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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 42
    • JoanneC1983
    • By JoanneC1983 21st Apr 18, 12:14 AM
    • 2 Posts
    • 0 Thanks
    JoanneC1983
    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!
    • Flossy491
    • By Flossy491 23rd Apr 18, 9:24 AM
    • 3 Posts
    • 0 Thanks
    Flossy491
    Our application was submitted on 27/03, (4 weeks tomorrow) DD form sent and returned on 29/04, also valuation fee taken. We initially sent all paperwork to our broker before application was submitted so he pretty much had everything. Valuation was done 11/4. Since then weíve been asked for extra bank statements on 20/04. Really hoping to hear this week, and everything crossed that we get our offer. Itís been the longest 4 weeks of our lives. Good luck to everyone.
    • junglist_matty
    • By junglist_matty 23rd Apr 18, 10:24 AM
    • 46 Posts
    • 33 Thanks
    junglist_matty
    We took a mortgage with HSBC: Application was submitted on 15/01/2018 and our mortgage offer was received on 22/02/2018.

    Our application had to go to the underwriters for which we had to verify a few queries they raised and the valuation survey took a little longer than expected, but it didn't seem to be too drawn out. We've had several mortgages over the years and average time from application to offer seems to be (from our experience) around 4-6weeks
    • Jtotz67
    • By Jtotz67 23rd Apr 18, 4:51 PM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    Joining in the fun!
    I thought I would join in the fun!

    We had our DIP accepted on 18/04 and full application submitted 19/04. Our MB asked for a pretty comprehensive set of docs to be sent over (bank statements, payslips etc) for when they ask for them and we also have a gifted deposit so we sent over that information today with the signed form and proof of funds etc.

    Havenít heard much from our MB since the application went in (i.e. next to nothing) but he has been fantastic generally throughout the whole process. Especially dealing with my incessant questions!

    We know they have hard credit checked with Experian and that they have taken out the valuation fee (which seems standard practice) but as far as we have heard they have not yet requested any further documentation.

    I am nervous about the valuation because the house has a very tiny flying freehold (max 5% of footprint) but hopefully that shouldnít be a snag!


    No question as such, I am just a giant, anxious, worrying stress ball and I think that if I stress about it at home any more, my husband might lock me in a sound proofed room until we hear back! So I thought I would join you all on here!
    • MG42Maniac
    • By MG42Maniac 24th Apr 18, 1:43 PM
    • 11 Posts
    • 0 Thanks
    MG42Maniac
    Update 24-APR-2018:

    Precise are happy with the valuation. They have queried a few debt payments on my bank statements and got me to confirm the accounts are at £0 balance, which they are.

    They have also asked for a Section 106 to confirm what % of the housing is affordable, I know it's 40% so I don't think there will be any issues.

    I feel like they really are box checking now and I really hope we get an offer soon.
    • Jtotz67
    • By Jtotz67 24th Apr 18, 4:13 PM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    Good news they are happy with the valuation.


    Heard back from our MB this morning that they requested our P60s and hubby's bank statements (as our car finance goes from his account). Have sent all but hubby's P60 over as he works in a much smaller company so he is finding out how to get his.


    MB also told us that the valuation has been instructed and, while not one to get my hopes up, I feel like this might be a little glimmer of a good sign - absolutely not ruling anything out though!


    Here's hoping!
    • JoanneC1983
    • By JoanneC1983 26th Apr 18, 9:51 PM
    • 2 Posts
    • 0 Thanks
    JoanneC1983
    I think its definitely good news if they've instructed the valuation?

    I spoke to my mortgage advisor yesterday and he said that no further documentation had been requested and that we are just waiting for the valuation... I'm so nervous with the wait!! Hope you all get good news soon!
    • Jtotz67
    • By Jtotz67 27th Apr 18, 9:51 AM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    You too!


    Our broker has gone absolute radio silence on us - not responding to any emails (not tried calling to be fair but just don't have the time during the day). I have to say that is doing nothing for my nerves!


    They requested further info on Tuesday and we know valuation was yesterday. So it is anybody's guess at the moment! I go through periods where I am really positive and then switch to being really negative.

    It is absolutely a que sera sera situation but I hate being kept so out of the loop!!
    • Jtotz67
    • By Jtotz67 27th Apr 18, 10:52 AM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    Update!

    I was internally raging a little bit and struggling to concentrate so I bit the bullet and rang precise direct.


