Bluestone Mortgages

caspre12

Hopefull13 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.  

We are pretty much the same dates as you. Valuation done 21st Jan, packagers ( i think is Impact) asked for us to fill in credit commitments - which they already have details of - last week and we were told we should have an answer this week. 

Nothing from MA, tried to call and no answer 😐 loosing the will to live here! 

Does anyone know if the packagers are able to speak to you if i was to call them direct tomorrow? 

No has to be MA who speaks to them. We found that frustrating as it was pig in middle going to MA, then to packager then to Bluestone 

caspre12

samster1 said:

Turns out valuation hasn't been instructed after all. I emailed to ask what date was booked and been told that a valuation hasn't been instructed yet and we are just one step away from one being instructed. 
I have been waiting on on been instructed since the 14th of January, I really am wondering if I would be better starting again with simply.

They haven't asked for anything further and nothing seems to be happening. I'm slowly loosing my mind here. 😭

Have you enquired with Simply yet? If you can afford it go for it ! As we had all the documents already they packaged it and did a pre underwrite. They have a good relationship with Bluestone so can get updates quicker e.g we had our valuation on Wednesday, back at Bluestone Thursday, then with Final underwriter on Friday. Took us 3 weeks for submitting to offer. 

Kellyb88

szac976 said:

springmagpie said:

We received our offer at the end of January, there are a number of "special conditions" to pay off debts etc. these are slowing everything down as our solicitor now needs to see all the evidence, but as I've paid off my CC's in Oct they dont generate statements due to the 0 balance. Bluestone are being very specific in what they will accept. They also want my parents who are gifting us some of the deposit to instruct their own solicitor to evidence they have had independent advice about the gift. I really thought the offer was the final hurdle but got more before we can exchange and complete  

I have a partially gifted deposit too and some of the conditions were a deed of gift indemnity and a declaration  of solvency. My solicitor said he would sort both out.. 😬 I was really hoping I wouldn’t have to ask my parents to involve a solicitor themselves 

Hope you don't mind me asking, but how much did that cost please? 

szac976

Kellyb88 said:

szac976 said:

springmagpie said:

We received our offer at the end of January, there are a number of "special conditions" to pay off debts etc. these are slowing everything down as our solicitor now needs to see all the evidence, but as I've paid off my CC's in Oct they dont generate statements due to the 0 balance. Bluestone are being very specific in what they will accept. They also want my parents who are gifting us some of the deposit to instruct their own solicitor to evidence they have had independent advice about the gift. I really thought the offer was the final hurdle but got more before we can exchange and complete  

I have a partially gifted deposit too and some of the conditions were a deed of gift indemnity and a declaration  of solvency. My solicitor said he would sort both out.. 😬 I was really hoping I wouldn’t have to ask my parents to involve a solicitor themselves 

Hope you don't mind me asking, but how much did that cost please? 

I’m not sure yet, my solicitor said he’d come back on the indemnity policy but that there’d be no extra charge for the solvency declaration. Hoping it’s not too expensive!! I think it depends on the value of the property just from doing some googling!

samster1

caspre12 said:

samster1 said:

Turns out valuation hasn't been instructed after all. I emailed to ask what date was booked and been told that a valuation hasn't been instructed yet and we are just one step away from one being instructed. 
I have been waiting on on been instructed since the 14th of January, I really am wondering if I would be better starting again with simply.

They haven't asked for anything further and nothing seems to be happening. I'm slowly loosing my mind here. 😭

Have you enquired with Simply yet? If you can afford it go for it ! As we had all the documents already they packaged it and did a pre underwrite. They have a good relationship with Bluestone so can get updates quicker e.g we had our valuation on Wednesday, back at Bluestone Thursday, then with Final underwriter on Friday. Took us 3 weeks for submitting to offer. 

As my credit file has recently updated and I have no defaults or ccjs I thought I'd chance my arm with a main stream lender  and I've had a decision in principle and passed the full credit check. It's says to upload my. Wage slips and verify my identity and it should go through. I will leave my bluestone application running just incase but I've reached breaking point and had to try something. 

mcstrata

For anyone asking about the gifted deposit indemnity policy, you can get a rough idea of the cost on the website at the end of this note dependant on your house price. Our house costs £249k and we are paying £174 ish. All it is is a bankruptcy check on whoever is gifting, then they have to sign that they have sought legal advice before committing to gifting. It may be different for everyone else, but our solicitor sorted ours with no issues. We still haven't exchanged but nothing else has been mentioned so far. 
https://gcs-title.co.uk/instant-issue/policies-glance/insolvency-act/

Rolleplaya

Hopeful89 said:

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  

Thanks hopeful89, good luck to you and everyone still waiting.

springmagpie

My parents had to prove they had sought independent legal advice, that cost them £150. The deed of indemnity is £120, and the declaration of solvency is about £170. 
My parents already signed the gifted deposit forms for Bluestone and our solicitor but this is on top of that. 

polarbear1975

springmagpie said:

My parents had to prove they had sought independent legal advice, that cost them £150. The deed of indemnity is £120, and the declaration of solvency is about £170. 
My parents already signed the gifted deposit forms for Bluestone and our solicitor but this is on top of that. 

We had to get a deed of indemnity which our solicitor sorted out for about £150. My parents were required to get a sworn Delcaration of Solvency. Our solicitor provided a template which they then took to their solicitors to be sworn. They were only charged £20 which covered the 10 minutes they were in getting the document signed and it explained to them what it meant. We/they were not asked to prove they had received legal advice. I assume the very fact it was sworn by the solicitor and had their corporate stamp and signature sufficed in that regard. 
I have picked up on a couple of people who have been a bit wary of asking parents to go to solicitor to sign stuff. I was as well and it turned out fine, they were happy(ish) to go. As my mam said we took the decision to give you a deposit, we understand you have issues that mean you need to use Bluestone we are hardly going to let you lose your dream home and a new start for the sake of not going to sign a letter. 

hereistohoping

For those who have completed, how long did it take for Bluestone to release funds? Our paper offer finally landed yesterday and our developer is pushing for exchange and completion next week. Our solicitors have become hard to get hold off