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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 39
    • AJK11
    • By AJK11 16th Feb 18, 1:23 PM
    • 26 Posts
    • 3 Thanks
    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.
    Originally posted by elchapo
    Congratulations that is excellent news! What a relief! Annoyingly our valuation was booked for Monday just gone but the surveyor cancelled at the last minute and rescheduled for this coming Monday so now we have to wait until probably the back end of next week before we hear back from them! Very frustrating as my broker had to chase them up yesterday only to be told the valuation had been cancelled and rescheduled.
    The good news is they haven't asked for any further documentation since our initial application went in so we should still be on the home straight once they actually do the valuation!

    Oh and no my broker hasn't mentioned anything about getting the valuation fee back but I will definitely be asking her as that must be a standard thing and I'd quite like it back if that's the case!
    Last edited by AJK11; 16-02-2018 at 1:36 PM.
    • Owlzthat
    • By Owlzthat 16th Feb 18, 5:51 PM
    • 4 Posts
    • 0 Thanks
    Owlzthat
    Hi Guys

    Me and my partner have been going through the porcess with Precise. We was asked to provide 3 months banks statements and 3 months payslips and our p60's, we had a email from our mortgage broker saying they are happy with what we have provided and they will be sending a valuer out today and we should have a Binding offer middle of next week, so far they have been really good and after a very nervous wait for last couple of weeks we seem to be getting somewhere
    • elchapo
    • By elchapo 17th Feb 18, 9:01 AM
    • 22 Posts
    • 1 Thanks
    elchapo
    Congratulations that is excellent news! What a relief! Annoyingly our valuation was booked for Monday just gone but the surveyor cancelled at the last minute and rescheduled for this coming Monday so now we have to wait until probably the back end of next week before we hear back from them! Very frustrating as my broker had to chase them up yesterday only to be told the valuation had been cancelled and rescheduled.
    The good news is they haven't asked for any further documentation since our initial application went in so we should still be on the home straight once they actually do the valuation!

    Oh and no my broker hasn't mentioned anything about getting the valuation fee back but I will definitely be asking her as that must be a standard thing and I'd quite like it back if that's the case!
    Originally posted by AJK11
    That is unbelievably annoying. What on earth did the surveyor cancel for! For buyers, the purchase process is a nervous/anxious time but the professionals don't seem to appreciate that sadly! Hopefully you will get through soon.
    • autumn67
    • By autumn67 17th Feb 18, 3:38 PM
    • 2 Posts
    • 0 Thanks
    autumn67
    Hi All,

    Long-time lurker on the forums but first time poster. Just been following this thread as my partner and I have submitted our application to Precise through a broker but things don't seem to be going well so I wanted to share on here as I know people have had all sorts of different experiences. Precise seem hard to nail down in the sense of getting a feel for how they treat people as it seems some people fly through with no problems, others experience more of a nightmare.

    Basic summary of situation: Partner clean and superb credit history, myself terrible: bankrupt over 10 years ago due to divorce, then in 2014 started a DMP due to life event affecting finances at the time.

    We found a good broker, got plenty of advice, got an approved DIP with Precise and submitted a mortgage application. Broker spent around 2 weeks helping us prep all our paperwork and checking anything that Precise might question.

    Timeline so far with Precise has gone like this:

    25/01/18 - application submitted

    25/01/18 - first request for further information (telephone numbers - which was odd, given that we'd already provided that). Also more paperwork (proof of current monthly rental for tenancy and proof of my DMP information). Information sent back the same day, bar the DMP info due to having to wait for debt charity to send it.

    31/01/18 - I forwarded the outstanding information from DMP, which was not exactly as Precise had requested it, with the debt charity saying they can only give me a "Statement of Fact" and not comment on anything else to do with my DMP. They emailed me a copy of my full payment history of my DMP but it wasn't on their letterheaded paper, which I think Precise have an issue with.

    05/02/18 - Precise request further information, this time they wanted a copy of my bankruptcy discharge letter. Letter requested and sent back within a couple of days.

    07/02/18 - advised Precise would assess documents within 48hrs.

    13/02/18 - advised our case had been passed on to different underwriter within Precise and it would be another 48hrs wait.

    16/02/18 - Precise again requested further information. They weren't happy with one of the letters I sent as it had one of my old house addresses on. I was able to rectify this. The debt charity had also not followed / provided all of the information that Precise had requested. They also then wanted our work phone numbers (again, odd, as this had already been provided).

    The debt charity, after several phone calls with different people, were consistent in their response that they cannot "write letters" stating anything other than the basic facts of a DMP. They directed me to print off all my online stuff and send it to Precise as proof. I don't think Precise are going to accept anything I print off myself, so I am still trying to figure out if there is a workaround on that.

    So as it currently stands, I am not getting a good feeling from this situation. I completely understand Precise need to be very thorough and strict and I am doing my best to get them what they want. What worries me is the very inconsistent approach and requests for information that cause delays, also the repeated requests for basic information which they already had at the beginning.