    The broker sent over our additional paperwork yesterday and they had already had the valuation back (which came in at what we are paying for it which must be a good thing). ETA on a decision (or at least further contact) is next Tuesday.


    At least now I can relax over the weekend knowing how long a wait I have!
    • MG42Maniac
    • By MG42Maniac 27th Apr 18, 12:02 PM
    • 11 Posts
    • 0 Thanks
    MG42Maniac
    Just received our offer from Precise, took 18 days from start to finish, Sooooo relieved.
    Just a bit of background info to help anyone else who may stumble across this thread:

    We are both first-time buyers
    House is £440K using HTB
    Combined of £85K
    Partners credit is perfect (Experian 961)
    I have a two-year-old default for £438 from Argos (Experian 740)
    Only debt is a loan payment of £161 a month with £2K remaining.
    We were put into the least risky category and got a rate of just over 4%.
    • Jtotz67
    • By Jtotz67 1st May 18, 10:39 AM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    Bang on 3 days! Got an update from my broker this morning.

    They have queried a regular payment from joint account into hubby's sole account (car finance debit still comes from his sole account - we are changing it over). They asked for our landline number and they asked for the name of the person who certified our deposit donor's bank statements.

    They also queried an issue with my husband's P60 but my broker seems to be handling that one himself as it wasn't on his list of queries to me.

    I am really hoping that as it is only information and not documents that it is not going to take ANOTHER three days for them to review that stuff and come back to us! I don't think I can take the wait!
    • Jtotz67
    • By Jtotz67 4th May 18, 4:47 PM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    So it did in fact take them ANOTHER three days to process it! However it was worth the wait!!!

    Our mortgage broker emailed me this morning and said that he would update us today. Come 4pm there was no update and he had apparent left the office so I rang precise direct on the offchance we could collate any more information they need....except we were told that our case had gone to offer!!!!! We should have the offer in the next 3 working days!!!

    While I will be 100% happy (and 100% believe them) when I have the offer in my actual hand, I can't quite believe it!!! It has definitely made our bank holiday weekend!

    15 days from application to find out it has been progressed to offer - not too shabby! Hang on in there everyone - if I can make it without going grey, you all certainly can!!!!
    • Snackattack99
    • By Snackattack99 8th May 18, 9:39 AM
    • 1 Posts
    • 0 Thanks
    Snackattack99
    Nervous!
    Hi there

    Got a joint application going in with my wife. We had an AIP and have now found a house. We are only borrowing 1.6 times our income (JI is £140k and mortgage is £225k). I have bad history with 2 ccjís - one settled, one not - both over two years ago and a couple of defaults. A business venture a couple of years ago went wrong and really messed us up.

    Affordability isnít a problem, we have around £2.5k a month spare after all bills. My worry is around the bad credit history I have and also the fact that I havenít really had time to tidy up my bank statements as we werenít going to buy anytime soon but found a house we loved. There are a few gambling transactions on there - no big amounts, just quite a few £5ís here and there.

    How far back do they usually ask for? And do you think these transactions will get looked upon badly?
    • Jtotz67
    • By Jtotz67 8th May 18, 10:26 AM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    The good thing about having bad credit and going with Precise is that Precise is a specialist in bad credit lending.... so you are going to the right place!


    I couldn't help you or comment on the gambling transactions as unfortunately I have no idea but they asked us for 3 months of bank statements, and that was all. I have seen comments on here that they have asked some for 6 months so I think each case is different.


    Hopefully if you have a good broker they will take off you everything they think you will need. Precise do ask for a lot of documentation and they do go through it with a fine tooth comb (rightly so) so if there is anything you are unsure of perhaps ask your broker?
    • Jtotz67
    • By Jtotz67 11th May 18, 10:07 AM
    • 8 Posts
    • 0 Thanks
    Jtotz67
    We had a bit of a blip because of the bank holiday Monday but our mortgage offer is finally in our hands! The broker scanned it over today

    It was worth every second of the wait but it doesn't half take 10 years off your life!!

    In case it helps anyone else out:

    First Time Buyers
    £200,000 loan
    c. £43K annual joint income
    Some historical adverse credit
    Gifted deposit

    3 weeks from application to offer in our hands.

    They asked for 3 months of bank statements (joint and Mr), P60s, payslips (6 months), a gifted deposit declaration and some miscellaneous queries about personal details (phone numbers etc).

    Hang on in there!
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