Bluestone Mortgages

newhomme20206

pretzel12 said:

newhomme20206 said:

pretzel12 said:

Hi all

found plenty of useful info here. Our broker sent everything to the packager (TFC Homeloans) on Friday, 14th August. The nerves are kicking in badly! Our broker did said before even getting our DIP, that he has sent our credit files to Bluestone and they will consider our case and we got our DIP within 30 min. I’m so concerned over being declined and the stress is just killing me!

how likely are we to be declined at this stage? We are FTB using HTB! 

Hello, our broker has also put us through TFC home loans. We had our DIP on 25th June and the application was into bluestone on 13th July. We paid for our valuation last week and waiting for it to be booked! But our broker has been helpful and kept us informed the whole way through. Unfortunately like others have said it’s just a case of being patient and waiting. I’m sure your broker wouldn’t have put you through to bluestone if they didn’t have confidence in the application. 

Our application went in on Friday last week and today the underwriter came back with some questions already, which I’m hoping is good news

did they requested any further info from you?
thanks

That’s good then! Yes we were asked to provide a few documents over the course of a few weeks at the start. 

jmilne

Evening all, I’ve been reading the comments on here as me and my fiancée currently have a DIP with Bluestone but we can’t do our mortgage offer appointment with our broker until 29th August because they’ve ran out of funding for the month apparently? They are only taking my fiancées wage into account for mortgage as I’ve been made part time due to Covid but I need to be on the mortgage also as my parents are gifting the deposit to us. My fiancée has never had payday loan or any adverse credit and I have 2 defaults from like 4 years ago and we don’t have any items on finance apart from the car. I’m worried about our bank statements though. We are using HTB equity loan and asking for £88,000 mortgage amount and my fiancées salary alone is £34,000, but my fiancée has as an overdraft of £150 and I have an overdraft of £100 and every single month we are dipping into it by £70 or £80 and I’m just wondering if they will look at this as a bad thing and could potentially reject us as it’s every month and not just occasionally. We’ve reserved the new build and even paid for the searches with the solicitor. What are people’s thoughts?

newhome2020

Hi all,

Been having a good read through all posts.
we have applied for a Mortgage through Bluestone due to adverse credit history.
We have submitted all docs however they have asked for more, which we are sending over. 

We have half our deposit being gifted and the other half we are giving however we will have the full deposit at the end of September as we are awaiting invoice payments from my partners work. 

I noticed some of you say they asked for proof of the deposit, so my question is we at the moment have £8000 but end the end of Sept will have £20,000 so will they decline us because the deposit can’t be shown until then? Or will they not make an offer until they see the deposit in full? So confused and it’s such a stressful time! 

mortgagetakingages

jmilne said:

Evening all, I’ve been reading the comments on here as me and my fiancée currently have a DIP with Bluestone but we can’t do our mortgage offer appointment with our broker until 29th August because they’ve ran out of funding for the month apparently? They are only taking my fiancées wage into account for mortgage as I’ve been made part time due to Covid but I need to be on the mortgage also as my parents are gifting the deposit to us. My fiancée has never had payday loan or any adverse credit and I have 2 defaults from like 4 years ago and we don’t have any items on finance apart from the car. I’m worried about our bank statements though. We are using HTB equity loan and asking for £88,000 mortgage amount and my fiancées salary alone is £34,000, but my fiancée has as an overdraft of £150 and I have an overdraft of £100 and every single month we are dipping into it by £70 or £80 and I’m just wondering if they will look at this as a bad thing and could potentially reject us as it’s every month and not just occasionally. We’ve reserved the new build and even paid for the searches with the solicitor. What are people’s thoughts?

I don't think it's ideal but I would be surprised if they decline because of it.  You will have already passed through affordability checks. Did you declare everything?

Oh and be aware bluestone hasn't run out of funds the packager has. Your MA could have gone to a different one like mine did. 

MovingForwards

@jmilne how much were the defaults and what were they for? 

@newhome2020 I didn't have my full deposit and fees BUT I had been saving regularly for 3 years and it was demonstrated I would have the remainder of the deposit / fees within a few months. This was the end of last year though.

newhome2020

MovingForwards said:

@jmilne how much were the defaults and what were they for? 

@newhome2020 I didn't have my full deposit and fees BUT I had been saving regularly for 3 years and it was demonstrated I would have the remainder of the deposit / fees within a few months. This was the end of last year though.

Thank you for that. So did they make the mortgage offer or wait for you to get the monies together?

jmilne

MovingForwards said:

@jmilne how much were the defaults and what were they for? 

@newhome2020 I didn't have my full deposit and fees BUT I had been saving regularly for 3 years and it was demonstrated I would have the remainder of the deposit / fees within a few months. This was the end of last year though.

Hi MovingForwards, they were for £12 and £50 payday loans 4 years ago. 

jmilne

mortgagetakingages said:

jmilne said:

Evening all, I’ve been reading the comments on here as me and my fiancée currently have a DIP with Bluestone but we can’t do our mortgage offer appointment with our broker until 29th August because they’ve ran out of funding for the month apparently? They are only taking my fiancées wage into account for mortgage as I’ve been made part time due to Covid but I need to be on the mortgage also as my parents are gifting the deposit to us. My fiancée has never had payday loan or any adverse credit and I have 2 defaults from like 4 years ago and we don’t have any items on finance apart from the car. I’m worried about our bank statements though. We are using HTB equity loan and asking for £88,000 mortgage amount and my fiancées salary alone is £34,000, but my fiancée has as an overdraft of £150 and I have an overdraft of £100 and every single month we are dipping into it by £70 or £80 and I’m just wondering if they will look at this as a bad thing and could potentially reject us as it’s every month and not just occasionally. We’ve reserved the new build and even paid for the searches with the solicitor. What are people’s thoughts?

I don't think it's ideal but I would be surprised if they decline because of it.  You will have already passed through affordability checks. Did you declare everything?

Oh and be aware bluestone hasn't run out of funds the packager has. Your MA could have gone to a different one like mine did. 

Thank you - yeah I understand Bluestone also add the HTB equity loan interest on as a financial commitment, in our case it’s about £400 per year so about £33 on top of our mortgage each month after the 5 years, which is fine. Do you think it’s worth asking my MA to do this or wait for our mortgage offer application appointment with him on Saturday 29th August? It was originally scheduled for Saturday 15th just gone but put back 2 weeks. 

MovingForwards

@newhome2020 I had the money together by the time the offer came. Like I said, I was consistently saving each month. I wasn't waiting for over half of the deposit to come from one outstanding invoice like you are. What has your broker advised? 

@jmilne it seems extreme going for Bluestone for defaults that old and amount and not one of the other sub-prime lenders! Where did you find your broker? 

jmilne

MovingForwards said:

@newhome2020 I had the money together by the time the offer came. Like I said, I was consistently saving each month. I wasn't waiting for over half of the deposit to come from one outstanding invoice like you are. What has your broker advised? 

@jmilne it seems extreme going for Bluestone for defaults that old and amount and not one of the other sub-prime lenders! Where did you find your broker? 

Well we thought we could go through a high street lender with just my girlfriend as her credit score is good but because my parents are gifting the deposit, I have to be on the mortgage and when I got added on and the high street lender did checks on both of us they rejected us and didn’t give us an DIP, I think it was NatWest. Persimmon homes recommended safeguard financial services who we are with and they recommended because I’m going on mortgage but not getting my salary taken into account that we should go for Bluestone.