Facing a rejection from Precise Mortgages can be disappointing. This lender, known for its mortgage and insurance solutions, occasionally turns down applications. Our article offers guidance on what to do next, including how to understand the reasoning behind a precise mortgage rejection and explore alternatives.
Keep reading for helpful advice.
Understanding Precise Mortgages
Precise Mortgages offers mortgage and insurance solutions that suit a variety of needs. They cater to customers looking for financial services in these areas.
Services Offered: Mortgage and Insurance Solutions
Precise Mortgages offers a variety of services for those looking to buy a home or property owners aiming to unlock the value in their assets. It provides personalized residential mortgages advice, taking individual circumstances into account, ensuring clients get suitable options for their needs.
The company also delivers life assurance solutions to protect clients and their families financially, reflecting its comprehensive approach towards financial security and stability.
Clients can benefit from equity release options, giving homeowners the flexibility to access the wealth tied up in their homes. For landlords and business owners, Precise Mortgages presents some Buy to Let Mortgages and Commercial Lending opportunities that are not regulated by the Financial Conduct Authority.
An online mortgage calculator is available on Precise Mortgage’s platform for intermediaries and potential borrowers to estimate possible mortgage amounts, rates, and terms efficiently.
Those seeking advice on these offerings might face a fee typically around £500 but gain valuable insights tailored specifically for them.
Securing your future with tailored mortgage advice ensures you're making informed decisions every step of the way
Common Reasons for Mortgage Rejection by Precise Mortgages
Identifying why Precise Mortgages might say no can guide your next steps. Keep reading to discover what you can do after a rejection.
Challenges with Credit Score
Having a low credit score can pose significant challenges when trying to secure a mortgage, including those from Precise Mortgages. Customers often find that their adverse credit history becomes a stumbling block.
For instance, despite Precise Mortgages specializing in helping individuals with poor credit scores, some still face rejection. This is because the company assesses creditworthiness meticulously to manage risk and they provide credit risk management processes as UK's leading specialist lenders through their nationwide intermediary base.
Sarah's great experience with getting a mortgage through Precise Mortgage for intermediaries highlights that success is possible even with financial hurdles. Yet, Rossana's frustration points out the variability in outcomes due to specific credit issues.
Paul's feedback underscores the importance of clear communication throughout the application process, suggesting that understanding one’s own credit situation and how it impacts loan approval chances is crucial.
Issues with Property Types
Precise Mortgages sometimes turns down applications due to the type of property involved. Unique or non-standard buildings, such as those with unusual construction materials or historical properties, often face rejection.
The specialist lender can assess these as high risk because they might be harder to sell if the loan defaults.
Understanding what is Precise Mortgage essential when dealing with property-related challenges.
Owners of properties considered unconventional need to explore high street lenders who specialize in these types of specialist mortgages. This approach might mean higher interest rates but getting approval becomes more likely.
Problems due to Insufficient Income
Low income often hinders the process of securing a mortgage from lenders like Precise Mortgages. They assess an applicant's ability to make monthly payments, and without sufficient income, the risk for them increases.
This scenario may lead applicants to face rejections based on their financial stability. The assessment criteria set by Precise Mortgages or similar entities focus on ensuring that borrowers can comfortably manage loan repayments alongside their other expenses.
Exploring alternatives becomes essential after encountering issues due to insufficient income.
Exploring Alternatives After Rejection
After a mortgage rejection from Precise Mortgages, don't lose hope. Start looking for new ways to secure your dream home loan. We are dedicated to helping customers underserved by high street lenders to find a decent solution for your needs.
Consult Independent Mortgage Brokers
Getting rejected by Precise Mortgages can feel discouraging. Seeking advice from independent mortgage brokers could pave the way to securing a new mortgage.
- Independent mortgage brokers have access to a wide range of lenders across the market, not just a select few. This means they can present you with more options that suit your financial situation and needs.
