Bluestone Mortgages

mrpuggle

springmagpie said:

There were some wording Bluestone needed in relation to the legal advice, along of lines of they understood the implications etc. The Declaration of solvency is a legal document which had to be drawn up by my parents solicitor, it basically says they are solvent and are not aware of any pending bankruptcy, or anyone pursuing them for monies owed, and the gift is not a way of avoiding such proceedings. 

Brilliant, thank you. 

Also, did you have another credit check after your offer was through? Studio have mistakenly put a late payment on our credit file and have said it will take up to 14 days to remove. 

Iaz92

Hi everyone,

I have been watching this forum for a long time now and wanted to share my experience so far
with bluestone.

This is the second time I have put in an application for a mortgage with bluestone, as my previous application did not complete due to first lockdown in 2020.

We are first time buyers with a 20% deposit.

i put in an offer on a property just before November lockdown and was accepted, however as lockdown came into effect lenders became reluctant to give me a DIP as a single application.

i have no defaults or ccjs however my wife has adverse credit with 3 defaults and a DMP.  For this reason the only lender that was willing to accept DIP was bluestone but said at that time we had to do joint application as we are married.

So:

1st nov 2020 offer on property accepted.
1st dec 2020 bluestone DIP accepted.
10 dec 2020 full application submitted 
31 dec 2020 hard search footprint on credit file

Coming to beginning of jan this is when they started asking for updated bank statements, tax credit letters, SA302s, landlord letter, proof of DMP, business bank statements. Self employed dec form, giftor signed form. Etc

these were already submitted with the application, after being Assessed by a case manager they reduced our borrowing amount by 9k. This was because my wife 2 defaults were not older than 3 years.

i accepted they continued as I will sell my car to cover the 9k. Then they wanted proof that I sold my car and funds were in my account. 

After this coming to beginning of Feb 2021 they queried a few direct debits that are for business use but go out my personal account. For this I provided an accountant letter which was later accepted.

coming to end of feb they requested our dec 2020 bank statements which I was angry about the fact the underwriter did not ask this before. And asking how my business is not affected by Covid etc. 

I had voluntarily agreed during feb to do valuation even though I was told if it’s a decline it is non refundable.

So since end of feb we have been told that we are awaiting final decision and that all our documents have been accepted. 

I have pushed my MA everyday but all bluestone say is we will look into it. 

Now bluestone are saying there is a backlog etc. I mean it can’t take that long to final underwrite to Morgage offer?

my seller is willing to pull out of this if not completed by Friday evening

we are into our 4th month overall and everyday  is stressful and anxious. We just want to move now.

i don’t know what to believe no more. Are they seriously that busy? All we want is our offer now!

Still awaiting final decision.

mrpuggle

@springmagpie:

My parents solicitors have said they don’t know what they’re doing. 

What do my parents solicitors need to do the declaration of solvency? How will they know they’re not going bankrupt? 

Thanks

springmagpie

mrpuggle said:

@springmagpie:

My parents solicitors have said they don’t know what they’re doing. 

What do my parents solicitors need to do the declaration of solvency? How will they know they’re not going bankrupt? 

Thanks

Our solicitor contacted bluestone and told my parents exactly what they needed to get from their solicitor. Bluestone were quite particular about how they wanted it worded. It's a standard declaration that there isn't something pending, for example they know they are about the go bankrupt and are gifting money to avoid it being included in the bankruptcy. It's to protect bluestone in case a creditor tried to stake a claim on the gifted money. 

Samfaye01

Iaz92 said:

Hi everyone,

I have been watching this forum for a long time now and wanted to share my experience so far
with bluestone.

This is the second time I have put in an application for a mortgage with bluestone, as my previous application did not complete due to first lockdown in 2020.

We are first time buyers with a 20% deposit.

i put in an offer on a property just before November lockdown and was accepted, however as lockdown came into effect lenders became reluctant to give me a DIP as a single application.

i have no defaults or ccjs however my wife has adverse credit with 3 defaults and a DMP.  For this reason the only lender that was willing to accept DIP was bluestone but said at that time we had to do joint application as we are married.

So:

1st nov 2020 offer on property accepted.
1st dec 2020 bluestone DIP accepted.
10 dec 2020 full application submitted 
31 dec 2020 hard search footprint on credit file

Coming to beginning of jan this is when they started asking for updated bank statements, tax credit letters, SA302s, landlord letter, proof of DMP, business bank statements. Self employed dec form, giftor signed form. Etc

these were already submitted with the application, after being Assessed by a case manager they reduced our borrowing amount by 9k. This was because my wife 2 defaults were not older than 3 years.

i accepted they continued as I will sell my car to cover the 9k. Then they wanted proof that I sold my car and funds were in my account. 

After this coming to beginning of Feb 2021 they queried a few direct debits that are for business use but go out my personal account. For this I provided an accountant letter which was later accepted.

coming to end of feb they requested our dec 2020 bank statements which I was angry about the fact the underwriter did not ask this before. And asking how my business is not affected by Covid etc. 

