Bluestone Mortgages

Palmerl8

hereistohoping said:

We completed today!!! Been a very long 19 weeks but today's made it worth it. Have faith but also chase chase chase! 

What was the delays? 

We submitted ours on Tuesday and was hoping to beat the SDLT

Anxiousbuyer21

Palmerl8 said:

hereistohoping said:

We completed today!!! Been a very long 19 weeks but today's made it worth it. Have faith but also chase chase chase! 

What was the delays? 

We submitted ours on Tuesday and was hoping to beat the SDLT

Good luck! we submitted ours 1st week of January, we are still providing endless request of documents. We are hoping offer comes through before 31st March. However, at this time I think the chances of SDLT extension seems more likely than BS offer . I am praying for both- lets see who delivers first BS or chancellor.

Cam2021

Palmerl8 said:

hereistohoping said:

We completed today!!! Been a very long 19 weeks but today's made it worth it. Have faith but also chase chase chase! 

What was the delays? 

We submitted ours on Tuesday and was hoping to beat the SDLT

Your MA should have told you it's unlikely to be sorted in time, solicitors need your offer in writing a couple of weeks before completion so they can arrange an exchange date and even that's cutting it fine. Quickest turnaround ice seen on here is 3 weeks but it's a really busy time for lenders. 
Ours went in on 15th January and still in first underwrite waiting for valuation, been pretty straight forward as well, we were only asked for a couple of extra documents. 
Good luck you might be one of the lucky ones🤞

hereistohoping

Our timeline was:
- house reserved 21 Sept 
- MA appointment 01 October and bluestone said they wouldn't do the DIP until 01 Nov due to a default falling out of scope. 

- DIP received 05 Nov 
- Full application submitted 07 Nov
- Valuation 03 Dec and came £20K less. Developer then spent 7 weeks appealing it. 

- Valuation was revised 14 Jan and developer lowed price by £10K to match
- Request for further information such as explanation for seasonal spend and additional food spend in December (sent my Nan gusto as she had COVID) 
- Verbal offer received 05 Feb
- Paper offer landed 10 Feb
- Completed 19 Feb

Our solicitors had a battle with bluestone as we were exchanging and completing in the same day to which bluestone didn't like. We had a last minute request to call them and go to opt3 to do the pre-completion call before they would consider releasing any funds that day. We also went through their forms online and printed them all off & signed them so as soon as our MA needed them via Brightstar to Bluestone she had them within minutes. Definitely recommend doing this and saving them as scanned documents on your notes (iPhone) for quick access. Every time a new statement was generated or new payslip uploaded we sent them the same day so there was no chasing outstanding documents. Our biggest delays were the valuation and then the solicitors struggling to get through to them for completion funds

natpaga

Hi all. My partner and I are in the middle of applying with Bluestone and have asked us for employment references. Does anyone know what they might ask our employers? Thanks in advance

MrsH2

We were also asked for employers details for references but as far as I'm aware our employers were never contacted. I think it may just be incase they are worried your employment is not permanent or in at risk category of hospitality or leisure. 

We have had our offer without employers references or asking for additional documents. 

MrsH2

Our timeline just to give an indication was:
DIP 4 Dec
Full application 11 Dec
Valuation instructed 20 Jan
Valuation 26 Jan
Verbal offer from MA 1 Feb
Official offer by email 2 Feb

At the point of application we had to submit bank statements and pay slips from sep to Nov. Then at the start of Jan we had to submit all of December's. I was also worried about extra spending over Xmas but it was never questioned. 
We are just currently waiting for our buyer to agree a date for completion which we are hoping will be the week commencing 1 March. 
Our MA advised that bluestone work differently and will complete their full underwrite prior to valuation. So if you get to valuation stage your pretty much guaranteed the mortgage as long as the property is suitable etc when valued. 

MovingForwards

natpaga said:

Hi all. My partner and I are in the middle of applying with Bluestone and have asked us for employment references. Does anyone know what they might ask our employers? Thanks in advance

How long you've worked there, hours, salary, on probation, plus they're also asking about furlough. 

Read through this thread as it covers a lot of things. It's long, but gives you an idea about timelines, what's asked, processes etc.

NannyPlum89

vicki_w83 said:

NannyPlum89 said:

vicki_w83 said:

Hello all, we submitted an application with bluestone yesterday after receiving our DIP at the beginning of the month. We had an email today from our MA saying they have requested our P60’s and most recent bank statements. I’ve been looking through at people’s experiences and they seem really varied. Our MA has advised our affordability is absolutely fine and I only have one default from over a year ago which has been cleared. The only thing I’m worried about is our bank statements show a lot of just eat and shopping as we spend what we have. Anyone else had this and still been approved?? I’m stressing already and know it’s going to be a long slog! 

My bank statement looked like I was single handedly keeping McDonald's and Costa Coffee afloat, and it wasn't even mentioned so I'm sure you'll be fine

Is yours all sorted now? How long did it take? It’s awful when I add up how much we spend on just eat and Costa...I’m hoping they’ve seen worse!!

Yes we are all sorted, we are just about to exchange. Ours took exactly 4 weeks from application to offer, and that was over Christmas too. I'm sure you'll be absolutely fine, got everything crossed for you. Good luck

vicki_w83

mcstrata said:

vicki_w83 said:

Hello all, we submitted an application with bluestone yesterday after receiving our DIP at the beginning of the month. We had an email today from our MA saying they have requested our P60’s and most recent bank statements. I’ve been looking through at people’s experiences and they seem really varied. Our MA has advised our affordability is absolutely fine and I only have one default from over a year ago which has been cleared. The only thing I’m worried about is our bank statements show a lot of just eat and shopping as we spend what we have. Anyone else had this and still been approved?? I’m stressing already and know it’s going to be a long slog! 

Don't worry about shopping habits. Ours weren't asked and our bank statements look like we live on takeaway. In response to your question about how long and what docs etc, it seems there is no consistent approach with BS. My understanding is that if the packaging is done right and your broker has a good relationship with them, it always helps. Ours was 3 weeks from app to offer and only one enquiry asking my hubby to declare thay he doesn't see his ltd company going bust. Having said that, the broker I went with do an internal underwrite first after asking for your whole life story to cover everything before submitting to BS so that might have helped. Hope yours goes ok. 

Thankyou for this! I’m glad yours was sorted so quickly. Our MA did an internal underwrite first as well so hopefully that should have covered some of the questions. I’m so grateful they don’t question spending habits! They’re probably wondering who Greggs and Martins are 🤦🏻‍♀️