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  • FIRST POST
    • starrybear
    • By starrybear 5th Jul 16, 2:57 PM
    • 56Posts
    • 5Thanks
    starrybear
    Precise Mortgages - how long from application to offer?
    • #1
    • 5th Jul 16, 2:57 PM
    Precise Mortgages - how long from application to offer? 5th Jul 16 at 2:57 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 38
    • shankerrison
    • By shankerrison 7th Feb 18, 8:11 AM
    • 13 Posts
    • 1 Thanks
    shankerrison
    @AJK11 I love old houses super jealous, is there a lot of work that needs to be done or can you move straight in? Our window for the house completion is June - August, was told by the developers it will likely be August time when we can move in if there are no delays! We have exchange of contracts as soon as the solicitors are prepped and then I can stop stressing lol
    Last edited by shankerrison; 07-02-2018 at 8:15 AM.
    • AJK11
    • By AJK11 7th Feb 18, 8:51 AM
    • 26 Posts
    • 3 Thanks
    AJK11
    @AJK11 I love old houses super jealous, is there a lot of work that needs to be done or can you move straight in? Our window for the house completion is June - August, was told by the developers it will likely be August time when we can move in if there are no delays! We have exchange of contracts as soon as the solicitors are prepped and then I can stop stressing lol
    Originally posted by shankerrison
    No luckily it's in really good condition but we are going to do cosmetic things such as new carpet, kitchen and bathroom to bring it up to date a bit, so excited!!

    Ah hope the build is all completed on time for you and no delays, just out of interest, how does it work with your mortgage offer lasting until then? For some reason I thought I read on here that the offer is only valid for 6 weeks or something but I may be wrong?
    • shankerrison
    • By shankerrison 7th Feb 18, 9:24 AM
    • 13 Posts
    • 1 Thanks
    shankerrison
    No luckily it's in really good condition but we are going to do cosmetic things such as new carpet, kitchen and bathroom to bring it up to date a bit, so excited!!

    Ah hope the build is all completed on time for you and no delays, just out of interest, how does it work with your mortgage offer lasting until then? For some reason I thought I read on here that the offer is only valid for 6 weeks or something but I may be wrong?
    Originally posted by AJK11
    That's great, bet you can't wait to all your cosmetic bits and make it your own, I'd love to do something like that but new build was the best option for us! The offer lasts for 6 months, which brings us to August, this was our concern but we was assured by precise that if there was any delays with the build we would be able to have an extension to cover completion. Not sure if it has something to do with the fact we are doing help to buy and its a new build why we can have the extension if required, my memory isn't the best but sure our broker mentioned something along those lines!
    • AJK11
    • By AJK11 7th Feb 18, 9:33 AM
    • 26 Posts
    • 3 Thanks
    AJK11
    That's great, bet you can't wait to all your cosmetic bits and make it your own, I'd love to do something like that but new build was the best option for us! The offer lasts for 6 months, which brings us to August, this was our concern but we was assured by precise that if there was any delays with the build we would be able to have an extension to cover completion. Not sure if it has something to do with the fact we are doing help to buy and its a new build why we can have the extension if required, my memory isn't the best but sure our broker mentioned something along those lines!
    Originally posted by shankerrison
    Absolutely, have been browsing kitchens and bits online but until that offer is in our hands, don't want to allow myself to get fully excited just yet. Oh that's good news then, not sure where I read about the 6 weeks lol! I've spent many a late night trawling through these threads to try and reassure myself so probably misread it in a half asleep state
    • shankerrison
    • By shankerrison 7th Feb 18, 9:46 AM
    • 13 Posts
    • 1 Thanks
    shankerrison
    Absolutely, have been browsing kitchens and bits online but until that offer is in our hands, don't want to allow myself to get fully excited just yet. Oh that's good news then, not sure where I read about the 6 weeks lol! I've spent many a late night trawling through these threads to try and reassure myself so probably misread it in a half asleep state
    Originally posted by AJK11
    I've been exactly the same!!! My partner through this whole process has been speaking about the house as if the offer was already in the bag from the beginning, I've been like stop you will jinx us!! I had a default on my account from two years ago, so was reading through all the threads to try and find someone in the same position as me haha! I expected hell from Precise to be honest, I saw their trust pilot prior to coming onto the forum and thought oh my what have I got myself into but everything has been really straight forward!
    • AJK11
    • By AJK11 8th Feb 18, 2:37 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    If the house is not yet built, they just do a survey based on information sent by the developer. Strangely, they often still charge the same money.

