What To Do If Precise Mortgages Have Refused Your Application

In this article, we’ll explain what steps you can take if Precise Mortgages has declined your application, why this might have happened and how a broker can help secure the mortgage you need.

Is Precise a strict mortgage lender?

Precise Mortgages is a specialist provider, which means it can be more flexible with its lending criteria than high street banks and building societies. However, it can 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 mortgages and will request extra underwriter scrutiny on any applicants over 75 at the time of application.

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…

1. Don’t re-apply just yet.
   While it may be tempting to rush to another mortgage lender immediately, the smart move is to wait and assess why this has happened. Re-applying offers no guarantee that things will turn out differently than they did with Precise Mortgages. Another rejection could be a big setback, as too many finance requests in a short period can negatively affect your credit report.
2. 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 carried out so you can ensure they’re entirely 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. Jump ahead to step three below.
3. Get professional advice from a mortgage broker.
   The best response to a mortgage rejection is to speak with a mortgage broker and determine your options. 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 broker-matching service to 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.

Enquire to start 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 online or via email to the appropriate department (this information is typically found on the lender’s website, with instructions on how to follow the correct procedure).

It’s probably best to wait until you have all the details about why this happened and consider all 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, e.g., 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

Get Expert Advice

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 if you have to repossess your home and sell it.

You’re still in your probationary period at work.

Although Precise can be flexible with some lending criteria, it has strict rules around employment and won’t lend to anyone 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, specific credit problems 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, for example.

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 of rejection. Expect to come under intense underwriter scrutiny if you’re 75 or over at the time of your application.

You could still get approved if you provide evidence of enough retirement income to cover the mortgage payments. Still, it’s always worth checking for a better deal with a lender who specialises in retired customers.

Whatever your problem 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 why Precise declined you. If, for example, you have severe adverse credit on your record, it may take some years to clear your credit record.

Once you know why your application was declined, you can 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.

How Online Mortgage Advisor can help

We offer a broker-matching service that will assess your needs and the circumstances surrounding your mortgage rejection and pair you with the best advisor 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 daily.

Call 0330 818 7026 or make an enquiry online, and we’ll set up a 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!