Bluestone Mortgages

Hopeful89

springmagpie said:

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. 

Thank you for your comments! That’s very in depth! 

MovingForwards

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? 

There were no affordability issues as such, just the fact I didn't spend much and certainly nowhere near the ONS data!

It was my broker who queried it so at that point I was able to explain eg I do eat cheaply, I'm not interested in clubbing at my age, restaurant's are expensive and instead I do X with my friends, clothes were from charity shops, my car is small so cheap on tax, insurance and petrol etc, by the way here's my CC statements to support my outgoings and it's paid in full etc.

If in doubt, have a chat with your broker, send them an email and they will set your mind at ease.

Hopeful89

MovingForwards said:

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? 

There were no affordability issues as such, just the fact I didn't spend much and certainly nowhere near the ONS data!

It was my broker who queried it so at that point I was able to explain eg I do eat cheaply, I'm not interested in clubbing at my age, restaurant's are expensive and instead I do X with my friends, clothes were from charity shops, my car is small so cheap on tax, insurance and petrol etc, by the way here's my CC statements to support my outgoings and it's paid in full etc.

If in doubt, have a chat with your broker, send them an email and they will set your mind at ease.

Thank you very much. I am the same as you. The ONS statistics aren’t us! We used to spend a lot more hence having a past which means we’re going with Bluestone. I would say I’m in the “excited and over-thinking stage” of the mortgage application

springmagpie

Just had an email from our MA, we now have our final mortgage offer!  

Hopeful89

springmagpie said:

Just had an email from our MA, we now have our final mortgage offer!  

Congrats!!!! 

szac976

springmagpie said:

Just had an email from our MA, we now have our final mortgage offer!  

congratulations!

MrsH2

Our valuation is finally booked for tomorrow after the underwriting was completed last week. Hoping our official offer will follow once the valuation is completed 

springmagpie

MrsH2 said:

Our valuation is finally booked for tomorrow after the underwriting was completed last week. Hoping our official offer will follow once the valuation is completed 

Good luck, our valuation was on the 14th Jan, they then requested most recent payslips and bank statements, offer received today 11 days later  

MrsH2

springmagpie said:

MrsH2 said:

Our valuation is finally booked for tomorrow after the underwriting was completed last week. Hoping our official offer will follow once the valuation is completed 

Good luck, our valuation was on the 14th Jan, they then requested most recent payslips and bank statements, offer received today 11 days later  

Congratulations! 
Your post gives me hope that the end is almost in sight!!!!! 🙃

MovingForwards

Hopeful89 said:

MovingForwards said:

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? 

There were no affordability issues as such, just the fact I didn't spend much and certainly nowhere near the ONS data!

It was my broker who queried it so at that point I was able to explain eg I do eat cheaply, I'm not interested in clubbing at my age, restaurant's are expensive and instead I do X with my friends, clothes were from charity shops, my car is small so cheap on tax, insurance and petrol etc, by the way here's my CC statements to support my outgoings and it's paid in full etc.

If in doubt, have a chat with your broker, send them an email and they will set your mind at ease.

Thank you very much. I am the same as you. The ONS statistics aren’t us! We used to spend a lot more hence having a past which means we’re going with Bluestone. I would say I’m in the “excited and over-thinking stage” of the mortgage application

I looked at the ONS data when my broker mentioned it and thought, wow that's a lot of money!

Even though I've been in my home over 8 months, my spending hasn't changed. I'm still saving, started a private pension a few months after completing and even made my first mortgage overpayment before my first contractual payment came out 😁

It's so easy to analyse everything. I even found the CML booklet for bluestone and printed it off so I could see if anything would potentially be queried by my solicitor; aside from the virus, original lockdown and registers of Scotland causing a few problems it all went through ok in the end.