Bluestone Mortgages

Anxiousbuyer21

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

MovingForwards

@Anxiousbuyer21 grab a large drink and read through all this thread, you will see various timelines.

If you've no adverse history, why did your broker recommend bluestone? 

What's 'complicated' about your situation?

How did you find / pick your broker?

newhome235678

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

Hey, bluestones dip process is extremely thorough and in-depth, I don’t think I’ve seen anyone on here who has been declined after the dip has been issued. 

We had our mortgage offer within 8 weeks (pre Covid) we had pay day loans which were less than 6 months old and a default which was 2 years old but only for 90.00 next account. 

Have trust in your broker. Everyone within the property industry is under extreme pressure at the minute due to the sdlt holiday. Trust the process and I promise it will be an amazing once it’s all finalised ☺️  

mcstrata

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

It's interesting that your broker recommended Bluestone if you have no adverse credit at all. The timelines vary, can be as quick as 3 weeks from app to offer to months, there isn't a definite answer. You could argue that a good broker but mainly a good packager makes all the difference, but this is just my opinion. This thread is the best for you to get an idea of timescales but they are so varied I am not sure of whether or not it will give you the answers you need. Good luck. 

Anxiousbuyer21

mcstrata said:

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

It's interesting that your broker recommended Bluestone if you have no adverse credit at all. The timelines vary, can be as quick as 3 weeks from app to offer to months, there isn't a definite answer. You could argue that a good broker but mainly a good packager makes all the difference, but this is just my opinion. This thread is the best for you to get an idea of timescales but they are so varied I am not sure of whether or not it will give you the answers you need. Good luck. 

mcstrata said:

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

It's interesting that your broker recommended Bluestone if you have no adverse credit at all. The timelines vary, can be as quick as 3 weeks from app to offer to months, there isn't a definite answer. You could argue that a good broker but mainly a good packager makes all the difference, but this is just my opinion. This thread is the best for you to get an idea of timescales but they are so varied I am not sure of whether or not it will give you the answers you need. Good luck. 

Our broker went with Bluestone as we were rejected by two hughstreet lenders. Although we don't have adverse credit, both my partner and I have 1 yr company accounts, and most lenders need two years. Our broker thought, to speed up the process without affecting out credit rating, Bluestone would be ideal. I wouldn't be in such a rush, but the property we want to buy has been vacant for over 6 months, due to previous sale falling through, so we have a the estate agents calling every other day asking what's taking so long. As long as we have an inclination that we will get it, after two refusal, I don't mind it taking unto 29th of March...we have already started conveyancing process, just so that we don't get delayed if we do get an offer. And if its declined, we can't afford to buy with stamp duty on top of price.

Anxiousbuyer21

*highstreet lenders

mcstrata

Anxiousbuyer21 said:

mcstrata said:

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

It's interesting that your broker recommended Bluestone if you have no adverse credit at all. The timelines vary, can be as quick as 3 weeks from app to offer to months, there isn't a definite answer. You could argue that a good broker but mainly a good packager makes all the difference, but this is just my opinion. This thread is the best for you to get an idea of timescales but they are so varied I am not sure of whether or not it will give you the answers you need. Good luck. 

mcstrata said:

Anxiousbuyer21 said:

I desperately need some reassurance.  We are at 5 weeks and counting . We submitted our full application on 8th of January and during this time, numerous documents were requested, which we provided. The last set of documents were requested last Thursday (4th of feb). But since then no news, we still have don't have any news on valuation. Spoke to MA today, they said they are working on files from 4th of Feb, and our documents haven't been looked at yet.  Is this a bad sign that its taking so long for them to instruct a valuation? We don't have any adverse credit history, our situation is a bit complicated, with being self-employed etc. 
I wanted to know, what is the average turn around for a file? the wait is killing me, not knowing if its a yes or a no (although I'm praying for a yes). Also has anyone been rejected, after such a long wait, or are the rejections quite early on in the process. We have instructed our solicitors to start searches, etc, as we want to get sale completed before 31st of March, as we can't afford to buy if we have to pay stamp duty. Now I feel that if, we don't get this mortgage, we won't be able to buy, as its too late for us to apply anywhere else. 

Our MA isn't much help, they just check the online system and update us if our documents have been seen. Can someone please help relieve my anxiety, as it will be a very long weekend for us.

It's interesting that your broker recommended Bluestone if you have no adverse credit at all. The timelines vary, can be as quick as 3 weeks from app to offer to months, there isn't a definite answer. You could argue that a good broker but mainly a good packager makes all the difference, but this is just my opinion. This thread is the best for you to get an idea of timescales but they are so varied I am not sure of whether or not it will give you the answers you need. Good luck. 

Our broker went with Bluestone as we were rejected by two hughstreet lenders. Although we don't have adverse credit, both my partner and I have 1 yr company accounts, and most lenders need two years. Our broker thought, to speed up the process without affecting out credit rating, Bluestone would be ideal. I wouldn't be in such a rush, but the property we want to buy has been vacant for over 6 months, due to previous sale falling through, so we have a the estate agents calling every other day asking what's taking so long. As long as we have an inclination that we will get it, after two refusal, I don't mind it taking unto 29th of March...we have already started conveyancing process, just so that we don't get delayed if we do get an offer. And if its declined, we can't afford to buy with stamp duty on top of price.

I see. I am not a broker myself so can't comment much but I know that Precise do take one yr accounts although they will ask a lot of questions. Their rates are nowhere near as high as Bluestone's. Whilst Bluestone may have been one of the options, I know they are last resort and considering you don't have adverse credit, you are probably going to end up paying twice the mortgage where you may have had a chance of getting a bette rate elsewhere. At the end of the day, the decision is yours but if you are on Facebook, look for Mark Finch on the UK Mortgage Advice group. He is a very knowledgeable broker and will get you free advice if you give him your full credif history and background to help you make an informed decision. It could be that Bluestone are your only option but definitely speak to a few different brokers before agreeing. The declined AIPs will only have been on a soft credit check which doesn't have an impact on your report. Hope it all goes well and you get the best deal 👌.

O999111

Hi there, I’m in real need of some reassurance as my partner and I are so anxious for our application to go to offer. Her credit is perfect (score of 999) whereas mine has quite a lot of adverse and is 597 (2 defaults which were registered in October 2019 and quite a few payday loans which were settled in 2020 although the most recent one was taken out in May 2019). Everything is settled and we have an AIP, we are just really worried that it’ll be declined - the full application was put through by our broker about 10 days ago.

any reassurance or previous / current experiences would be really helpful, thanks 

MovingForwards

O999111 said:

Hi there, I’m in real need of some reassurance as my partner and I are so anxious for our application to go to offer. Her credit is perfect (score of 999) whereas mine has quite a lot of adverse and is 597 (2 defaults which were registered in October 2019 and quite a few payday loans which were settled in 2020 although the most recent one was taken out in May 2019). Everything is settled and we have an AIP, we are just really worried that it’ll be declined - the full application was put through by our broker about 10 days ago.

any reassurance or previous / current experiences would be really helpful, thanks 

This thread should offer reassurance and real life experiences, however no one can guarantee anyone gets a mortgage offer.
- it's a long thread, but well worth a read.

Your broker wouldn't have placed you with Bluestone if they thought you wouldn't have a good chance.

Lolly632

Update on my application!
We still have not had the valuation, or paid the fee but the MA has confirmed that BS are happy to proceed on the basis we pay off a loan. Has anyone had any experience of this? I have asked the MA if the next step is valuation but not had an answer to that just yet. I feel like we're another step forward but still trying to not get my hopes up!