Bluestone Mortgages

SetToDestroy

Hi there,
My partner and I are currently waiting for our case to go to the underwriters at Bluestone however it is a very nerve-wracking time as my partners credit file hasn't been great this year due to 4 debts. I can't see anymore comments on this thread over Christmas/Jan 2021 so can anyone share any experiences during this time or can give any advice please? Could Bluestone decline due to having payment holidays due to the Covid-19 situation?
Thanks.

samster1

NannyPlum89 said:

Hopefull13 said:

Hi Everyone 
I wondered if anyone could give me their journey from the point I’m at please!?

Dip was 14/12/20
Reserved 17/12/20
MA submitted application to Impact packagers and paid £99 07/01/21
Packagers back and forth with MA asking for more docs
Help to buy atp 18/01/21

Application FINALLY submitted by packagers to Bluestone 21/01/21 TODAY!!

What I’d like an idea of is, how long till valuation is instructive at this point? And then from valuation point to offer? (Everything crossed!!) 
Also, when MA said its been submitted to Bluestone, I’m guessing she means it’s waiting to be looked at by an underwriter? 

Our MA has been great, the packager seemed to hold things up so I’m kinda glad we’re now out of their hands, having said that our case isn’t exactly straight forward.

 Our home builders are getting impatient which is making me even more on edge, and the MA said she doesn’t want to give me an estimate of how long from now due to COVID delays 😩
Any advice and experience from this stage would be most helpful! Thankyou ☺️ 

Application submitted: 17th December 
Valuation instructed: 21st December 
Valuation carried out: 7th January 
Mortgage offer: 14th January

We went with Simply and they were fantastic. Their fee is expensive, but worth every penny. Our builder threatened to pull out and re-market the house on the 11th January, and Simply pushed things through for us. 

Good luck everyone 

Hi what a speedy application , my application went in on the 16th of December and not even at the valuation stage yet. Can I ask did you put in a letter about why you have adverse credit in advance? Did bluestone come back and ask for anything after you put in your application? 

I've not heard anything from bluestone since the 13th of January where they asked for an employment reference and proof of being a key worker.  I feel like the mortgage will go through but worried its going to be like April time or something and will loose out on the house as sellers new house has been waiting an extremely long time on them to sell their house the one I am buying. 

Anything I can do to speed things up at all? 

thanks 

NannyPlum89

samster1 said:

NannyPlum89 said:

Hopefull13 said:

Hi Everyone 
I wondered if anyone could give me their journey from the point I’m at please!?

Dip was 14/12/20
Reserved 17/12/20
MA submitted application to Impact packagers and paid £99 07/01/21
Packagers back and forth with MA asking for more docs
Help to buy atp 18/01/21

Application FINALLY submitted by packagers to Bluestone 21/01/21 TODAY!!

What I’d like an idea of is, how long till valuation is instructive at this point? And then from valuation point to offer? (Everything crossed!!) 
Also, when MA said its been submitted to Bluestone, I’m guessing she means it’s waiting to be looked at by an underwriter? 

Our MA has been great, the packager seemed to hold things up so I’m kinda glad we’re now out of their hands, having said that our case isn’t exactly straight forward.

 Our home builders are getting impatient which is making me even more on edge, and the MA said she doesn’t want to give me an estimate of how long from now due to COVID delays 😩
Any advice and experience from this stage would be most helpful! Thankyou ☺️ 

Application submitted: 17th December 
Valuation instructed: 21st December 
Valuation carried out: 7th January 
Mortgage offer: 14th January

We went with Simply and they were fantastic. Their fee is expensive, but worth every penny. Our builder threatened to pull out and re-market the house on the 11th January, and Simply pushed things through for us. 

Good luck everyone 

Hi what a speedy application , my application went in on the 16th of December and not even at the valuation stage yet. Can I ask did you put in a letter about why you have adverse credit in advance? Did bluestone come back and ask for anything after you put in your application? 

I've not heard anything from bluestone since the 13th of January where they asked for an employment reference and proof of being a key worker.  I feel like the mortgage will go through but worried its going to be like April time or something and will loose out on the house as sellers new house has been waiting an extremely long time on them to sell their house the one I am buying. 

Anything I can do to speed things up at all? 

thanks 

Simply asked us for an explanation of the adverse as part of their pre- application process, so we weren't asked for a letter or anything from Bluestone.  Bluestone came back and asked for another bank statement, and had a few questions about some transactions but that was it. 
I'd recommend having a chat with your broker to see if anything can be done to speed things up.

mcstrata

Does anyone know when the first mortgage payment comes out if we complete on the 26th of Feb? I would like the payment to be taken on the 1st of every month so will that be taken on the 1st of March or the 1st of April? I understand that interest will be charged from the day of completion. 

mortgagenews

Does anyone know how long it takes for funds to be released by Bluestone

MovingForwards

@mcstrata 1 April, with extra for interest from draw down.

@mortgagenews they need 5 or 7 days notice.

mortgagenews

MovingForwards said:

@mcstrata 1 April, with extra for interest from draw down.

@mortgagenews they need 5 or 7 days notice.

Thanks for this

ACG

mortgagenews said:

Does anyone know how long it takes for funds to be released by Bluestone

It is usually 5 working days.
It can sometimes be possible to do it quicker but best to not rely on that.

Hopeful89

Has anyone had any issues with affordability checks? I’ve tried to be as accurate as possible. I work at home and neither of us drink, smoke or buy many clothes especially under covid so I’m worried we’re not meeting the “couples spend should be around £1400” rule I’ve read about. I also work at home so have no petrol costs. Am i over thinking? 

springmagpie

Hopeful89 said:

Has anyone had any issues with affordability checks? I’ve tried to be as accurate as possible. I work at home and neither of us drink, smoke or buy many clothes especially under covid so I’m worried we’re not meeting the “couples spend should be around £1400” rule I’ve read about. I also work at home so have no petrol costs. Am i over thinking? 

They have gone into the minute detail with our affordability, asking about the subs for our daughter's Beavers, our £6 a month disney+ subscription etc. To pass affordability we have to pay off all existing debts (next account etc) and cancel our Netflix, Disney plus, and my union. It really was down to the last £1 to pass but then we are stretching ourselves with our mortgage to buy the house we are currently renting, we hadn't intended to buy for a year or two buy the landlord is selling up so decided to go for it.