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Refused by Precise Mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 13, 2023

Refused for mortgage by Precise

Precise Mortgages is a specialist mortgage provider and should be able to offer more flexible lending criteria than most high street banks or building societies. However, there aren’t many lenders who can cater for all customers. Although Precise may decline customers that don’t meet their criteria, there are many other options.

Contact our mortgage brokers today, we offer free broker matching service and mortgage advice. We have a few mortgage providers lending with different lender criteria to achieve your mortgage approval.

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Mortgage application declined by Precise Mortgages

Keep your head up if Precise mortgages have rejected you. You don’t have to be a Precise Mortgages specialist.

With this guide, you will learn how to improve your chances of getting approved for a mortgage and find the right lender. Begin your next mortgage application by contacting us for mortgage advice.

Contact us today to speak with an exclusive mortgage expert even if you have a bad credit report or a mortgage declined.

Are Precise a strict mortgage lender?

Precise Mortgages is a specialist provider, which allows them to be more flexible in their lending criteria than traditional banks and building societies. However, they can be strict with customers with very bad credit history. This includes those who have defaulted less than two years ago, repossessions in the past six years, and debt management plans.

Precise may also require applicants to be under 75 years old to qualify for a mortgage.


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What should you do if Precise has declined to mortgage

Here’s how to keep your chances of getting approved for a mortgage from Precise if you’ve had a morgage declined or feel they are about to turn you down.

  • Do not re-apply yet

It may be tempting to jump to another lender immediately, but it’s best to wait. You can’t know the market as well as Precise Mortgages. Rejection can be devastating as too many requests for finance in a short period can adversely affect your credit score and mortgage application.

  • Get all the facts about your rejection

You should find out why Precise Mortgages won’t lend you money so that you can rectify the problem or apply to a lender who will. You should get copies of any surveys or reports that have been done to verify their accuracy and spot any issues.

No problem if you don’t have the time or cannot access the documents. Simply skip stepping three.

  • Get professional guidance from a mortgage broker

A mortgage broker is the best way to get over a rejection. A broker can help you decide if appealing against Precise is the right thing. However, they may also be able to find you a better deal with another mortgage provider.

Our broker-matching service is free and can match you with the right advisor to meet your needs. This expert will be fully-vetted and can help you solve any issue that prevented your mortgage application from Precise. We will provide mortgage advice free of charge with no obligation.


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If you need expert advice, contact us immediately

  • Are you in a probationary period at your job or just started a new job?
  • You have severe bad credit score, e.g., A bankruptcy filing or repossession on credit reports
  • You are buying a property that is not standard in construction
  • Are you 65 years old or older
  • Already, your application was declined

Get Expert Advice, enquire for a mortgage online here.

Reasons Precise refuses mortgage applications

  • They believe you are paying more than the property is worth

Precise may offer an agreement in principle to some people, but they may change their minds after the property valuation. The reason is that surveys may indicate you are paying too much for the property. Therefore, the lender will worry about losing their money if they must repossess the home or sell it.

  • Still on probation at work

Precise is flexible in some aspects of its lending criteria but has strict rules about employment. It won’t lend money to people who are on probation. If you have just started a new job and applied for Precise, you will likely be turned down.

  • Precise underwriters discovered “severe” credit rating

Precise is a specialist lender and offers a variety of poor credit history mortgages to customers otherwise eligible with all types of problems, including arrears and discharged bankruptcies. Precise will reject customers with certain credit issues.

Precise Mortgages may reject customers who make it to the decision in principle stage. This often happens because the lender deemed a certain type of credit “severe” when they did hard credit checks.

  • A problem with the property

The property survey may also reveal issues leading to a deal being broken. Precise will not lend to if certain non-standard construction types are discovered, such as concrete or 100% timber. It will also not lend if Japanese Knotweed has been found on the premises or if there are overhead powerlines, just to name a few.

  • Precise says you are too old to get a mortgage

Retirement mortgages are not Precise’s speciality. If you apply for one with them, you should be aware that they might reject you. If you are 75 years old or older, expect to be subject to intense underwriting scrutiny.

If you are retired we can help with a mortgage application when you constitute financial advice from us today.

You may still be eligible for a mortgage if you have sufficient retirement income to pay the mortgage payments. However, it is worth looking into whether there are better deals with lenders who specialise in elderly customers.

  • Other reasons

It doesn’t matter if the issue you faced isn’t listed; our mortgage brokers have helped customers who specialist lenders declined for any reason.

We can match you up with a broker who specialises in solving the problem that you have encountered with Precise. This could increase your chances of getting a mortgage, regardless of your background or the circumstances surrounding your original application.


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We can help you solve these problems with Precise

You may think Precise will decline your application for a mortgage due to any of these issues. However, it is possible to get still financing approved with the help of a qualified mortgage broker.

Our network has brokers who have occasional access to Precise deals. However, if you don’t meet their criteria, they might be able to help you find a different mortgage provider that offers more flexible lending criteria. There are lenders that…

If Precise has rejected you, we are a great match. Here’s why…

Don’t panic if Precise has turned you down for mortgage approval. A mortgage broker can offer professional advice. No matter what reason Precise didn’t lend you, the right mortgage advisor will be able to save your home-buying plans.

Our broker-matching service is free and will evaluate your needs and examine the circumstances that led to your rejection of a mortgage. We’ll match you with the best advisor to help turn your rejection into approval. This expert will help people who have been denied mortgages by specialist lenders every day.

We’ll arrange a no-obligation, free chat between you and your tailored broker by enquiring here.

Find out if you have grounds to appeal to Precise or a better mortgage lender that offers a better deal.


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Refused Precise Mortgage FAQs

Are Precise mortgages able to refund valuation fees after a rejection is made?

After the valuation is complete, valuation fees cannot be refunded. If you have paid the fees upfront, but your application has not been approved, contact a broker to discuss whether there is a right to appeal.

Are Precise able to offer self-employed mortgages

Yes. For the self-employed, Precise offers a variety of mortgages. To be eligible, you must have been self-employed for at least one year. Other criteria may vary.

Precise has some restrictions on their self-employed mortgage products. If you have made a loss in the past year, or your income is less than the most recent year, you may be turned down. Keep in mind that even if you have been declined for any of these reasons, a broker who specialises in self-employed mortgages may be able to find you other lending options.

What is Precise Mortgages’ Refurbishment Buy to Let product?

This product is for buy-to-let homeowners who need funds to renovate their property before renting it out. This combination is a bridge loan and buy-to-let mortgage. The bridge loan provides funds for refurbishment, while the buy-to-let agreement serves as an exit strategy.

Precise’s refurbishment mortgage buy-to-let mortgage may be the best option for landlords looking to raise additional funds to renovate properties they are interested in buying as investments. Many lenders offer ‘bridge to let mortgages.

It’s worth talking to a broker who specialises in this market to determine which one offers the best deal. Contact us now for expert refusal advice


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