Bluestone Mortgages

Heatherxx

I have been following this forum for a while now, I have an application in with bluestone at the moment, full application went in 21/12/20. Had the valuation done which we paid for and last week they picked up on a safety net loan that I closed in October but they class it as a payday loan, do you think we are more than likely get rejected after getting this far now? It states no payday loans in the last 12 months but it got taken out 13 months ago but only finished paying off in October 2019, worrying me sick and having many sleepless nights because if this falls through we don’t have another option..

Cam2021

Heatherxx said:

I have been following this forum for a while now, I have an application in with bluestone at the moment, full application went in 21/12/20. Had the valuation done which we paid for and last week they picked up on a safety net loan that I closed in October but they class it as a payday loan, do you think we are more than likely get rejected after getting this far now? It states no payday loans in the last 12 months but it got taken out 13 months ago but only finished paying off in October 2019, worrying me sick and having many sleepless nights because if this falls through we don’t have another option..

We are now in feb/21 so that was taken out and settled way more than 12 months ago. I had similar, was taken out in sep/19 but hasnt been mentioned yet and MA has had all my credit files from 3 providers. Ive read up so much about bluestone and I wouldn't worry, maybe they will just why you had to take it out in the first place. Maybe a broker on here has a more qualified answer though. 

Hopeful89

Heatherxx said:

I have been following this forum for a while now, I have an application in with bluestone at the moment, full application went in 21/12/20. Had the valuation done which we paid for and last week they picked up on a safety net loan that I closed in October but they class it as a payday loan, do you think we are more than likely get rejected after getting this far now? It states no payday loans in the last 12 months but it got taken out 13 months ago but only finished paying off in October 2019, worrying me sick and having many sleepless nights because if this falls through we don’t have another option..

If it helps ease your mind, I have a payday loan taken out that’s only just expired 12 months  ago which they know about as I sent my full credit report before DIP. Also it’s when loans are taken out not settled  

Heatherxx

My mistake, I mean I only finished paying it off October 2020 but been trying for the last year clear all my debts, something always seem to catch up! I’ve sent these statements over for the last 6 months and MA seems to think we will just have to pay higher interest rates but worrying sick as criteria says none in the last 12 months, if we get accepted I don’t think I ever want go through this again! Good luck with your application

Rolleplaya

Finally completed today
Offer receieved 1st sep
Exchanged contracts in December
House was just completed 2 weeks ago.
Funds was requested on weds the 3rd of Feb.
Bluestone said the first payment will be a month and half which will come out on the 1st of march.

Hopeful89

Rolleplaya said:

Finally completed today
Offer receieved 1st sep
Exchanged contracts in December
House was just completed 2 weeks ago.
Funds was requested on weds the 3rd of Feb.
Bluestone said the first payment will be a month and half which will come out on the 1st of march.

Huge congrats to you  

Scatlow

My builder has emailed me a moving in date for next month. Yet I'm no closer to an answer as to whether the mortgage will be approved or not. Bluestone queried affordability last week not sure why as we bought a way cheaper house so it would easily pass affordability. I offered to increase deposit so LTV is 70% as it's only a couple of grand off last Friday plus sent all the other requested documents, but still heard nothing 😔

Kellyb88

So we was under the impression that our application was in the final underwrite stage.. Until brightstar emailed our mortgage broker this ;w e are due an update by Friday on this one. If it is all good, it’ll be passed over for final review and sign off. We are hearing back within 48 hours on sign off’s at the moment so might have some good news on our way next week
Our application went in 23/12/20 our valuation was done on the 18/01/2021, we had to send in last of Januarys bank statements last Wednesday. Now we're worried it's going to be declined after all this time we have no other option as to another lender and won't have the time as we're using the old help to buy scheme.  

Scatlow

Kellyb88 said:

So we was under the impression that our application was in the final underwrite stage.. Until brightstar emailed our mortgage broker this ;w e are due an update by Friday on this one. If it is all good, it’ll be passed over for final review and sign off. We are hearing back within 48 hours on sign off’s at the moment so might have some good news on our way next week
Our application went in 23/12/20 our valuation was done on the 18/01/2021, we had to send in last of Januarys bank statements last Wednesday. Now we're worried it's going to be declined after all this time we have no other option as to another lender and won't have the time as we're using the old help to buy scheme.  

Kellyb88 said:

So we was under the impression that our application was in the final underwrite stage.. Until brightstar emailed our mortgage broker this ;w e are due an update by Friday on this one. If it is all good, it’ll be passed over for final review and sign off. We are hearing back within 48 hours on sign off’s at the moment so might have some good news on our way next week
Our application went in 23/12/20 our valuation was done on the 18/01/2021, we had to send in last of Januarys bank statements last Wednesday. Now we're worried it's going to be declined after all this time we have no other option as to another lender and won't have the time as we're using the old help to buy scheme.  

We are in the same predicament as you on the old htb can't use the new one as house prices is too much.  Application submitted 04/12 valuation 05/01. They asked for bank statements and references last Tues sent them all back Weds now just waiting again to see what bluestone say. It's just frustrating the wait inbetween each request.

Kellyb88

Scatlow said:

Kellyb88 said:

So we was under the impression that our application was in the final underwrite stage.. Until brightstar emailed our mortgage broker this ;w e are due an update by Friday on this one. If it is all good, it’ll be passed over for final review and sign off. We are hearing back within 48 hours on sign off’s at the moment so might have some good news on our way next week
Our application went in 23/12/20 our valuation was done on the 18/01/2021, we had to send in last of Januarys bank statements last Wednesday. Now we're worried it's going to be declined after all this time we have no other option as to another lender and won't have the time as we're using the old help to buy scheme.  

Kellyb88 said:

So we was under the impression that our application was in the final underwrite stage.. Until brightstar emailed our mortgage broker this ;w e are due an update by Friday on this one. If it is all good, it’ll be passed over for final review and sign off. We are hearing back within 48 hours on sign off’s at the moment so might have some good news on our way next week
Our application went in 23/12/20 our valuation was done on the 18/01/2021, we had to send in last of Januarys bank statements last Wednesday. Now we're worried it's going to be declined after all this time we have no other option as to another lender and won't have the time as we're using the old help to buy scheme.  

We are in the same predicament as you on the old htb can't use the new one as house prices is too much.  Application submitted 04/12 valuation 05/01. They asked for bank statements and references last Tues sent them all back Weds now just waiting again to see what bluestone say. It's just frustrating the wait inbetween each request.

The stress of not knowing and the fact March is only next month is so very worrying isn't it! Who is your broker? Also are you having to use brightstar as packager?