    Precise had come back to us asking for lots of additional documentation which we sent on Friday. The valuation was also done on Friday Feb 2nd. Today, they just said that my direct debit mandate has a different signature to the one on my passport but that was it so it seems they are happy with the valuation and extra info/documentation. Fingers crossed, we'll get an offer in the next day or so as our developer wants to exchange by 19th Feb and complete 23rd Feb.
    Originally posted by elchapo
    Have you heard anything from them yet? Our valuation is booked for 12th Feb.
    • elchapo
    • By elchapo 8th Feb 18, 3:00 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    Have you heard anything from them yet? Our valuation is booked for 12th Feb.
    Originally posted by AJK11
    Yes, its starting to get a little frustrating though. This us our timeline:

    Thursday 25th Jan: Submitted application
    Friday 26th Jan: Case was reviewed
    Monday 29th Jan: Survey/Valuation was instructed (for Friday 2nd Feb)
    Wednesday 31st Jan: Precise asked for lots of info. My tax overview for previous year when I was self-employed (now perm), contact info for my wife, confirmation of wife's maternity arrangements from employer, proof of address for 2015, confirmation of wife's student loan balance. All sent back the same day.
    Tuesday 6th Feb: Precise said the Direct Debit mandate needs resigning as my signature is different to the one on my passport. I have changed it since the passport was issued many years ago.
    Thursday 8th Feb: Precise sent a "Signature Discrepancy Form" for me to sign because my signatures on their forms don't match my passport. They also asked for the CML Disclosure of Incentives Form. We sent them both back today.

    Hopefully we will hear something tomorrow but they seem to be getting busier so likely Monday. Ideally, we'd just have been asked for everything at once and then the process would only take a few days in total. Requesting info and placing to the back of the queue seems a bit crazy.
    • AJK11
    • By AJK11 8th Feb 18, 6:30 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    Yes, its starting to get a little frustrating though. This us our timeline:

    Thursday 25th Jan: Submitted application
    Friday 26th Jan: Case was reviewed
    Monday 29th Jan: Survey/Valuation was instructed (for Friday 2nd Feb)
    Wednesday 31st Jan: Precise asked for lots of info. My tax overview for previous year when I was self-employed (now perm), contact info for my wife, confirmation of wife's maternity arrangements from employer, proof of address for 2015, confirmation of wife's student loan balance. All sent back the same day.
    Tuesday 6th Feb: Precise said the Direct Debit mandate needs resigning as my signature is different to the one on my passport. I have changed it since the passport was issued many years ago.
    Thursday 8th Feb: Precise sent a "Signature Discrepancy Form" for me to sign because my signatures on their forms don't match my passport. They also asked for the CML Disclosure of Incentives Form. We sent them both back today.

    Hopefully we will hear something tomorrow but they seem to be getting busier so likely Monday. Ideally, we'd just have been asked for everything at once and then the process would only take a few days in total. Requesting info and placing to the back of the queue seems a bit crazy.
    Originally posted by elchapo
    Oh dear that is frustrating. They seem to require different things from different people, for example I pay student loans from my salary each month but they haven't asked me for a statement or anything (yet!) The main issue which delayed our application so far has been getting proof of addresses that they considered to be acceptable.