    I dunno but....its worrying? It feels like a different person handles our case at each point of working on it and it doesn't give us any confidence that those people seem to know what they are doing in terms of basic admin processing. We've already paid out the house deposit, searches and other fees and Precise are seriously holding everything else up and the solicitors and developer are constantly chasing for confirmation of a mortgage offer as the house is now near Build Stage 10. Talk about stressful!

    Anyway, as it stands, I've explained everything to my broker and I guess it all hangs now on whether or not the debt charity will send the information exactly as Precise have asked.

    I don't know much about how Precise underwrite things but I get the feeling that even if we did supply all the paperwork exactly as they wanted it, the inconsistent approach, missing information / delayed requests for paperwork make me think they'll just find a reason to reject and it will probably be something really frustratingly minor. Are normal high street lenders this crazy?

    Anyway good luck to everyone else in the queue, look forward to reading more and hopefully hearing some more success stories!
    • elchapo
    • By elchapo 17th Feb 18, 8:24 PM
    • 22 Posts
    • 1 Thanks
    elchapo
    autumn67, I understand your frustration. From what I read, although Precise accept Debt Management Plans, they scrutinise the hell out of them. In fact, the Precise website recommends that your broker uses an "application packager" to submit DMP cases to them. I think they can just be complex to underwrite but the packagers present the case in a very specific way and exactly to their taste.

    I would say try and be positive. My wife was talking like the mortgage was in the bag from the get-go but I stressed myself out and barely slept. They kept asking for more information and that annoyed me. I just kept wondering why they'd not just send a long list all at once instead of making us have to keep going to the back of the queue. All you can do is hang in there and just see any requests for info as a good thing. When they reject, they just reject. They wouldn't ask for more info if they have decided to reject you already.

    Good Luck.
    • autumn67
    • By autumn67 18th Feb 18, 12:24 PM
    • 2 Posts
    • 0 Thanks
    autumn67
    Thanks for sharing that elchapo The broker has been absolutely superb and has indeed used a packager, so I think in that respect we are in good hands and couldn't ask for any more.

    You have a very good point actually, I'd never considered things from that angle before, so thank you...think I will just try to occupy myself with other things until then and see what happens!
    • AJK11
    • By AJK11 20th Feb 18, 1:48 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    That is unbelievably annoying. What on earth did the surveyor cancel for! For buyers, the purchase process is a nervous/anxious time but the professionals don't seem to appreciate that sadly! Hopefully you will get through soon.
    Originally posted by elchapo
    I've no idea, just know they cancelled last minute and we didn't find out until a few days later, very frustrating! Thankfully the rescheduled valuation took place yesterday morning and my broker tells me that the lender should have the report today so hopefully will get our offer this week. Almost at 4 weeks since our full application went in, however 1 week lost due to the valuation not taking place when it was meant to and another week lost waiting for proof of address to be sent to us and then sent on to Precise.
    • AJK11
    • By AJK11 22nd Feb 18, 7:50 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    I have good news, today we were issued our offer!!! So happy! Full application went in on 23rd January, valuation was rescheduled so we lost a week and eventually took place this Monday 19th and offer issued today so almost 4 weeks exactly in total. Can't believe I can finally start to get excited about our new house!!
    • Owlzthat
    • By Owlzthat 24th Feb 18, 8:50 AM
    • 4 Posts
    • 0 Thanks
    Owlzthat
    Good news for me and My Fiance , We had our mortgage offer through yesterday absolutely delighted.Precise asked for a couple of little bits but was excellent with us!, You do get back the initial valuation fee happy days
    • AJK11
    • By AJK11 24th Feb 18, 9:35 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    Good news for me and My Fiance , We had our mortgage offer through yesterday absolutely delighted.Precise asked for a couple of little bits but was excellent with us!, You do get back the initial valuation fee happy days
    Originally posted by Owlzthat
    Congratulations!! Our broker has informed us that they won't be refunding the valuation fee as far as she is aware but you are the second person to say they are getting it refunded. Can I please ask what is your loan to value percentage, what is your interest rate and is yours a remortgage or a purchase? I ask as our broker says that different products have different features and says that if she can get it refunded she will but it may vary depending on all of those things...
    • Owlzthat
    • By Owlzthat 25th Feb 18, 6:42 PM
    • 4 Posts
    • 0 Thanks
    Owlzthat
    Hi Ajk we are first time buyers using help to buy so 25% deposit. Our interest rate is a little higher than expected at 4.8%. It actually states on our mortgage offer that we receive the £410 valuation fee back on successful application.hope this helps !!!128077;
    • willithappen83
    • By willithappen83 26th Feb 18, 4:50 PM
    • 8 Posts
    • 1 Thanks
    willithappen83
    After reading this thread there are a lot of positives. My wife and I submitted a full application on Fri 23 Feb. Money has been taken out for the valuation and TT Fee. We both have a poor credit score (combined 3 defaults all settled and over 2 years old). We were offered a mortgage with Precise last year but the move fell through after we withdrew following a survey. Fingers crossed but not very confident. What will be will be I suppose.
    • AJK11
    • By AJK11 26th Feb 18, 6:42 PM
    • 26 Posts
    • 3 Thanks
    AJK11
    Hi Ajk we are first time buyers using help to buy so 25% deposit. Our interest rate is a little higher than expected at 4.8%. It actually states on our mortgage offer that we receive the £410 valuation fee back on successful application.hope this helps !!!128077;
    Originally posted by Owlzthat
    Thank you, have clarified with the lender and we unfortunately don't qualify for a refund as is a specific feature of those using help to buy/purchasing a new build. Didn't hurt to ask though and thank you for the info!
    • Kaggs!
    • By Kaggs! 27th Feb 18, 4:18 PM
    • 29 Posts
    • 4 Thanks
    Kaggs!
    Hi, did you get your fees paid back? Hope you managed to get sorted in the end... x
    • Labo
    • By Labo 1st Mar 18, 4:01 PM
    • 1 Posts
    • 0 Thanks
    Labo
    Dear all,
    I wanted to also share my journey with you as well as my frustration – Im literally aging as I speak.

