Bluestone Mortgages

MovingForwards

Trust_me said:

Sorry for jumping in here guys. Can someone please advise what scenario I may face.

I have a valuation that’s going to commence in a week or 2 with Bluestone, I’m worried the price is around 30k BMV, even tough it’s will need around 25k spent on to your modernise it. I see some talk about online valuations so I’m confused what this is and if BD use this  method and what issues I may face moving forward?

Advise is much appreciated!  

As said on your thread, but expanded a bit here for more context:
At the time my flat was 110 years old, none in the block had sold for a few years, we all have private gardens, and mine hadn't been modernised aside from some half-hearted attempt at a new kitchen possibly late 90's and new carpets at some point. Bathroom is 60's with old plumbing and pipes to match, doors are original. Wallpaper, additional woodwork, some skirting and artex ceilings are 70's - 80's.
The electrics I date to around 40 years old, but it has the trip switch box fitted, if it had the old fuse wire box I wouldn't have been phased.

The surveyor had to cross-reference:
- different blocks of 2 bed flats on same road, equally as old but with a communal garden and above commercial properties, usually sell for £20-30k more than my offer. 
- old-new builds, communal parking, no gardens and usually sell for £60k more than my offer.

There was no direct comparison as we all have positives and negatives compared to each other. The property was valued at my offer and my mortgage went through, been here a year now.

Like you I'm planning £25k worth of work, currently saving up for it and for now am slowly going round painting everything as I just don't have the spare money yet.

waitingstill

Kb21 said:

waitingstill said:

What hoops have people had to jump through for giftors deposit ? Have they made people go to solicitors etc?

Omg don’t ask about giftors deposits 🤯

Did you have to go a solicitor? I haven’t been formally asked to do this yet but my   MA has said it’s a possibility. Suppose it’s a good sign they are asking about it 

springmagpie

waitingstill said:

What hoops have people had to jump through for giftors deposit ? Have they made people go to solicitors etc?

Lots! My parents had to prove they had taken independent legal advice. They need a declaration of solvency, also all their ID and the forms completed. 

Zigzag86

Just jumping on after watching for the last few weeks. 

Application 26/3 they’ve taken lots of documents over the last few weeks, last being 26/4 when they also took valuation fee. 

Heard nothing since then and no idea if we’re even at underwriter yet 🤷‍♀️

Lishabee

Just heard from MA - he heard from bluestone today and apparently expects formal offer tomorrow. Fingers are crossed.

Jen271626

Zigzag86 said:

Just jumping on after watching for the last few weeks. 

Application 26/3 they’ve taken lots of documents over the last few weeks, last being 26/4 when they also took valuation fee. 

Heard nothing since then and no idea if we’re even at underwriter yet 🤷‍♀️

I have absolutely no idea either. My broker was using Brightstar for packaging. I have no idea if mine is even actually submitted to Bluestone yet. Its horrible just waiting around day to day not knowing whats happening or what stage you are at. 

I think when they take valuation fee it means if it all goes well you should hopefully get an offer. 

I don't even know what if I have paid for a valuation fee yet or not. Paid the broker 299 and paid Brightstar 599 🤷‍♀️

Jen271626

Lishabee said:

Just heard from MA - he heard from bluestone today and apparently expects formal offer tomorrow. Fingers are crossed.

Good Luck

disneydreamer1985

So Bluestone have come back to us about an old Provident loan that we got in 2014 but it suddenly showing as active on my credit report. It’s definitely not active anymore. In fact I’ve heard nothing from them in years after I raised a dispute about it with them. So not sure what will happen going forward. 

Kb21

disneydreamer1985 said:

So Bluestone have come back to us about an old Provident loan that we got in 2014 but it suddenly showing as active on my credit report. It’s definitely not active anymore. In fact I’ve heard nothing from them in years after I raised a dispute about it with them. So not sure what will happen going forward. 

Was it paid in full or as a settlement offer cos we had this to. We phoned the company paid it in full and they marked it satisfactory off the report. 

Jen271626

Zigzag86 said:

Just jumping on after watching for the last few weeks. 

Application 26/3 they’ve taken lots of documents over the last few weeks, last being 26/4 when they also took valuation fee. 

Heard nothing since then and no idea if we’re even at underwriter yet 🤷‍♀️

I just had a look on their website and it says they are currently accessing fully packaged cases received on 23rd April and that underwriting is taking up to 11 working days.