I had voluntarily agreed during feb to do valuation even though I was told if it’s a decline it is non refundable.

So since end of feb we have been told that we are awaiting final decision and that all our documents have been accepted. 

I have pushed my MA everyday but all bluestone say is we will look into it. 

Now bluestone are saying there is a backlog etc. I mean it can’t take that long to final underwrite to Morgage offer?

my seller is willing to pull out of this if not completed by Friday evening

we are into our 4th month overall and everyday  is stressful and anxious. We just want to move now.

i don’t know what to believe no more. Are they seriously that busy? All we want is our offer now!

Still awaiting final decision.

Im so sorry to hear this, what packer have you got? We have just had to give in more documents and broker said we are now in a 8 day turn around queue. We have said to do the valuation hopefully quicken things up. Our application went in 8th Feb. Hope you hear soon.

Iaz92

Samfaye01 said:

Iaz92 said:

Hi everyone,

I have been watching this forum for a long time now and wanted to share my experience so far
with bluestone.

This is the second time I have put in an application for a mortgage with bluestone, as my previous application did not complete due to first lockdown in 2020.

We are first time buyers with a 20% deposit.

i put in an offer on a property just before November lockdown and was accepted, however as lockdown came into effect lenders became reluctant to give me a DIP as a single application.

i have no defaults or ccjs however my wife has adverse credit with 3 defaults and a DMP.  For this reason the only lender that was willing to accept DIP was bluestone but said at that time we had to do joint application as we are married.

So:

1st nov 2020 offer on property accepted.
1st dec 2020 bluestone DIP accepted.
10 dec 2020 full application submitted 
31 dec 2020 hard search footprint on credit file

Coming to beginning of jan this is when they started asking for updated bank statements, tax credit letters, SA302s, landlord letter, proof of DMP, business bank statements. Self employed dec form, giftor signed form. Etc

these were already submitted with the application, after being Assessed by a case manager they reduced our borrowing amount by 9k. This was because my wife 2 defaults were not older than 3 years.

i accepted they continued as I will sell my car to cover the 9k. Then they wanted proof that I sold my car and funds were in my account. 

After this coming to beginning of Feb 2021 they queried a few direct debits that are for business use but go out my personal account. For this I provided an accountant letter which was later accepted.

coming to end of feb they requested our dec 2020 bank statements which I was angry about the fact the underwriter did not ask this before. And asking how my business is not affected by Covid etc. 

I had voluntarily agreed during feb to do valuation even though I was told if it’s a decline it is non refundable.

So since end of feb we have been told that we are awaiting final decision and that all our documents have been accepted. 

I have pushed my MA everyday but all bluestone say is we will look into it. 

Now bluestone are saying there is a backlog etc. I mean it can’t take that long to final underwrite to Morgage offer?

my seller is willing to pull out of this if not completed by Friday evening

we are into our 4th month overall and everyday  is stressful and anxious. We just want to move now.

i don’t know what to believe no more. Are they seriously that busy? All we want is our offer now!

Still awaiting final decision.

Im so sorry to hear this, what packer have you got? We have just had to give in more documents and broker said we are now in a 8 day turn around queue. We have said to do the valuation hopefully quicken things up. Our application went in 8th Feb. Hope you hear soon.

We did not use a packager but my MA has now discovered that it would be sensible to use a packager for future cases like this. 

All I can say is keep pestering your MA to call bluestone up and escalate it. 

What I’ve done in mean time is told my solicitor that I would like to exchange and complete on same day. Just to get this prepared.

dont give up hope, just keep giving every document they ask for. And any new bank statements or wageslip keep sending. 

Our valuation was done the following day we paid. Assuming it will speed up the process. 

Best of luck

Cam2021

Finally had valuation instructed today 😊
So relieved to get to this point. our full application went in on 15th January and from last documents submitted to this point was 2 weeks. Hope that helps anyone who's waiting to hear some news. 
Fingers crossed this last stage goes smoothly, hoping to complete around Easter 🤞🤞🤞

Palmerl8

Cam2021 said:

Finally had valuation instructed today 😊
So relieved to get to this point. our full application went in on 15th January and from last documents submitted to this point was 2 weeks. Hope that helps anyone who's waiting to hear some news. 
Fingers crossed this last stage goes smoothly, hoping to complete around Easter 🤞🤞🤞

@Cam2021 anything unusual requested? 

Halfwaythere

DIP 8/2
offer accepted 9/2
valuation 2/3
full offer today 9/3
yippee does anyone have any idea on when I may be that we can complete/exchange?

Thanks 

Palmerl8

Halfwaythere said:

DIP 8/2
offer accepted 9/2
valuation 2/3
full offer today 9/3
yippee does anyone have any idea on when I may be that we can complete/exchange?

Thanks 

That sounds super straightforward great news for you