Bluestone Mortgages

lanainbloom

c249401 said:

lanainbloom said:

Hi all, It looks like we will be completing  next week after all this time! Had to send 2 more payslips after we had our offer and show buildings insurance with bluestone as a interested party. Our hard search was done on the 23rd March right around when we had our offer so it looks like they do it at different times. Good luck to everyone on their journey 

Congratulations! How exciting! Was the buildings insurance a condition on your offer or did they ask for thar afterwards?

It was on my offer along with conditions around the giftors solvency and indemnity insurance but like KB said your solicitor will sort it out 

lanainbloom

Kb21 said:

lanainbloom said:

Hi all, It looks like we will be completing  next week after all this time! Had to send 2 more payslips after we had our offer and show buildings insurance with bluestone as a interested party. Our hard search was done on the 23rd March right around when we had our offer so it looks like they do it at different times. Good luck to everyone on their journey 

Yay congratulations That was a quick turn around after. Our insurance is on our special conditions with mortgage offer but all in place ready to go

After the massive wait for the offer I didn't want to wait any longer, we're living out of boxes but it is so worth it you wont be far behind me! Best of luck and thanks for your help on this thread  

Kb21

lanainbloom said:

Kb21 said:

lanainbloom said:

Hi all, It looks like we will be completing  next week after all this time! Had to send 2 more payslips after we had our offer and show buildings insurance with bluestone as a interested party. Our hard search was done on the 23rd March right around when we had our offer so it looks like they do it at different times. Good luck to everyone on their journey 

Yay congratulations That was a quick turn around after. Our insurance is on our special conditions with mortgage offer but all in place ready to go

After the massive wait for the offer I didn't want to wait any longer, we're living out of boxes but it is so worth it you wont be far behind me! Best of luck and thanks for your help on this thread  

I’m so so happy for you. It all paid off. Wishing you the best of luck. Be lovely to keep In touch xx

MovingForwards

Foreverwaiting123 said:

Lishabee said:

Foreverwaiting123 said:

So bluestone emailed today  and have stated they will proceed with a five year fixed rate (I applied for two years fixed) and said this is due to affordability. They don’t need anything else. Does this look promising ? 

The same happened to us! It’s very promising

I wonder how many other people this happened to? Seems to me like I am just being stuck with a high interest rate for 3 years longer. My default drops off my credit file in two years so I could remortgage with high street lender but this five year fixed rate seems like bluestone are making sure they get their money out of me ha. At this point though I just want that offer ! My mortgage will be 100 a month more than my rent purely cos of the interest rate (8.59 eye watering ) but the house will be mine and I will remortgage in five years i guess 🙃

If they didn't fix it for 5 years, you wouldn't be getting the mortgage offer. To enable the offer to be made, they have said 5 year fix.

There's been a couple of people on this thread it's happened to.

My broker wanted me to go for a 2 year fix and said worst case is Bluestone say it's a 5 year. I opted for 5 year fix straight off.
It gave me stability for a considerable amount of the mortgage term, with the option of remortgaging and paying ERCs within those 5 years. I'm planning on clearing it all within 10 years of when it started.

The monthly mortgage payment is more than my rent (flat share so only paid 50%) was and I make overpayments each month as it then starts to bring the interest element down and the capital repayment element up quicker. 

Have a play with mortgage overpayment calculators and you can see how the interest / capital payments are apportioned.

Cosy2020

If we get the offer we’ll be paying £350 more a month than our rent and our rental is more or less the same house type as the one we’re buying. 8% is crazy isn’t it but give it a few years and you can hopefully remortgage at a better rate.

Kb21

Cosy2020 said:

If we get the offer we’ll be paying £350 more a month than our rent and our rental is more or less the same house type as the one we’re buying. 8% is crazy isn’t it but give it a few years and you can hopefully remortgage at a better rate.

That’s crazy 😱. We are fixed rate for year 2 and saving over £400 a month. 8% 🤯

coral_a

Foreverwaiting123 said:

Lishabee said:

Foreverwaiting123 said:

So bluestone emailed today  and have stated they will proceed with a five year fixed rate (I applied for two years fixed) and said this is due to affordability. They don’t need anything else. Does this look promising ? 

The same happened to us! It’s very promising

I wonder how many other people this happened to? Seems to me like I am just being stuck with a high interest rate for 3 years longer. My default drops off my credit file in two years so I could remortgage with high street lender but this five year fixed rate seems like bluestone are making sure they get their money out of me ha. At this point though I just want that offer ! My mortgage will be 100 a month more than my rent purely cos of the interest rate (8.59 eye watering ) but the house will be mine and I will remortgage in five years i guess 🙃

Is the interest rate the same as was quoted in your mortgage illustration at AIP stage? 

disneydreamer1985

We had a request from Bluestone for more info on Wednesday and that was sent back immediately. We haven’t heard anything else since. Is that normal? 

When they request info are they still continuing going over your case or does it go on hold? 

coral_a

disneydreamer1985 said:

We had a request from Bluestone for more info on Wednesday and that was sent back immediately. We haven’t heard anything else since. Is that normal? 

When they request info are they still continuing going over your case or does it go on hold? 

We have been waiting almost 2 weeks to hear anything after sending over additional information. I think sometimes it may go back to the end of the queue and can take 11-14 working days to be seen 🤦🏼‍♀️ I’m finding it all a bit soul destroying at the moment 😭

Kb21

coral_a said:

disneydreamer1985 said:

We had a request from Bluestone for more info on Wednesday and that was sent back immediately. We haven’t heard anything else since. Is that normal? 

When they request info are they still continuing going over your case or does it go on hold? 

We have been waiting almost 2 weeks to hear anything after sending over additional information. I think sometimes it may go back to the end of the queue and can take 11-14 working days to be seen 🤦🏼‍♀️ I’m finding it all a bit soul destroying at the moment 😭

Think it depends on your brokers relationship with bluestone tbh. My broker got the name and direct number for my underwriter
And rung him as soon as more information was submitted.