Bluestone mortgages valuation

katebyrne

Hi all

We've out in our application with Bluestone on 5th, and they're already looking at it! :j

They requested one document which our broker asked us for and it was with them 1.5 hours later.

Approximately an hour after that, I had an email from Barratt homes to say the mortgage company had instructed the valuation! This seems insanely fast to me? But I am a FTB so may well be wrong?
Bluestone have an offer at present whereby they pay the valuation fees for help to buy applicants, so I find myself thinking, surely they wouldn't put themselves out of pocket for no reason. Could this be a good sign?
Thank you in advance!!

Thrugelmir

Valuation of the property is critical to any lending decision.

katebyrne

So this means nothing with regard to the underwriting process then? Thank you!

bell85

Hello,

we have submitted our application with Bluestone yesterday, I am sooooo nervous!
wishing you all the luck

Looking on other forum threads, people are saying that the lender is quite slow, so really surprised how quick they are assessing yours! I hope ours is too, because I am sick with worrying!

ACG

It sounds like your application was well packaged and so when it went in they had 1 or 2 questions but questions where t they were 99% sure they were going to offer the mortgage anyway.

Sounds like you were either straightforward or your broker did a good job (or a combination of the 2). Bluestone are generally taking 3-4 days to assess things and can go back and forth but if all done well or straightforward it can go through more or less at the same speed as a lender on the high street.

Congrats, it looks pretty promising.

katebyrne

ACG - really glad you think so! Apparently its with a case manager at present and then goes to the underwriter. Does this mean (in your experience) that they won't even have credit checked or affordability checked yet?

Bell85 - have you checked their site to see what application date they're up to?

ACG

They do the credit check and affordability check either before or at the same time as the application going in. They also manually check the affordability from bank statements before instructing the valuation.

katebyrne

Apparently our valuation has come back as expected, so that's good. Our documents are now in a queue to be looked at by an underwriter, and broker expects this to be Wednesday.

I don't know how people handle the waiting as mine seems to be going fast and I'm still going out of my mind!

Do Bluestone have any particular quirks with things they have issues with etc?
Thank you!

Loo88

That’s amazing! Yes it’s pretty much the same as yours, very quick, valuation was done on Monday but now it’s Christmas I assume my hopeful offer will take a while ��they have asked for a reference from my employers accountant as I work for family but they are now not open until the 6th of January ��