- They offer impartial advice tailored to your unique circumstances, helping you understand why Precise Mortgages might have turned you down and how to improve your chances next time.
- Brokers often have insights into specific lender criteria and can match you with lenders more likely to approve your application, saving you time and unnecessary credit checks.
- Many brokers are skilled in dealing with complex cases, such as those involving poor credit history or unusual property types, which may have led to your rejection by Precise Mortgages.
- They assist you in preparing your application and financial documents in the best possible way, highlighting the strengths of your case to potential lenders.
- Some mortgage brokers specialize in certain types of mortgages or borrowers, like self-employed individuals or those looking for buy-to-let mortgages, providing expertise that could significantly increase approval chances.
- A reputable broker will explain all associated costs upfront, ensuring there are no surprises later on in the process.
For example, Revolution Brokers, when it comes to bridging finance, offers regulated products and automated valuation models that can suit your needs accordingly. We can also answer your residential case queries and provide solutions ranging from buy-to-let mortgages but also bridging and second charge loans to residential mortgages as well. For buy to let cases we can support different ownership structures even for people with less than perfect credit scores.
Strategies to Improve Credit and Financial Standing
Improving your credit and financial standing is key to securing a better mortgage. These steps can lead to more favorable terms and higher approval chances.
- Check your credit report for errors and dispute any inaccuracies.
- Pay bills on time to build a history of reliable payment route
- Reduce existing debts to lower your debt-to-income ratio.
- Avoid opening new credit accounts before applying for a mortgage.
- Keep old credit accounts open to lengthen your credit history.
- Use a secured credit card if necessary to start building credit responsibly.
- Save for a larger down payment to decrease loan-to-value ratio.
- Stick to a budget to improve savings and manage expenses better.
- Seek advice from financial advisors for personalized strategies.
- Monitor your financial progress regularly and adjust plans as needed.
Severe Bad Credit Problems
If the underwriter reports severe bad credit, Precise Mortgage may automatically reject you for mortgage borrowing.
That can be stressful if you have an agreement in principle but are then turned down during the more detailed full application assessment.
Precise Mortgages will not lend if you have:
- A current debt management plan (DMP).
- Defaults registered in the last two years.
- Repossessions within the last six years.
Many specialist bad credit lenders can help, so give Revolution a call if Precise has turned you down on any of these grounds.
Property Risk Factors
The property itself is sometimes a deal-breaker. Anything considered non-standard can trigger a Precise Mortgages rejection, along with situations such as:
- Being made of non-standard materials, such as concrete or timber.
- Having Japanese Knotweed on or near the property.
- Properties close to overhead power cables.
That rejection doesn't mean a property is unmortgageable!
Revolution Brokers works with several niche lenders who support buyers looking to finance a non-standard property purchase.
What Can I Do if Precise Mortgages Rejects My Application for Another Reason?
We've summarised a few common scenarios here, but Precise Mortgages may have turned you down for another reason.
The best solution is to call Revolution Brokers, and we'll assess why you have been turned down and how we can mitigate the lender's risk or match you with a more suitable lender.
Here are some tips around the best way to deal with a Precise Mortgages rejection:
Don't Reapply Immediately!
It's vital to work out why the application has been turned down before making more that are likely to have the same outcome.
Multiple rejected applications can rack up credit checks on your report and make it more difficult to find an alternative lender, so take a pause and seek independent advice before making your next move.
Ask for Further Information
You need to know why Precise Mortgages have turned you down, so you can identify the suitable lenders who won't have similar issues.
Ask for copies of all reports and surveys Precise holds on your file.
Contact Revolution Brokers
Once you've got an idea about the reasons Precise won't lend to you, it's time to give Revolution Brokers a call.
As a whole-of-market, independent broker, we work with clients of all sizes and in all circumstances to find competitive lending. The team negotiates rates, terms and clauses on your behalf to make sure you're getting the best deal on the market.
Call us on 0330 304 3040, or email at [email protected], and we'll get to work!
