Bluestone Mortgages 12 March 2020 at 4:32PM in Mortgages & endowments 5.7K replies 377.1K views

fingerscrossed7

Hi All,

We've recently received a DIP with Bluestone, my credit file is in a terrible state and to be quite honest, I firmly believe our broker performed nothing short of a miracle to pull this off! (Lets just say- missed payments in January, payday loan 5 months ago, a DMP and 2 defaults 7 months ago... the list goes on as the dates get older too. All of which can be attributed to 'life-situations') Some may think we're crazy even considering a new mortgage however we have a lot of equity tied up in our current property so if we can sell it, we can clear all of our credit commitments and reset completely back to zero, whilst retaining a very healthy deposit for our onward purchase! It will ultimately reduce our outgoings despite the high-interest rate of the mortgage. 

We've been entirely honest about everything, our broker has had copies of our Check my File reports, our bank statements and our payslips and was going back and forth for quite some time to get us to this stage. However, I'm still worried about being declined when we put in the full application, more due to 'changing their mind' rather than discovering something unknown. Has anyone happened to them? Are there any brokers on here that can share any experience?

Thanks in advance!

obc18

Is your broker paid only on mortgage offer? If so then it wouldn’t be in their interest to put an application in if they thought you wouldn’t be accepted. 

We haven’t applied yet but upon looking at our files our broker says he is confident he can place us, if we don’t get an offer then he hets nothing. CCJ, defaults, paydays loans, DMP and missed payments involved with us (all settled mind you).

ACG

The full application will be a lot more "thorough" than the AIP, make sure you have your paperwork from stepchange (or whoever the DMP was through), you will probably also need evidence the pay day loans were paid off and closed - might be worth getting a letter/email/statement from the pay day loan companies. Bluestone are quite hot on PDLs. 

It sounds like this is a prime case for Bluestone, you will get there but dont expect to have an offer within a week, it will be more like 2-3 weeks before they instruct the valuation. We use Bluestone regularly, they are more or less last chance saloon for most people and so they will make you work for it, but everything you have said makes me think you will get your mortgage at the end of it. 

JOG79

Have you heard back from Bluestone? 🙂

hopeful370

Hi I was wondering how you got on with bluestone? We’re going through the same process now in a similar situation, put the application in last week and I’m on pins wondering what they’ll ask etc 

MovingForwards

@hopeful370 if your broker has packaged it right there won't be much else needed, if anything. 

hopeful370

Thanks for your help! I’ve just heard they’re thorough and ask questions so I’m worried about what they could ask! It’s been a week now and not heard anything yet 

fingerscrossed7

@hopeful370 With everything going and the delays that caused to us finding a buyer for our house, our application actually only went in a week ago today so we're on a similar timescale so far to you. It's so nerve wracking isn't it!

hopeful370

Ah really!! We’re in a similar position then, my credit file is pretty similar to yours! Please keep us updated if you don’t mint and I will do the same?? Nice to speak to someone in the same position! Good luck 🤞🏻🤞🏻

fingerscrossed7

@hopeful370 will do!  Good luck to you too!

hopeful370

Just an update, heard back today they’ve requested proof of our deposit as it was a bit fiddly with having help to buy ISAs but apparently happy with everything else so as long as that goes back okay they will be instructing the valuation apparently so surely if there was a problem they’d have said by now! Feeling a small bit of releif! You should hear back soon we applied last tuesday