Bluestone Mortgages Valuation

ACG

Im not saying it is the broker or lenders fault. I know less than you do.

I am just curious as to why the case is going back and forth between broker and lender. Is the customer/broker not providing the information requested or are they maybe taking that long to provide it, that further information is then needed?

Or is the lender coming back with more requests once the initial information is provided - if so, why?

Bluestone are a specialist lender and will always be fairly thorough compared to other lenders. I use them fairly regularly and in the main they are fine once you know how they work. I had a case recently where the underwriter came back and asked for information that was not needed (even I knew it was not needed and I do not work for them) - I called my account manager and he sorted it for me. But that was a one off they do not usually make pointless or unexpected requests in my experience.

I suppose my point is that it is easy for everyone to blame the lender and it could well be their fault. But it could be the broker or customer. Like everything there are 2 sides to every story.

Deza789

Thanks for your insight. I think the problem we have is (and we have made this clear to our estate agent), that we dont believe what the mortgage broker is saying - they claim to have escalated their clients case to ‘the highest level’ with bluestone and have involved management on both sides and STILL nothing has progressed. The last question bluestone asked our buyers was ‘how many dependants would be living in the property’ and then we were told bluestone had reverted to their 10 day turn around before they would ‘look’ at the answer (this has come after numerous other question/10 day turn arounds). We were supposed to have our buyers date for valuation in the thursday before xmas and are now told bluestone will not respond to the mortgage brokers until next friday!!! I am trying to gain insight into what other people may have experienced with bluestone to find out what is acceptable and what isnt.

Deza789

Our buyers are saying they are responding to all questions immediately. Everyone seems to be blaming the 10 day turnaround where bluestone then ask another question

[Deleted User]

Sometimes if the case is complex you will get delays - it's not neccesarily anyone's fault - although I appreciate no valuation now does seem very slow!!

Next Friday seems forever, but with the holidays it's disgracefully long - I'd certainly be chasing early the following week though.

It could be something as easy as 1 document causing concerns.

For example, say there is 1 item outstanding (say a payslip) and the lender will then instruct the val.

Clients could take ages to send that to the broker, who then sends it in fairly promptly (could be 24 or 48 hours, but brokers usually are not the source of the delays in my experience!).

It then gets put into the underwriter's queue (which could easily be 4, 5 or 6 days+ depending on lender). Underwriter (me) then assesses it - notices Student Loan which was never declared. That causes an affordability shortfall.

Underwriter tells broker. Broker says they were never aware. Gets hold of client to explain there is now a (say) £5,000 borrowing shortfall, how are they going to cover it. Client takes a week to decide. Tells broker they'll get a gifted deposit.... broker informs us... it gets put back into the queue (at the back). We verify that and proceed.

But it may be client has only said "gifted deposit" but not who from/where from - in which case we may need to query it further and so it starts alllllll over again.

Sometimes you have backwards and forwards if the clients/broker submit the wrong document, the document isn't readable etc etc - sometimes it isn't blame.

Sometimes it is frustrating and one party is to blame (e.g. broker/customer could have checked the document was correct, or we shouldn't have asked for X in the first place) - but also remember underwriters are targeted on getting offers approved in a reasonable time, so Bluestone don't want to be a PITA.

I hope it's all resolved next week for you!!

Dettol

Deza789 wrote: »

We accepted a house offer back in sept. Our buyers have still not got their mortgage via bluestones in place after all these months - no valuation done and no offer yet - bluestones supposedly need 10 days to ‘look’ at each bit if information they have requested. Im wondering if anyone else has had this ridiculous and unprofessional attitude from bluestone mortgages. We are too far down to pull out but would never have accepted the offer in hindsight. Any insight to
Bluestone would be appreciated?

Sorry but id be suggesting to the buyer that they look else where for a mortgage or look for somewhere else to buy.

Were looking at selling early next year...maybe March time and whilst i appreciate buying/selling can be a long drawn out process,id say in your case that something is wrong/broken...how long before you say enough is enough...3 months..6 months..a year.

For me it would be look for another buyer or increase your house price by an amount you feel fair.

Deza789

Hi Dettol thanks for your response. Yes i think your right - i have said to estate agents we will be reviewing our position. I have chased and chased throughout the process and it was such a short chain - theres no other problem anywhere - dont really want to lose the house we want either. Good luck when you come to sell

ACG

Deza789 wrote: »

The last question bluestone asked our buyers was ‘how many dependants would be living in the property’

The application form asks how many dependants the customer(s) have. They would only come back and query this if they think the customers have given incorrect information.

An example of this would be saying they have 1 child but received child benefit for 2. 2 kids could mean it fails affordability. That is only an example, but I would be looking at why the lender is asking such basic questions like that.

Bluestone can be a PITA at sending basic questions via email rather than just picking up the phone and getting the answer in 20 seconds. But it would be more of a concern why they are querying something like that.

All4242

Hi all
Just curious to know how long it took you guys using bluestone to get the valuation instructed? They have had our application 6 week now and nothing seems to be getting done. All we seem to do is be on the phone to our broker daily and just getting a apology and he will call his contact. We’re so fed up of it now. Our estate agent called us Friday to say if we didn’t have any news the seller would be putting the property back on the market. Completely heartbroken at the prospect of this

ACG

You can instruct the valuation now. But if they decline your application, you will lose that money.

All4242

ACG
We have even been told this, this has made me even madder. We must speak to the broker 3 / 4 times a day every day mon - fri. I cannot see what the hold up is! All we get when we speak to him is I’m so sorry I don’t know what to say. In your experience is 6 week along time to have the application and still have no news? Thank u loads for answering Iv just had enough and it’s taking its toll now