Bluestone Mortgages

polarbear1975

Kellyb88 said:

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? 

Our policy is with Axa

szac976

I've just had a request from Bluestone to supply the home report, and they came back instantly saying they would accept a re-type of the report rather than instructing a valuation. Hopefully get some good news soon!

citylife

Hi 

I have adverse credits but no CCJs.   My partner got excellent credits no CCJs etc.  I have a big deposit to put down on a new house.  We have been turned down for a mortgage from a normal bank so had no choice but hope to get a mortgage through bluestone on help to buy. 
We had our DIP 9th October 2020 and have had several soft credit checks done every month from Bluestone is that normal? 

Our application went in 26th October, we send all our 3 months bank statements from July to Oct with our wages slips, P60s, savings,  reason why I had adverse credit etc to our MA who said was doing everything to push our mortgage through to the first underwrite, to get mortgage offer hopefully by December.  By Dec  our MA left the employer!!!   But did completed our Help to Buy and we were successful.  

The other MA took up our file, we think the MA wasn’t consulted fully what needs doing to our case.  BrightStar would go back to our MA asking for our October  (yes again) and November bank statements, wages slips etc as weeks passed it was not looked at yet at the first underwrite fast forward to Nov still not looked at and we were asked for  our
bank statements again for Nov including our salary payslips.  We have had strong words with our MA who said BrightStar and Bluestone were super slow.  Finally 
Valuation was booked for 22nd December but the address to carry out the survey our new house was wrong. No idea who make the mistake so Valuation was re booked for 14 January 2021.  Needless to say we were losing hope and interest.  Valuation was carried out on 14th January,  the Developers phoned to let us know and said should take 24 hours for the report to reach Bluestone.  

Today our MA said BrightStar asked for our December bank statements etc and also 

wanted to why we spend X amount in Nov and what it was for? We had to pay for the kitchen worktop, flooring, chrome switches  etc for our new house which is due to finish building in Feb 2021.    I asked MA why are BrightStar/Bluestone asking for our bank statements every month.   MA said because of my adverse credit they are checking throughly as we were borrowing big mortgage!!!  My partner and I house our house and We are going with HTB and  we only need to borrow  45% for mortgage is that a big mortgage ???!!  We’re hoping we will pay off our mortgage in 10 years and live mortgage free. 

we were told to wait 48 hours .. what is next after the valuation  an mortgage offer this week?
We are so stressed with the whole thing
and the sad thing we are not feeling motivated now.   

Is anyone going through the same thing having to send their bank statements, payslips every month? We almost at final underwrite,  our MA  can’t promise if it’s the final process
And our solicitor have been waiting since Oct for us to get our mortgage offer 
Any advice would helpful ...thanks .. 

citylife

*Sorry I meant my partner and I had sold our house.  We are now renting waiting for our new house to be finished building 

mortgagenews

polarbear1975 said:

Kellyb88 said:

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? 

We reserved the property around 10th September. The mortgage AIP was quite quick, still in September. The property was valued on 22nd October but we didn't get our mortgage offer through until 28th November. From then it was with the solicitor for conveyancing which was finished and then we completed first week January.

Congrats @po@polarbear1975 how long did it take bluestone to release the funds?

LWall122

Quick update, Simply have confirmed Bluestone are happy with all our documentation and its now at final underwrite stage. Dose anyone know how long this stage takes typically? Our valuation has already been done. 

caspre12

LWall122 said:

Quick update, Simply have confirmed Bluestone are happy with all our documentation and its now at final underwrite stage. Dose anyone know how long this stage takes typically? Our valuation has already been done. 

We are at the same stage as you today ! With Simply and was wondering the same thing, hopefully won’t be long for both of us 🙂

LWall122

caspre12 said:

LWall122 said:

Quick update, Simply have confirmed Bluestone are happy with all our documentation and its now at final underwrite stage. Dose anyone know how long this stage takes typically? Our valuation has already been done. 

We are at the same stage as you today ! With Simply and was wondering the same thing, hopefully won’t be long for both of us 🙂

Fingers crossed it wont be long for both of us now!
Reading back through the forum my gut tells me probably a few more questions on statements etc. and Januarys statements and payslips. 

Kellyb88

caspre12 said:

LWall122 said:

Quick update, Simply have confirmed Bluestone are happy with all our documentation and its now at final underwrite stage. Dose anyone know how long this stage takes typically? Our valuation has already been done. 

We are at the same stage as you today ! With Simply and was wondering the same thing, hopefully won’t be long for both of us 🙂

We've been informed today that we're also at the final underwrite stage.  Ahh the wait is just awful. Surely if its got this far we will get the mortgage offer? 

LWall122

Kellyb88 said:

caspre12 said:

LWall122 said:

Quick update, Simply have confirmed Bluestone are happy with all our documentation and its now at final underwrite stage. Dose anyone know how long this stage takes typically? Our valuation has already been done. 

We are at the same stage as you today ! With Simply and was wondering the same thing, hopefully won’t be long for both of us 🙂

We've been informed today that we're also at the final underwrite stage.  Ahh the wait is just awful. Surely if its got this far we will get the mortgage offer? 

That is what I was thinking.......
Lets hope so!
Bluestones covered the cost of my valuation also as part of the deal according to Simply.
Hopefully some good news for us at some point next week