What To Do If Precise Mortgages Have Refused Your Application
Find out what you can do if Precise Mortgages have declined your application and why you shouldn’t give up hope of still getting the approval you need.
Firstly, have you had a mortgage declined in the last 12 months?
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In this article, we’ll explain what steps you can take if Precise Mortgages has declined your application, the reasons why this might have happened and how a broker can help secure the mortgage you need.
Is Precise a strict mortgage lender?
Precise Mortgages are a specialist provider which means they can be more flexible with their lending criteria than high street banks and building societies. They can, however, be strict on customers with severe forms of adverse credit, such as debt management plans, defaults registered less than two years ago or repossessions within the last six years.
Precise also has stringent age requirements for a mortgage and will request extra underwriter scrutiny on any applicants who are over 75 at the time of application.
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What to do if Precise has declined you for a mortgage
If you’ve been turned down for a mortgage by Precise or think this is about to happen, here’s what you can do to help keep your chances of mortgage approval alive…
- Don’t re-apply just yet
While it may be tempting to rush out to another mortgage lender straight away, the smart move is to wait and assess why this has happened. Re-applying offers no guarantee things will turn out any differently than they did with Precise Mortgages. Another rejection could be a big setback as too many finance requests in a short period of time can negatively affect your credit report.
- Gather all of the facts about your rejection
Find out exactly why Precise Mortgages wouldn’t lend to you so you can take steps to rectify the issue, or at least apply with a lender who will overlook it next time. Try to get copies of any reports or surveys that were carried out, so you can make sure they’re fully up to date and see any problems first-hand.
If you’re too short on time to carry out a fact-find or can’t get the documents, no problem. Simply jump ahead to step three below.
- Get professional advice from a mortgage broker
The best response to a mortgage rejection is to speak with a mortgage broker and find out what all of your options are. They can tell you whether appealing against Precise’s decision is in your best interest, but there’s also a chance that they could find you an even better deal with a different mortgage provider.
We offer a free broker-matching service that can pair you with the right advisor for your needs and circumstances. This will be a fully-vetted expert who specialises in solving whatever issue prevented you from getting a mortgage from Precise.
Make an enquiry to get started with a broker we’ve handpicked for you today.
Can you appeal the decision?
Yes, you can usually appeal straight away. This can normally be done either online or via email to the appropriate department (this information is typically found on the lender’s website, with instructions as to how to follow the correct procedure).
It’s probably best to wait until you have all the details as to why this happened and then consider all of your options before lodging an appeal.
Get expert advice immediately if…
- You’re in a probationary period at work or have recently started a new job
- You have ‘severe’ bad credit eg: A bankruptcy or repossession on your credit report
- You’re purchasing a non-standard construction property
- You are aged 65 or over
- You have already had an application declined
Reasons why Precise rejects mortgage applications
You’re paying more than what the property is worth
Some people find that Precise will offer them a mortgage in principle, only to change their mind about lending to them when the property valuation has taken place. This is usually because the surveys suggest you’re overpaying for the property, so the lender will be concerned about being left out of pocket in the event of having to repossess your home and sell it.
You’re still in your probationary period at work
Although Precise can be flexible with some of its lending criteria, it has strict rules around employment and won’t lend to anyone who is in a probationary period at work. So, if you’ve applied with them having just started a new job, there’s a good chance you’ll be declined.
Evidence of “severe” bad credit
As a specialist lender, Precise offers a range of bad credit mortgages for otherwise eligible customers with all kinds of issues on their file, from arrears to discharged bankruptcies. However, there are specific credit problems that will trigger an automatic rejection from Precise.
Some customers make it past the decision in principle stage, only for Precise Mortgages to turn them down after the underwriting process. This is often because a type of bad credit the lender classes as “severe” – such as a recent bankruptcy or repossession – was found when the underwriters did a hard credit check.
An issue with the property itself
Coming in undervalued isn’t the only issue that may arise during the property survey. Precise won’t lend if certain ‘non-standard’ construction types are found, such as concrete and 100% timber, and will also reject an application if Japanese Knotweed is discovered on the premises or there are overhead power lines, to name a couple of examples.
Precise consider you too old for a mortgage
Retirement mortgages are not Precise’s speciality, so if you’re applying for one with them, you’re right to consider the possibility that you might be rejected. Expect to come under intense underwriter scrutiny if you’re 75 or over at the time of your application.
There’s still a chance that you could get approved if you can provide evidence of enough retirement income to cover the mortgage payments, but it’s always worth checking if there’s a better deal out there with a lender who specialises in retired customers.
Whatever the problem you’ve encountered with Precise, we can match you with a broker whose speciality is solving it. This could boost your chances of mortgage success regardless of the circumstances surrounding your original application.
How long does it take to re-apply for a mortgage?
This all depends on the reasons why you’ve been declined by Precise. If, for example, you have severe adverse credit on your record this may take anywhere up to a number of years before your credit record is cleared.
Once you know why you’re application was declined you can then take steps to resolve these issues thoroughly. When this has been done, with the help of a mortgage broker, your new application should hopefully take as long as is standard to process and get the approval you need.
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How Online Mortgage Advisor can help
We offer a free broker-matching service that will assess your needs and the circumstances surrounding your mortgage rejection and pair you up with the advisor who’s best positioned to turn that rejection into an approval. This will be a fully-vetted expert who helps people who have been declined for a mortgage by a specialist lender every day.
Call 0808 189 2301 or make an enquiry online and we’ll set up a free, no-obligation chat between you and your ideal broker. Learn whether there are grounds to appeal with Precise or find another mortgage lender offering an even better deal today!
Buying our first home had been a…
Buying our first home had been a priority for us for a while, but my partners debt and history of bad credit prevented is form getting approved on the high street. We've now got our three-bed semi-detached house and couldn't of done it without the continued support of Online Mortgage Advisor
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Valuation fees are non-refundable after the valuation has been completed. If you paid them upfront and your application broke down before this point, speak to a broker to find out whether there are grounds to appeal for a refund.
Yes. Precise offers a range of mortgages for the self-employed. You need to have been self-employed for at least a year to qualify for them, while other criteria vary.
Precise applies some caveats to their self-employed mortgage products. For example, you will be declined if you made a loss in the last year or if you want to borrow based only on the latest year’s income. If you’ve been turned down for either of these reasons (or any other) keep in mind that a broker who specialises in self-employed mortgages might be able to find lending options for you elsewhere.
This is a product aimed at buy-to-let borrowers who need funds to renovate the property they’re purchasing before they rent it out. It’s a combination of a bridging loan and a buy-to-let mortgage, with the bridge loan providing funds for the refurbishment and the buy-to-let agreement serving as an exit strategy for the initial debt.
If you’re a landlord who needs extra funds to renovate a property you’re hoping to buy as an investment, Precise’s refurbishment buy-to-let mortgage isn’t your only option. Many lenders offer ‘bridge-to-let’ mortgages, so it’s worth speaking to a broker who specialises in this market to find out which one is offering the best deal for you.