Bluestone Mortgages

newhome235678

mcstrata said:

Anyone been asked for a deed of gift indemnity policy and a Declaration of solvency by Bluestone as a condition of the offer? How much is the policy if anyone knows? 

A declaration of insolvency is required, your solicitor should draft this for you. 

The indemnity policy should be about 150-200 depending on the price of the property☺️

samster1

Update
Bluestone have came back and asked for a letter from my employer to confirm that covid 19 isn't impacting my employment and also to provide my work address even though I've already gave them my work address. Also as I put my deposit money into my son's account for safe keeping their view on it is that it's a gifted deposit and asked us to complete the gifted deposit form. All been sent in along with copies of identification from my son as I anticipate that will be the next thing they ask for. They provided me with a mortgage reference number.

Glad to have had  an update but wish they could just ask for a list of everything they need at the beginning and that way I could send it all in at the beginning to get things moving quicker. 

I've also had to agree a provisional entry date for the new house but I've been told this is normal practice even though the offer isn't through yet. 

mcstrata

MovingForwards said:

mcstrata said:

Anyone been asked for a deed of gift indemnity policy and a Declaration of solvency by Bluestone as a condition of the offer? How much is the policy if anyone knows? 

That's not popped up on this thread, nor any others I've read.
Have you definitely read it's a policy they want and not a deed of gift declaration?
- If it is a policy, speak with your solicitor to see how much they can get a policy for.

@ACG have you come across this with any of your clients and their mortgage offers?

Yes I have double checked and it's on the conditions of the offer. I asked my broker to double check with Bluestone and they responded saying they require the policy as our gifted deposit amounts to over £5k. I haven't heard it from many people.

caspre12

Just wanted to update you on our application as been reading over this thread from the start. We have gone with Simply Adverse Credit who so far cannot recommend enough! Our full application went into Bluestone on Tuesday and they have just booked the valuation in today for next Wednesday. Definitely seeing a fast turn around using SA! 😁

MrsH2

Were still no further forward since our application was submitted on 11 December. 
Keep being advised that our case is being reviewed. Had to submit December payslips and bank statements last week as taking so long. Still no valuation booked or planned. 
Really frustrating to see some people have submitted an application and have a valuation booked already. (Also really pleased for those people!!!)
There seems to be no standard consistency with the way bluestone works however. 
Our mortgage advisor assures us its because everything is running slightly slower due to the second lockdown and that there are no problems with our application. I just worry we could lose our buyer etc as everything is taking so long!
Its reassuring to see so many people using bluestone as you sometimes feel like the only person who has adverse credit history and cant use a high street lenders with their amazing interest rates lol .

Good luck to everyone!!!! 

mcstrata

MrsH2 said:

Were still no further forward since our application was submitted on 11 December. 
Keep being advised that our case is being reviewed. Had to submit December payslips and bank statements last week as taking so long. Still no valuation booked or planned. 
Really frustrating to see some people have submitted an application and have a valuation booked already. (Also really pleased for those people!!!)
There seems to be no standard consistency with the way bluestone works however. 
Our mortgage advisor assures us its because everything is running slightly slower due to the second lockdown and that there are no problems with our application. I just worry we could lose our buyer etc as everything is taking so long!
Its reassuring to see so many people using bluestone as you sometimes feel like the only person who has adverse credit history and cant use a high street lenders with their amazing interest rates lol .

Good luck to everyone!!!! 

Hope everything goes well for you. I must say that from reading on forums and groups on social media, it sometimes comes down to having a good broker. If you have paid them, ring them everyday, that's what they are there for. If you nag them, they will push the lender to get you off their back 🤣🤣🤣. The relationship between the broker and the lender always helps too. We went with Simply  and from application to offer took 3 weeks with Christmas and New year in between. I am sure you will get there, just need to push I think but that's just my own opinion.  

MrsH2

mcstrata said:

MrsH2 said:

Were still no further forward since our application was submitted on 11 December. 
Keep being advised that our case is being reviewed. Had to submit December payslips and bank statements last week as taking so long. Still no valuation booked or planned. 
Really frustrating to see some people have submitted an application and have a valuation booked already. (Also really pleased for those people!!!)
There seems to be no standard consistency with the way bluestone works however. 
Our mortgage advisor assures us its because everything is running slightly slower due to the second lockdown and that there are no problems with our application. I just worry we could lose our buyer etc as everything is taking so long!
Its reassuring to see so many people using bluestone as you sometimes feel like the only person who has adverse credit history and cant use a high street lenders with their amazing interest rates lol .

Good luck to everyone!!!! 

Hope everything goes well for you. I must say that from reading on forums and groups on social media, it sometimes comes down to having a good broker. If you have paid them, ring them everyday, that's what they are there for. If you nag them, they will push the lender to get you off their back 🤣🤣🤣. The relationship between the broker and the lender always helps too. We went with Simply  and from application to offer took 3 weeks with Christmas and New year in between. I am sure you will get there, just need to push I think but that's just my own opinion.  

Yes I do keep on at him and he does give us updates. I agree....it seems like people using Simply get their applications processed alot quicker. Fingers crossed we get some movement next week. Its so stressful

Snow_Man84

We have had our application in since the beginning of October 2020 and have only just had our valuation done. They have asked for an extra 3 month bank Statements and Payslips. Just been a total utter nightmare! Hopefully due to find out the decision on Monday/Tuesday next week. Finger crossed, but regardless of the decision I will be please to get rid of the stress 

samster1

I'm seeing some great posts about using simply adverse. Is the £1995 fee on top of the bluestone £1495 fee? 

mcstrata

samster1 said:

I'm seeing some great posts about using simply adverse. Is the £1995 fee on top of the bluestone £1495 fee? 

The £1495 is added to your mortgage amount so you don't have to pay it upfront and you only pay simply if they get you a mortgage offer. If they don't get you an offer, you don't pay anything. I must say, they are so thorough that you will be annoyed at the number of docs they ask for and the application being passed from one person to the next but they just do it to ensure that when your application goes in, there are minimal enquiries and the process is smooth.