Bluestone Mortgages

lewis27

@newhome235678 oh really! was that recent ? my broker said it was possible with some 70% mortgages because of the corona situation.. how long did it take for your valuation to be done after instructed ?
thanks 

newhome235678

Ahh my mortgage was issued in March.. so it might be different now but we were desperate to get exchanged because of our developer stopping their feet and the only thing holding us up was the valuation. I requested a desk top valuation but they refused. 

It took about 5 weeks from submitting the application to the valuation being instructed. 

Once the valuation was done the offer was issued the day after the valuation was carried out☺️. 

fingerscrossed7

Bluestone don't do desktop Vals, especially not if you're using HTB because HTB require the surveyor to have visited the property. 

We're buying a newbuild with in excess of 50% deposit, our valuation took place on 8th July, the day after it was booked, the surveyor had to visit the property. 

lewis27

Hi, I have had several soft and one hard credit check done by bluestone in the first underwrite.. they simply come back ad said all we need is a landlord reference which they now have and it is in its second underwrite before valuation is instructed.. on my Experian credit file I have just noticed an old default from 4 years ago and its a payday loan  with an outstanding amount.. I no the application won't decline because of that because bluestone state none taken out in last 12 months, which I haven't.. But I read on there criteria they require all pay day loans to be cleared before mortgage offer.. Now as its a defaulted account from years ago with a company no longer trading yet still manages to update the status monthly 'Motormile finance" am I likely to have to clear this debt ? surely they would of mentioned it by now ? Thanks 

TheBirchwood

newhome235678 said:

Ahh my mortgage was issued in March.. so it might be different now but we were desperate to get exchanged because of our developer stopping their feet and the only thing holding us up was the valuation. I requested a desk top valuation but they refused. 

It took about 5 weeks from submitting the application to the valuation being instructed. 

Once the valuation was done the offer was issued the day after the valuation was carried out☺️. 

Hey. My valuation was done last Wednesday I spoke with my broker today who said it’s been passed on to lenders for second eyes and hopefully the offer I should hear next Wednesday is this normal? 

Kind regards 

TheBirchwood

lewis27 said:

Hi ,
we are hoping for mortgage through bluestone on help to buy. 
We had our DIP weeks ago and have had several soft credit checks done I can see on file . It went last week for its first underwrite .. we where told it goes through one underwrite and this checks if they need any further DOcs etc then it goes for a final underwrite . The initial underwrite come back yersterday and they just simply requested a landlord reference which we have now got . I can see on my Experian though that a full hard search was carried out this time . Would it be safe to assume that the fact they have done this initial underwrite and now done a hard search and have simply just requested an additional document that it’s likely to now be fully accepted ? Went in for final underwrite yesterday and been told 5 working days .. thanks .. 

I think I’m in the same boat as you?! I was told today by my broker that it’s going into final underwrite and to here next weds hopefully with an offer. It’s anxious waiting times isn’t it 

lewis27

Yeah it is haha.. where lucky really ... the final underwrite time was 10 working days for ages apparently and has now just been reduced back down to 4-5 days 

MovingForwards

@TheBirchwood it's all normal

TheBirchwood

lewis27 said:

Yeah it is haha.. where lucky really ... the final underwrite time was 10 working days for ages apparently and has now just been reduced back down to 4-5 days 

Awww we are lucky! I’ve been anxiously waiting thinking the worst thank god for these forums! 

mortgagetakingages

I heard that some packagers have run out of funds for this month so no more applications from them. Should reduce the back log and time line.