    Our broker has told us that once they have completed the valuation and as long as they are happy with the valuation then they will send out the offer as they haven't asked for anything further from us. They wanted to instruct the valuation 2 days after our application went in but she told them to wait until they were happy with absolutely all of our documents etc before going ahead with it so should be speedy once they've done that but I won't get too excited until I actually have the offer in my hands!

    I really hope they get back to you asap with the news you've been waiting for and no more delays!
    • AJK11
    • By AJK11 8th Feb 18, 6:37 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    Also, what is the CML disclosure of incentives form?
    • elchapo
    • By elchapo 8th Feb 18, 7:00 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    It sounds like you are on the home run. Iíll keep my fingers crossed for you.
    The CML disclosure of incentives is a statement from the seller of new build properties declaring what incentives have been given. For example, stamp duty contributions, lowered sale price etc.
    • james_19742000
    • By james_19742000 11th Feb 18, 10:35 AM
    • 3 Posts
    • 0 Thanks
    james_19742000
    james_19742000, waiting a week for a DIP sounds a bit strange. Our broker got us a DIP immediately. I'd have thought it would have given a yes or a no based on the address history it can or cannot find. Can you see any obvious gaps on Experian where your partner is not showing on the electoral register?
    Originally posted by elchapo
    We are now into the 3rd week of waiting for a DIP!!!

    Because the property that my partner used to love at was a large old house divided into 3 flats, the address finder that Experian use won't find the flat number, so until that is rectified Precise cant credit check her, go on Royal Mail, the address is there, plus all other credit reference agencies it is there, but not on Experian, even though she is on there on her credit file etc they won't process it until Experian update to say that property was 3 flats.....!!!

    Its a complete joke, the home we want is available on the help to buy, the builder has given us a list of incentives to proceed, but we cant do anything until this is resolved, due to my previous adverse credit due to a divorce Precise are our only option, so a bit stuck really, Precise have said they will sort this week, but it is driving us nuts!!!!!

    Any advice....!!!!
    • elchapo
    • By elchapo 11th Feb 18, 11:55 AM
    • 22 Posts
    • 1 Thanks
    elchapo
    Thatís really annoying because itís such a simple thing yet causing a massive blocker for you. My advice would be to:

    1) Clarify as much as possible with both Experian and Precise as to exactly the best way to fix this and proceed.
    2) Try and get absolutely everything possible ready in terms of documentation for when your full application actually goes in. You can find a full list on Preciseís website but from experience and reading others experiences, the biggest delay is them asking for bits of information every few days and then putting you to the back of the queue for a few days.
    • james_19742000
    • By james_19742000 11th Feb 18, 12:06 PM
    • 3 Posts
    • 0 Thanks
    james_19742000
    Thatís really annoying because itís such a simple thing yet causing a massive blocker for you. My advice would be to:

    1) Clarify as much as possible with both Experian and Precise as to exactly the best way to fix this and proceed.
    2) Try and get absolutely everything possible ready in terms of documentation for when your full application actually goes in. You can find a full list on Preciseís website but from experience and reading others experiences, the biggest delay is them asking for bits of information every few days and then putting you to the back of the queue for a few days.
    Originally posted by elchapo
    Annoying is mild to say the least! We have spoken to Experian a few times, but getting to someone who understands the situation is difficult, when we did he could see exactly what our issue was, he said that by making sure everything was correct in terms of updating her details and double checking etc then when Precise do credit score her all the information would be there, we've done that, checked and double checked, spoken to the broker several times etc they've spoken to Precise and Precise just say, until the auto address finder comes up with the flat number they cant proceed, seems to be as though they are being deliberately difficult!

    All our paperwork is ready to go, just need the scoring to go ahead and then see what happens from there!

