use for both the Initial check for AIP and full mortgage application?
    • Gk2007
    • By Gk2007 7th Apr 19, 8:15 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Hey,
    Iíve had a soft search on Experian and Equifax
    And. A hard search on Experian.
    Hope this helps
    • onthemend88
    • By onthemend88 7th Apr 19, 8:29 PM
    • 27 Posts
    • 7 Thanks
    onthemend88
    Thank you.
    • iaink
    • By iaink 8th Apr 19, 12:41 PM
    • 22 Posts
    • 3 Thanks
    iaink
    Hmm, I just re-checked my Experian and still no hard search from Precise.

    I have the ID check on 27/03/2019 and then nothing since then.

    I can’t see any hard checks on Experian, Equifax or CallCredit.

    I don’t like how it seems my app is the odd one out.
    • janoid19
    • By janoid19 9th Apr 19, 5:20 PM
    • 19 Posts
    • 2 Thanks
    janoid19
    Hi,
    I've been reading all of the posts on here and I am very nervous.
    We have sent our full application along with extra documents which were requested.
    My partner has only been at his current job 10 months and before this had 2 months between jobs as his previous company was sold.
    We were not told that 1 year continuous employment was needed and now i'm positive we are going to be declined. How strict are Precise on this?
    Thanks
    • Gk2007
    • By Gk2007 9th Apr 19, 5:48 PM
    • 21 Posts
    • 3 Thanks
    Gk2007
    Update -

    Timeline

    1st April - application sent
    Hard/Iíd search on credit file
    2nd April - requested p45 and queryís on bank statements
    3rd April - requested reference off landlord

    8th April - queried affordability and how we can afford the change from rent to mortgage
    Asked for p60
    And joint account direct debit statements

    Also they valued our house 8th April

    9th April - still looking over documents and we are still waiting a reference off our Houseing association

    If we where to get declined now they have valued house would we lose that valuation fee?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

711Posts Today

6,595Users online

Martin's Twitter