Bluestone Mortgages

mcstrata

Hopeful89 said:

mcstrata said:

Hopeful89 said:

springmagpie said:

We had our mortgage offer on the 25th Jan, it has special conditions, pay off debts (already did in Nov) and parents providing gift to have sought legal advice etc. These conditions have held us up, trying to provide the exact paperwork they need, typical bluestone turnaround. Hoping to exchange this week or early next and complete next Friday all being well. 

Can I ask why did they ask parents to seek legal advice? We have parents and a grandmother gifting money but they’ve not asked us to do that (yet). That sounds like a nightmare 

Yeah we had the same. Had to take out indemnity policy to cover the cost of the property for the gifted deposit so that the gifters cannot make a claim on any of that in case of bankruptcy. It was fairly straightforward as our solicitors sorted that for £174 for us. It's not something you find out about until your offer  comes through with the conditions stated. Please bear in mind there may be other conditions you won't know about until you get the offer such as paying off some debts but everyone's case is different. 

Did your giftors have to seek legal advice too as well as your indemnity policy? Or was it just the indemnity policy? Thanks for your advice so far! 

Yes, they were advised to seek legal advice and sign to say they understood they needed to do that as a giftor. 

Hopeful89

mcstrata said:

Hopeful89 said:

mcstrata said:

Hopeful89 said:

springmagpie said:

We had our mortgage offer on the 25th Jan, it has special conditions, pay off debts (already did in Nov) and parents providing gift to have sought legal advice etc. These conditions have held us up, trying to provide the exact paperwork they need, typical bluestone turnaround. Hoping to exchange this week or early next and complete next Friday all being well. 

Can I ask why did they ask parents to seek legal advice? We have parents and a grandmother gifting money but they’ve not asked us to do that (yet). That sounds like a nightmare 

Yeah we had the same. Had to take out indemnity policy to cover the cost of the property for the gifted deposit so that the gifters cannot make a claim on any of that in case of bankruptcy. It was fairly straightforward as our solicitors sorted that for £174 for us. It's not something you find out about until your offer  comes through with the conditions stated. Please bear in mind there may be other conditions you won't know about until you get the offer such as paying off some debts but everyone's case is different. 

Did your giftors have to seek legal advice too as well as your indemnity policy? Or was it just the indemnity policy? Thanks for your advice so far! 

Yes, they were advised to seek legal advice and sign to say they understood they needed to do that as a giftor. 

Thank you. Sorry last question! Were you able to use your solicitor to do it or does it have to be a different solicitor? 

vicki_w83

Spenny01 said:

vicki_w83 said:

Our MA just phoned, apparently our mortgage is going through underwriting tomorrow and if successful there’s currently a 9 day turnover on it. I’m guessing if all ok it will go to second underwriting before valuation?!

We’ve been getting told that for a week 🤦‍♀️

Hope it does for you good luck xx 

He did say there’s a current 9 day turnaround so hopefully you should hear soon? 🤞

szac976

Hopeful89 said:

mcstrata said:

Hopeful89 said:

mcstrata said:

Hopeful89 said:

springmagpie said:

We had our mortgage offer on the 25th Jan, it has special conditions, pay off debts (already did in Nov) and parents providing gift to have sought legal advice etc. These conditions have held us up, trying to provide the exact paperwork they need, typical bluestone turnaround. Hoping to exchange this week or early next and complete next Friday all being well. 

Can I ask why did they ask parents to seek legal advice? We have parents and a grandmother gifting money but they’ve not asked us to do that (yet). That sounds like a nightmare 

Yeah we had the same. Had to take out indemnity policy to cover the cost of the property for the gifted deposit so that the gifters cannot make a claim on any of that in case of bankruptcy. It was fairly straightforward as our solicitors sorted that for £174 for us. It's not something you find out about until your offer  comes through with the conditions stated. Please bear in mind there may be other conditions you won't know about until you get the offer such as paying off some debts but everyone's case is different. 

Did your giftors have to seek legal advice too as well as your indemnity policy? Or was it just the indemnity policy? Thanks for your advice so far! 

