Property Valuation Issues
If Precise has a valuation that shows the property is worth less than you are paying, they may turn down the application.
That is because the lender would be at greater risk if their outstanding loan were higher than they could sell the property for in a repossession situation.
In this case, you could appeal the valuation, contest the valuation results, or find a lender with more flexibility around lending risk.
Employment Contract Queries
If you're in a probationary period at work, Precise may turn you down for a mortgage since their employment criteria are rigid.
Again, that doesn't mean you can't find a mortgage elsewhere! If you're not keen on waiting a few months until you are on a permanent contract, Revolution Brokers can find alternative lenders who are happy to lend during probationary employment.
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.
Age Restrictions
Like many mainstream lenders, Precise Mortgages do not specialise in retirement mortgages.
You might be turned down if you are retired, over 75, or nearing retirement age.
Again, many more flexible lenders offer specific retirement mortgages designed for retirees in various circumstances. We also negotiate mortgages with lenders who have no age limitations at all!
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!
2023-05-09 
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