    Does anyone know what score you have to get to so as to be accepted/considered for a mortgage from them at all??
    • elchapo
    • By elchapo 11th Feb 18, 9:29 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    Precise appear to be very thorough and by the book due to the fact they are accepting applicants with adverse credit. For example, I had to sign a signature discrepancy form stating why my signature is different to the one on my passport.
    My Experian score was 686 at the time we got our DIP. Although the scores on these credit sites are somewhat irrelevant. The lender looks at your report, your salary and your application as a quick snapshot and creates their own score which gives you a pass or fail for a DIP. This is the criteria you need for a residential loan as per their website:

    Precise Mortgages allows a certain amount of adverse credit with levels being dependant on the product chosen. As a guide our maximum adverse allowed is:

    Defaults: 5 in 24 months
    CCJs: 3 in 24 months
    Mortgage arrears: 1 in 12 months, 3 in 36 months (worst status), 0 in last 3 months
    IVA and bankruptcy: Must have been discharged for 6 years
    Repossessions: Are not accepted
    Debt management plans: Specific product range available.


    You should make sure your broker has checked all of this though.
    • Kaggs!
    • By Kaggs! 12th Feb 18, 10:53 PM
    • 29 Posts
    • 4 Thanks
    Kaggs!
    Helppp praying we get accepted with help to buy !!!128591;!!!127996; Not good credit history !!!128532;
    • AJK11
    • By AJK11 14th Feb 18, 6:36 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    Annoying is mild to say the least! We have spoken to Experian a few times, but getting to someone who understands the situation is difficult, when we did he could see exactly what our issue was, he said that by making sure everything was correct in terms of updating her details and double checking etc then when Precise do credit score her all the information would be there, we've done that, checked and double checked, spoken to the broker several times etc they've spoken to Precise and Precise just say, until the auto address finder comes up with the flat number they cant proceed, seems to be as though they are being deliberately difficult!

    All our paperwork is ready to go, just need the scoring to go ahead and then see what happens from there!

    Does anyone know what score you have to get to so as to be accepted/considered for a mortgage from them at all??
    Originally posted by james_19742000
    Any news? Hope you've managed to get a DIP sorted now.
    • AJK11
    • By AJK11 14th Feb 18, 6:38 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    It sounds like you are on the home run. Iíll keep my fingers crossed for you.
    The CML disclosure of incentives is a statement from the seller of new build properties declaring what incentives have been given. For example, stamp duty contributions, lowered sale price etc.
    Originally posted by elchapo
    Have they given you any more updates? Our valuation was completed on Monday and our broker says she expects to hear something tomorrow but who knows!
    • elchapo
    • By elchapo 14th Feb 18, 8:09 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    Have they given you any more updates? Our valuation was completed on Monday and our broker says she expects to hear something tomorrow but who knows!
    Originally posted by AJK11
    Yes, good news for us.
    Thursday 8th, we sent back the Signature Discrepancy Form and the updated Direct Debit Mandate. On Monday 12th, we were told by our broker that they are happy with the documentation and should be making an offer soon. Then at about 6pm last night, the broker forwarded our offer electronically. We are just waiting for the physical offers to reach us and our solicitor now which should be tomorrow hopefully. Can finally relax a bit.

    You should hear tomorrow but Friday the latest I would think. It took us a little while to get feedback from our valuation. Is your valuation fee being refunded? I don't know how/why but our broker got Precise to return our £630 upon successful application.
    • Hannah56
    • By Hannah56 16th Feb 18, 8:16 AM
    • 2 Posts
    • 1 Thanks
    Hannah56
    Currently awaiting an offer from precise!
    They!!!8217;ve now asked for a letter when I return to work from maternity and my hours are the same etc.
    They have also asked why we had £2k off a family memeber (this was to lay upfront for searches etc)
    They!!!8217;ve also asked for an explanation as to how we are going to afford the mortgage! this really doesn!!!8217;t seem very positive!
    • elchapo
    • By elchapo 16th Feb 18, 9:25 AM
    • 22 Posts
    • 1 Thanks
    elchapo
    We were asked for the maternity return confirmation so that bit is standard and same with explanations of deposits.
    Although the last question of how you are going to afford the mortgage insinuates that they have some doubts. All you can do is try to settle their concerns as much as you can but your broker should know what to say.
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