    My partner has 2 defaults on his account – one 2014 the other in 2016. My credit is fine. We don’t have any debt. My partner is in full time employment (Oct 2017) previously was self-employed. I am also in full time employment – have been for many years.
    Our DiP was accepted straight away. Our full mortgage application was submitted on 20th January 2018.

    They have come back to us 4 times requesting additional information. Whilst trying to collate all of this information they have made numerous mistakes one of them being the fact that a private & confidential letter went to the wrong place. Instead of going to my employers – it went to my partners employer asking to confirm confidential information regarding me.

    My broker raised a complaint and was advised the case will be fully assed today (28th Feb). They called me personally today asking if I had electronically signed my signature or wet signed it. I asked them how long till I find out – they said another 2 days. Are these cowboys having a laugh???

    We was due to complete 28th Feb 18!

    How have you guys been dealing with such stress?
    • willithappen83
    • By willithappen83 1st Mar 18, 7:00 PM
    • 8 Posts
    • 1 Thanks
    willithappen83
    I have heard nothing from Precise for a couple of days. 1 day after Application I notes to Credit Searches has been completed and they asked for more Pay Statements from my wife. The declaration was sent, signed, scanned and sent back, but nothing since Tuesday. I suspect the bad weather has precluded normal business? I am hopeful they at least instruct valuation next week, but it seems most people are waiting an average of 4 weeks from application to offer.
    • Hannah56
    • By Hannah56 2nd Mar 18, 11:31 AM
    • 2 Posts
    • 1 Thanks
    Hannah56
    So after initial application over four weeks ago valuation on Wednesday we!!!8217;re finally waiting for our offer!
    The valuation matches! We had how was we going to afford it! My maternity leave, specific letter to them advising how long I!!!8217;m off, a copy of my work contract. A letter to explain how we are going to afford the mortgage!
    Hopefully get our offer today!
    • willithappen83
    • By willithappen83 2nd Mar 18, 8:51 PM
    • 8 Posts
    • 1 Thanks
    willithappen83
    It!!!8217;s so frustrating and I!!!8217;ve only been waiting a week. I rang Precise today and they told me exactly what paperwork they are outstanding - lots, all of which I have given to my broker. I!!!8217;m guessing the broker is just waiting to receive a letter confirming my HTB before submitting it all. My wife is also on mat leave but they!!!8217;ve only asked for confirmation that she is still employed. She works for a law firm so I suppose Precise are being careful that they don!!!8217;t ask for a date she is going back as that is up to the person and not the company. Valuation has not been instructed yet but I!!!8217;m hoping for some development next week otherwise I!!!8217;ll go mad!
    • willithappen83
    • By willithappen83 8th Mar 18, 2:03 PM
    • 8 Posts
    • 1 Thanks
    willithappen83
    Latest update on the Precise Mortgage application. The broker stated early in the week Precise did indeed want confirmation from my wifes employer on her return to work date. That was submitted on Tuesday afternoon. Wednesday evening Precise then asked for clearer copies of my P60 and Pay Statements and also requested my latest Pay Statement which hadn!!!8217;t been issued when we applied. These were sent to the broker on Wednesday night and to Precise in Thursday morning. Thursday afternoon we have been informed that the Precise underwriter has signed off on the application, all credit checks have passed and valuation has been instructed. This will be carried out next week and providing there are no problems then we should have an offer soon after. I!!!8217;m hoping there are no problems with the valuation as it is a new build (not yet built) and we already have £10000 off the asking price. Fingers crossed for good news, but so far Precise seem to be turning things around quickly
    • steph2901
    • By steph2901 9th Mar 18, 5:19 PM
    • 302 Posts
    • 188 Thanks
    steph2901
    How soon after the valuation fee is paid do they do the valuation? It showed as a pending transaction for a couple of days and then on Wednesday actually came out of my account.

    Does the fact that they've taken this mean they are happy with my paperwork?

    I've not heard anything from my broker since he requested P60's on Wednesday, which I emailed immediately.
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