Yes, they were advised to seek legal advice and sign to say they understood they needed to do that as a giftor. 

Thank you. Sorry last question! Were you able to use your solicitor to do it or does it have to be a different solicitor? 

Sorry to jump on here! My parents are gifting me some of my deposit and I did need to have a declaration of solvency and the indemnity policy but they didnt need to have proof that they'd had legal advice so it must be different for everybody. My solicitor was able to organise everything - I was £78 for the indemnity policy and no extra charge for the declaration of solvency. I'm completing today and my solicitor received funds yesterday 

Hopeful89

szac976 said:

Hopeful89 said:

mcstrata said:

Hopeful89 said:

mcstrata said:

Hopeful89 said:

springmagpie said:

We had our mortgage offer on the 25th Jan, it has special conditions, pay off debts (already did in Nov) and parents providing gift to have sought legal advice etc. These conditions have held us up, trying to provide the exact paperwork they need, typical bluestone turnaround. Hoping to exchange this week or early next and complete next Friday all being well. 

Can I ask why did they ask parents to seek legal advice? We have parents and a grandmother gifting money but they’ve not asked us to do that (yet). That sounds like a nightmare 

Yeah we had the same. Had to take out indemnity policy to cover the cost of the property for the gifted deposit so that the gifters cannot make a claim on any of that in case of bankruptcy. It was fairly straightforward as our solicitors sorted that for £174 for us. It's not something you find out about until your offer  comes through with the conditions stated. Please bear in mind there may be other conditions you won't know about until you get the offer such as paying off some debts but everyone's case is different. 

Did your giftors have to seek legal advice too as well as your indemnity policy? Or was it just the indemnity policy? Thanks for your advice so far! 

Yes, they were advised to seek legal advice and sign to say they understood they needed to do that as a giftor. 

Thank you. Sorry last question! Were you able to use your solicitor to do it or does it have to be a different solicitor? 

Sorry to jump on here! My parents are gifting me some of my deposit and I did need to have a declaration of solvency and the indemnity policy but they didnt need to have proof that they'd had legal advice so it must be different for everybody. My solicitor was able to organise everything - I was £78 for the indemnity policy and no extra charge for the declaration of solvency. I'm completing today and my solicitor received funds yesterday 

Ah thank you for jumping on!! I pray mine is as simple as that thank you 

FirstTimeBuyer428

Hopeful89 said:

Now I understand this whole process, I realise it’s not Bluestone who are slow. They set out all the documents online. The importance of a good packager is key! Mine sent a list of things initially and now I know they missed a whole load off which is why I’m delayed because Bluestone are only asking for what they need to underwrite. Can’t blame the lender! 

I am going through the exact same thing, At the beginning of February I submitted loads of documents and this week they my MA asked for a document to be signed & extra documents (which I sent the first time) THEN they said they will submit application to Bluestone. So now it's a waiting game again. My MA is going through Bright Star. I hope all yours goes well, fingers crossed for you. 

Chloenewson12

Hi everyone,
Me and my partner have been waiting over 8 weeks just for out mortgage offer, bluestones kept coming back and forward with questions wanting this and wanting that! Finally after a very stressful 8 weeks we finally have a mortgage offer. Does anyone know what the process is now as they haven’t told me anything? Thanks 

Kellyb88

Finally after 10 long stressful weeks.. We've got our mortgage offer 😁

Cam2021

Kellyb88 said:

Cam2021 said:

Does anyone know what's the current turnaround on underwriting if bluestone have said they now have everything they need?
Desperate to get a valuation instructed.

We are 8 weeks into our application, In went in on the 23/12 our valuation was on the 18/01 we've been informed now that it's gone into final underwrite and sign off if all being well, brightstar said at the moment it's a 48 hour turnaround on the last hurdle. 

Congrats on your offer! Do you know why it took so long after your valuation was done? I'm seeing a lot of offers 2 weeks after valuation, was yours an unusual case? 

SRH2021

We have had another DIP for our new build 
one thing they have asked is our solicitor on their panel? And that if they aren’t then we would have to use one that was. Anyone had issues with this?