Bluestone Mortgages

Foreverwaiting123

coral_a said:

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? 

Yeah it is. I’m just going to accept the five year. I know it means committing to the high interest rate for 3 years longer than I need but still worth it 

MovingForwards

Foreverwaiting123 said:

coral_a said:

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? 

Yeah it is. I’m just going to accept the five year. I know it means committing to the high interest rate for 3 years longer than I need but still worth it 

Your not stuck with it for 5 years if you remortgage to a mainstream lender within the fixed rate period.
The ERCs are on a sliding scale, starts at 5% then drops 1% each year.
I worked it out for each year to see what it would be and for me Year 4 is doable, Y3 is fine, Y2 is cheap. I'm putting a little aside each payday to cover remortgage and ERC costs.

Don't forget it would balance out due to your new mortgage potentially having a lot lower interest rate. 

I have been in my home just over a year, feels like I've never lived anywhere else, but at the same time it's like "nah, couldn't have been that long already".

Foreverwaiting123

Oh right I thought I couldn’t remortgage during the fixed rate period. That’s a bit better then thanks for your comment 

disneydreamer1985

I take it Bluestone don’t work on the weekends? (I want a break from refreshing my emails). 

pipsinbrum

disneydreamer1985 said:

I take it Bluestone don’t work on the weekends? (I want a break from refreshing my emails). 

Its soul destroying isn't it 🙈
When did you apply?

Kb21

pipsinbrum said:

disneydreamer1985 said:

I take it Bluestone don’t work on the weekends? (I want a break from refreshing my emails). 

Its soul destroying isn't it 🙈
When did you apply?

No they won’t be back till Monday now. We were the same it’s almost a relieve to know 

disneydreamer1985

pipsinbrum said:

disneydreamer1985 said:

I take it Bluestone don’t work on the weekends? (I want a break from refreshing my emails). 

Its soul destroying isn't it 🙈
When did you apply?

Application was fully submitted Tuesday, asked for more info Wednesday. So not even long but it’s so stressful. 

I wonder if email refreshing could become an Olympic sport? 🤣

disneydreamer1985

Kb21 said:

pipsinbrum said:

disneydreamer1985 said:

I take it Bluestone don’t work on the weekends? (I want a break from refreshing my emails). 

Its soul destroying isn't it 🙈
When did you apply?

No they won’t be back till Monday now. We were the same it’s almost a relieve to know 

I’m glad to be honest. I need the mental break from it. I’ve made myself so stressed over it this week. 

Newheight13

Hi all, I can see a hard search was carried out by Bluestone 2 days ago,  any idea when I would likely hear something back? For once I want the weekend to hurry up! 

Lishabee

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 🙃

Sorry, took me a while to come back to this. Mine went from 2 years at 3.89 to 5 years at 4.09 so we weren’t overly fussed as it gives us a bit of extended security. You can remortgage before the 5 year term, I’m not sure what the fee is but it may be worth working out if you’d be better off paying the fee and switching a couple years early.