Bluestone Mortgages

Kb21

@hopeful89 was that with from the underwriters? We had to prove our help to buy to and just downloaded a statement 

Hopeful89

Kb21 said:

@hopeful89 was that with from the underwriters? We had to prove our help to buy to and just downloaded a statement 

Yah but they already have the statements! 

Kb21

@hopeful89 oh that’s strange 

Imber27

Hi I have applied to bluestone as I already own my house no mortgage I sent all credit files off mining reports ccj settled letters to prove this as they asked for this to be done. Had an independent valuation £260k and looking to borrow £85k application submitted on 17th March soft searched done any idea of timescales ??

Imber27

Foreverhome2021 said:

Hi, I’m just starting this processes, we had verbal offer on the 15th March, initial application submitted by MA on the 16th and no news since, does anyone have a rough idea how long this stage takes please. Thanks 😊 

I’m in the same boat be interesting to see what happens my application was submitted on 17 th with independent valuation 

Kb21

@Imber27 everyone is experiencing  different timescales atm some had had it all done in a 4 weeks others been waiting since Oct/nov. 

I’m in week 3 with application and not heard anything. Just a waiting game 

MovingForwards

Fesully84 said:

MovingForwards said:

@c249401 if your sellers home report company is on Bluestone's panel of agreed firms they accept the valuation in the report, if they aren't then you pay Bluestone for a valuation survey, full survey. My solicitor said if the firm wasn't on the panel and I had to get a new one that the sellers should pay but that didn't sit comfortably with me so I paid for a valuation report.

As with all lenders they will only go off the valuation report value, so if you've bid over that then you need to pay the difference and deposit. There is no deposit payable on missives (exchange of contract) it's payable in time for date of entry (completion day).

Another thing is Bluestone don't advertise who their panel solicitors are, nor will they say if asked. I had to provide a list of firm names and got told which of them is on the panel. A panel firm is one agreed by Bluestone they can act on their behalf as the solicitor acts in your interest and Bluestone's too.

I'm £8,500 over the house home report because I had to go up to that to secure the house (there were other bidders close by the price we put) so I'd have to pay the difference and the deposit which is gonna be £55k anyway, aghhh that eats up most of my equity that I had left over...

Yes, you'll pay your deposit plus amount over valuation. 

I had a lot less than £1k in savings when I moved into a 110 year old tenement, that quickly dropped to a couple of hundred as I needed a trees felled to make the garden useable. Money can get saved up again each payday, in less than a year I've already got nearly half of what I spent buying saved up.

Fesully84

MovingForwards said:

Fesully84 said:

MovingForwards said:

@c249401 if your sellers home report company is on Bluestone's panel of agreed firms they accept the valuation in the report, if they aren't then you pay Bluestone for a valuation survey, full survey. My solicitor said if the firm wasn't on the panel and I had to get a new one that the sellers should pay but that didn't sit comfortably with me so I paid for a valuation report.

As with all lenders they will only go off the valuation report value, so if you've bid over that then you need to pay the difference and deposit. There is no deposit payable on missives (exchange of contract) it's payable in time for date of entry (completion day).

Another thing is Bluestone don't advertise who their panel solicitors are, nor will they say if asked. I had to provide a list of firm names and got told which of them is on the panel. A panel firm is one agreed by Bluestone they can act on their behalf as the solicitor acts in your interest and Bluestone's too.

I'm £8,500 over the house home report because I had to go up to that to secure the house (there were other bidders close by the price we put) so I'd have to pay the difference and the deposit which is gonna be £55k anyway, aghhh that eats up most of my equity that I had left over...

Yes, you'll pay your deposit plus amount over valuation. 

I had a lot less than £1k in savings when I moved into a 110 year old tenement, that quickly dropped to a couple of hundred as I needed a trees felled to make the garden useable. Money can get saved up again each payday, in less than a year I've already got nearly half of what I spent buying saved up.

Ahh I've already factored in the price we are paying (the extra) and the deposit plus mortgage amount so I think I'm OK, I had it in my head i was gonna have to pay that again! 

MovingForwards

Just in case anyone is considering making overpayments, I've now received my first annual statement.

They apply overpayments when the normal monthly payment is due. Try and time your payments for a few working days before your DD is taken. I'm now doing it on my payday instead of waiting until the 1st of each month so it does get taken off when the DD comes out instead of waiting for the next DD.

Hopeful89

Underwriters now at 12 working days for updates.