Bluestone Mortgages - Application Experiences pls?

Lee1980G

Hi All,

I am hoping you can help me. We have just had a DIP and submitted application for a mortgage with Bluestone, as we were unfortunately unable to proceed with a mortgage with a high street lender due to my partners adverse credit (few recent late payments on an Eon bill from his property he has just sold "rolls eyes"). We have a 15% cash deposit and other than this our credit history is fine.

Getting to the point, how are Bluestone to get a mortgage with? Has anyone had any experience with them? I have lots of confidence in my broker she is brilliant, but i just wondered what the application to offer turnaround time was? Application was submitted yesterday and they have come back with that they want our last 2 years mortgage statements from previous and the reasons why my partner had late payments on his EON account. Which we submitted today.

Many Thanks for reading.

ACG

Bluestone for a few late payments on a utility bill?
Are you sure that is the only issue? If so I think you need to find a new broker because they are far from brilliant.

Lee1980G

A default from 2014 on my partners behalf for BT for £226.00
i have old 2 x settled defaults but they are over 6 years old.
We got declined by Halifax and Kensington, so I think she knows what she is doing no?

ACG

A default is a little more than a few late payments but I still think there are a few other options in and around the rates that kensington would offer before you have to look at the likes of Bluestone.

Dont get me wrong, I have nothing against Bluestone. They will take their time as will most of the lenders in this space, but I think your broker has missed out a few letters of the alphabet and jumped to Z.

Lee1980G

I understand where you are coming from, as I did wonder myself at the time, but having a DIP turned down by Kensington due to the recent late EON payments, they wouldn't over turn their decision, so no good fighting a fight we are going to lose.
The rate we got with Bluestone was 4.1% vs Kensington at 2.89%
Its in for application now so there isn't much we can do rather than go with it and hope for the best.
My questions was regarding turnaround times, not necessarily if we have the right mortgage broker, I appreciate your comment nonetheless.

ACG

You are probably Bluestone dream customer, but it will still take a good 2-3 weeks to get an offer issued - which will include the valuation. It could take longer but as you are quite a good customer for them, I would not expect it to take longer than that really.

Lee1980G

Don't think i have ever been called a dream before
Thats fine, we are buying a new build and it wont be finished until early to mid August. I thought and had envisioned it could take longer than that such as 8 weeks! I am a contractor for a big bank and have been for a while and my partner is self employed with a business thats over 15 years old and we have sent them all they have requested. Our income is £130K and we don't have much debt other than car finance. Fingers crossed we are a dream! I just cant find any reviews on them at all.

Lee1980G

Still waiting for the valuation....!!
Had this from the broker...
We should expect the recently uploaded documents to be fully assessed by the middle of next week. However, following their initial assessments, there is a chance they may request additional information from you. Therefore, I cannot provide specific timescales as it entirely depends on the result of Bluestone’s initial assessment.
I have spoken to (Business Development Manager of Bluestone) who has advised a valuation will be instructed and booked once the case and documents have been fully underwritten.

Is this normal practice. Feels extremely slow. Put in the application on 11th July. 3 weeks ago....

Has anyone experiencd something similar.
Our builders have threatened to put it back on the market.

Charly_H

Hi our application was submitted the first week of July and our valuation has only just been instructed ! It’s been an absolute nightmare back and forth so stressful ! Just playing a waiting game

18househoper

Have both your valuations now been carried out? If you have a valuation is it likely you will be getting the mortgage?

Lee1980G

Its booked into be done early next week...do you know how long after the valuation is done we would get our offer? Thanks