Bluestone Mortgages

MrsH2

SRH2021 said:

To be honest I feel my MA keeps giving me contradicting Info, I’ve spent all afternoon back and forth and them push for this extra 20 odd grand Which we don’t have, I decided to contact simply as they obv have a lot of dealings with them and they said it shouldn’t have been an issue and they will take over with my permission.

Fingera crossed for you. We had to have 25% deposit but were fortunate to have a large amount of equity in our current home. 
Hope you manage to sort it. 

Hopeful89

SRH2021 said:

I have actually just found out they aren’t offering 85 percent on new builds and that’s the real reason 

You shouldn’t have been put through all that if that’s the case! I’m really sorry I can imagine it’s very upsetting. 

SRH2021

MrsH2 said:

SRH2021 said:

To be honest I feel my MA keeps giving me contradicting Info, I’ve spent all afternoon back and forth and them push for this extra 20 odd grand Which we don’t have, I decided to contact simply as they obv have a lot of dealings with them and they said it shouldn’t have been an issue and they will take over with my permission.

Fingera crossed for you. We had to have 25% deposit but were fortunate to have a large amount of equity in our current home. 
Hope you manage to sort it. 

Thanks mrsh2 very stressful day 

Hopeful89

doglover34 said:

They did this to us, they wanted an extra 10k! luckily we were fortunately enough to have the equity in the house to be able to do so!

Please may I ask was this for a new build to? We have a DIP for 85% on a non new build and I’m worrying now that this could happen to us. 

doglover34

No this wasnt for a new build im afraid! We were originally at 75LTV and now at 70LTV! I think they see the money we had left over and wanted more of a deposit tbh! we did argue this at the time of DIP but it was that or nothing so had no choice to proceed.  also my house was for 412,500 and the valuation came back at higher at 435,000 but they still didnt budge on numbers...the money is tied in the house thankfully and not in Stamp Duty so thats how we figured wed look at it

doglover34

we were lucky to go with BS as was turned down by so many lenders - no one wanted to know - and it worked out in the end. I am grateful though, YES we have a high interest mortgage for 2 years BUT we're completely debt free now, and in 12 months time my default will be gone and my credit rating (predicted by Equifax) will jump from 511 to 965 and i'll be back in the green to eventually remortgage with a high street lender at a reasonable rate which should cut my mortgage by £600pm! I should also add that this was at DIP stage and not after. once we applied with the agreed DIP the ball started rolling and they stuck to the agreed LTV from DIP.

Hopeful89

doglover34 said:

we were lucky to go with BS as was turned down by so many lenders - no one wanted to know - and it worked out in the end. I am grateful though, YES we have a high interest mortgage for 2 years BUT we're completely debt free now, and in 12 months time my default will be gone and my credit rating (predicted by Equifax) will jump from 511 to 965 and i'll be back in the green to eventually remortgage with a high street lender at a reasonable rate which should cut my mortgage by £600pm! I should also add that this was at DIP stage and not after. once we applied with the agreed DIP the ball started rolling and they stuck to the agreed LTV from DIP.

Thanks so much for all the info and your way of thinking is really good. I agree with you - we are lucky too with my credit history. 

Ah good to know it was at DIP stage. We have had our first request for extra docs last week and sent them all through yesterday and today so I’m crossing everything that they move us to underwrite and instruct our valuation ASAP Got to stay positive! 

SRH2021

Hopeful89 said:

doglover34 said:

They did this to us, they wanted an extra 10k! luckily we were fortunately enough to have the equity in the house to be able to do so!

Please may I ask was this for a new build to? We have a DIP for 85% on a non new build and I’m worrying now that this could happen to us. 

It was yes, and it’s only for new builds I think it might be a recent thing with covid as they said they normally would. 

85 percent is fine on a non new build 

SRH2021

Sorry think I commented on a post that wasn’t for me 😩

Hopeful89

SRH2021 said:

Sorry think I commented on a post that wasn’t for me 😩

No probs all info is so helpful!