Bluestone Mortgages

MovingForwards

samster1 said:

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

The broker fee is £1995 and Bluestone arrangement fee is £1495. The latter isn't always added to the mortgage and varies application to application.

There are also cheaper brokers than SA!

szac976

samster1 said:

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

The £1,995 is the broker fee for simply and the £1,495 is totally separate & for Bluestone: In my case, I have to pay the product fee upfront as I am a first time buyer with a 15% deposit and they can’t add it or it would increase the LTV which is already at the max they can lend on. I have no complaints about Simply but my application is moving slower than others - I was told to expect a 7 -14 working days for an initial response but that’d probably be closer to the 14 day mark, so there’s no guarantee that your application would move quicker with them 

doglover34

We used Option Finance and they were 999! A bit cheaper and they were also brilliant at getting it all though. Been in since 11th dec

samster1

I'm using mortgage information centre, I think the only fee the charge is from bluestone as nothing mentioned in the illustration I got sent. I would have gladly paid a fee for a quicker turn around as i am worried the seller may pull out the deal if not all sorted in the next 4 weeks or so. 

Kellyb88

Hey guys, so I spent a good couple of hours reading through this thread. 
We have a mortgage application going through bluestone at the moment, it was submitted 23/12/20. The packaging is going through brightstar. So far we've had a few emails asking for more documents each week which is mostly the same documents we've allready sent over. Our housing development persimmons informed us last week an evaluation has been booked in for today. Is this a good sign? Will we finally get our decision soon? The wait has just been torture, constantly checking emails. We have used mortgage hut for our MA. We would rather know yes or no now so we can get over it an move on. Unfortunately this is our only chance at this moment in time of purchasing a property on the old H2B scheme. Has anyone else had any dealings with brightstar? They don't seem to move very quick.
Many thanks. 

polarbear1975

Kellyb88 said:

Hey guys, so I spent a good couple of hours reading through this thread. 
We have a mortgage application going through bluestone at the moment, it was submitted 23/12/20. The packaging is going through brightstar. So far we've had a few emails asking for more documents each week which is mostly the same documents we've allready sent over. Our housing development persimmons informed us last week an evaluation has been booked in for today. Is this a good sign? Will we finally get our decision soon? The wait has just been torture, constantly checking emails. We have used mortgage hut for our MA. We would rather know yes or no now so we can get over it an move on. Unfortunately this is our only chance at this moment in time of purchasing a property on the old H2B scheme. Has anyone else had any dealings with brightstar? They don't seem to move very quick.
Many thanks. 

We used Brightstar as our packager and they started off being quite slow but then our case was taken over by a different individual there (Jacqui) and she was brilliant. Made a lot of progress in a couple of weeks. We did still find, however, that Blustone would come back with requests for more information, quite often the same as what they had been supplied with the day before. That continued right through the process, from mortgage application, through conveyancing and even to the point where they asked for my OH payslip again on the day we completed. 

polarbear1975

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? 

We had to have both of those as conditions of the offer as well. The Indemnity Policy was provided by our solicitor and cost us £120. The Declaration of Solvency was more convoluted. It involved both of my parents (who were gifting us the deposit) going to their solicitor and getting a letter sworn to say that by gifting us the monies they would not make themselves insolvent. Cost them £10 each and took five minutes. Our solicitor said it was very unusual and was more common years ago but was to protect Bluestone against any action whereby the giftor's creditors could take action against them and ultimately have recourse to the house. 

polarbear1975

On the 8th of January our journey with Bluestone came to a conclusion with us completing on our house!!!
We started the ball rolling in September when we reserved a plot using old HtB and a gifted deposit. I am not going to lie, it was a tortuous process from beginning to end and at times both myself and OH came close to calling it a day.
The efforts were ultimately worthwhile. We understood why BS were asking for all of the information and our MA kept us as much up to date as possible and was able to encourage us with some positivity along the way. 
The main issues we came across was providing the same information multiple times and having to provide information late in the day that could easily have been asked for weeks earlier. This pushed our completion back from mid December to early January and we were concerned that the new lockdown might have meant they pulled the offer at the last minute. 
I have read a lot on here about credit ratings but in our application we had to provide a letter explaining the circumstances behind the adverse credit and then after that had been submitted they were far more interested in ensuring the mortgage was affordable. The last stage was for us both to provide a payslip which showed we had been in receipt of full income for a month and to produce our insurance documentation with them noted as an interested party. 
I would urge anyone going through this not to lose hope and to build up a good rapport with your MA; ours certainly earned our money. Don't expect it to be quick and be pleasantly surprised when things do move quicker than you had thought. Bluestone are a niche lender who do understand people have individual circumstances why they are using them but they do take that into account and ultimately have allowed me to buy a home where other lenders would not. 

Kellyb88

polarbear1975 said:

Kellyb88 said:

Hey guys, so I spent a good couple of hours reading through this thread. 
We have a mortgage application going through bluestone at the moment, it was submitted 23/12/20. The packaging is going through brightstar. So far we've had a few emails asking for more documents each week which is mostly the same documents we've allready sent over. Our housing development persimmons informed us last week an evaluation has been booked in for today. Is this a good sign? Will we finally get our decision soon? The wait has just been torture, constantly checking emails. We have used mortgage hut for our MA. We would rather know yes or no now so we can get over it an move on. Unfortunately this is our only chance at this moment in time of purchasing a property on the old H2B scheme. Has anyone else had any dealings with brightstar? They don't seem to move very quick.
Many thanks. 

We used Brightstar as our packager and they started off being quite slow but then our case was taken over by a different individual there (Jacqui) and she was brilliant. Made a lot of progress in a couple of weeks. We did still find, however, that Blustone would come back with requests for more information, quite often the same as what they had been supplied with the day before. That continued right through the process, from mortgage application, through conveyancing and even to the point where they asked for my OH payslip again on the day we completed. 

Oh blimey really! That's crazy!
How long did the process take for you? 

Kellyb88

polarbear1975 said:

On the 8th of January our journey with Bluestone came to a conclusion with us completing on our house!!!
We started the ball rolling in September when we reserved a plot using old HtB and a gifted deposit. I am not going to lie, it was a tortuous process from beginning to end and at times both myself and OH came close to calling it a day.
The efforts were ultimately worthwhile. We understood why BS were asking for all of the information and our MA kept us as much up to date as possible and was able to encourage us with some positivity along the way. 
The main issues we came across was providing the same information multiple times and having to provide information late in the day that could easily have been asked for weeks earlier. This pushed our completion back from mid December to early January and we were concerned that the new lockdown might have meant they pulled the offer at the last minute. 
I have read a lot on here about credit ratings but in our application we had to provide a letter explaining the circumstances behind the adverse credit and then after that had been submitted they were far more interested in ensuring the mortgage was affordable. The last stage was for us both to provide a payslip which showed we had been in receipt of full income for a month and to produce our insurance documentation with them noted as an interested party. 
I would urge anyone going through this not to lose hope and to build up a good rapport with your MA; ours certainly earned our money. Don't expect it to be quick and be pleasantly surprised when things do move quicker than you had thought. Bluestone are a niche lender who do understand people have individual circumstances why they are using them but they do take that into account and ultimately have allowed me to buy a home where other lenders would not. 

Which insurance company did you go with please?