Bluestone Mortgages

mortgagetakingages

fortheloveofdogs said:

I am well into the process of a mortgage application with bluestone through a broker. I have just been told that as I have been on a mortgage holiday bluestone may decline me altogether. Has anyone any advise or experience on this. My house has been sold and our offer on property accepted. Feeling very stressed now 😞

Looking at their criteria that appear to be avoiding lending to anyone who is in a position where their jobs are at risk due to covid. I guess taking a mortgage holiday could be seen as a red flag that you are impacted and therefore lead to a decline. 

hopeful370

mortgagetakingages said:

fortheloveofdogs said:

I am well into the process of a mortgage application with bluestone through a broker. I have just been told that as I have been on a mortgage holiday bluestone may decline me altogether. Has anyone any advise or experience on this. My house has been sold and our offer on property accepted. Feeling very stressed now 😞

Looking at their criteria that appear to be avoiding lending to anyone who is in a position where their jobs are at risk due to covid. I guess taking a mortgage holiday could be seen as a red flag that you are impacted and therefore lead to a decline. 

I’m sorry but I wouldn’t make any guesses and say things like this unless you know! The process is stressful enough without putting ideas in people’s heads that have no precedent, from reading other posts and feedback from bluestone they seem to be very understanding! So i wouldn’t lose hope yet @fortheloveofdogs Unless someone has actually been in the position or the advice was from a broker who has done a case of this type I would take advice with a pinch of salt, everyone is different 

mortgagetakingages

hopeful370 said:

mortgagetakingages said:

fortheloveofdogs said:

I am well into the process of a mortgage application with bluestone through a broker. I have just been told that as I have been on a mortgage holiday bluestone may decline me altogether. Has anyone any advise or experience on this. My house has been sold and our offer on property accepted. Feeling very stressed now 😞

Looking at their criteria that appear to be avoiding lending to anyone who is in a position where their jobs are at risk due to covid. I guess taking a mortgage holiday could be seen as a red flag that you are impacted and therefore lead to a decline. 

I’m sorry but I wouldn’t make any guesses and say things like this unless you know! The process is stressful enough without putting ideas in people’s heads that have no precedent, from reading other posts and feedback from bluestone they seem to be very understanding! So i wouldn’t lose hope yet @fortheloveofdogs Unless someone has actually been in the position or the advice was from a broker who has done a case of this type I would take advice with a pinch of salt, everyone is different 

No one said anything about it being fact they will decline. This is a public forum and they asked for advice or experience. My observation after scrutinising their criteria for weeks is that they have shown a reluctance to lend to people whose jobs are impacted by covid. Im not telling them is fact or advising they stop their application in simply sharing my view. If they wanted simply their mortgage advisor view then they wouldn't have posted it here so im sorry you feel the way you do but in order to help paint a full picture I will not apologise for inputing my observations.

This is from their criteria...

Employees in retail, 

hospitality & leisure not 

accepted.

fortheloveofdogs

Thank you for your comments. I am trying to stay positive but realising bluestone are a last resort I know if it’s a refusal then there will be nowhere to go. My broker has said they are going to ask bluestone if it’s a problem but I haven’t heard back yet. Both my husband and myself did not know for sure if our jobs were going to be impacted by covid and took the holiday as a precaution. We have since been told our jobs are safe and have communicated this to the broker with written confirmation from our employers. 

mortgagetakingages

fortheloveofdogs said:

Thank you for your comments. I am trying to stay positive but realising bluestone are a last resort I know if it’s a refusal then there will be nowhere to go. My broker has said they are going to ask bluestone if it’s a problem but I haven’t heard back yet. Both my husband and myself did not know for sure if our jobs were going to be impacted by covid and took the holiday as a precaution. We have since been told our jobs are safe and have communicated this to the broker with written confirmation from our employers. 

That may be enough for them.  We are in unprecedented times so who knows how they will act and it seems like your broker feels the same.  I guess the best advice I have for you is try not to worry. You can't change the current the situation so try not to (I'm typing this knowing that I am constantly worrying and I'm just waiting for authority to proceed from help to buy!

fingerscrossed7

fortheloveofdogs said:

Thank you for your comments. I am trying to stay positive but realising bluestone are a last resort I know if it’s a refusal then there will be nowhere to go. My broker has said they are going to ask bluestone if it’s a problem but I haven’t heard back yet. Both my husband and myself did not know for sure if our jobs were going to be impacted by covid and took the holiday as a precaution. We have since been told our jobs are safe and have communicated this to the broker with written confirmation from our employers. 

I can't comment on the mortgage holiday situation but we did get asked for an employer reference as part of our application, to confirm whether our jobs were at risk. We've already had our mortgage offer but they hadn't contacted either employer before issuing it. I think it might be a belt and braces approach. 
It's tough, but try not to worry, from what I've been reading theres a very high success rate for those who have a DIP when it goes in for the full application. 

iViewTV

We’ve been going through our broker that I found online, I’ve had numerous payday loans that’re all settled now, with 2 defaults 18 months ago. This week my broker will be putting in our final application to them. How likely are we now to be rejected? 

mortgagetakingages

iViewTV said:

We’ve been going through our broker that I found online, I’ve had numerous payday loans that’re all settled now, with 2 defaults 18 months ago. This week my broker will be putting in our final application to them. How likely are we now to be rejected? 

Criteria i think is max 4 defaults in last 3 years and no payday loans in last 12 months. 

newhome235678

iViewTV said:

We’ve been going through our broker that I found online, I’ve had numerous payday loans that’re all settled now, with 2 defaults 18 months ago. This week my broker will be putting in our final application to them. How likely are we now to be rejected? 

I had a payday loan within 6 months of my application and my default was 3 years old.

stay positive. You’ll be fine x 

newhome235678

To add to the above, I had to do a letter to confirm why I felt the need to use payday loans and advising what situations I have in place now to prevent ever using them again x