Bluestone Mortgages

Jen271626

Sjc2021 said:

Be really careful with Bluestones. Due to the time it took for the mortgage to be sorted, our seller pulled out. We kept the application going until they said that they would only do as a 5 year deal, rather than the 2 year we needed and we had a big deposit. There is no way we would pay the interest rates that long and decided to wait. We are now going through a mainstream lender, that we didn’t think we would be able to. Much more smooth a process and no continuous additional requests for more docs info.
Good luck to everyone whom it goes through, though I wouldn’t trust them until the end and then look closely at the conditions. It seems they are taking full advantage in people who are maybe in a difficult position. Unethical! X

Bluestone is a last chance lender for many people though and they do lend in alot of cases where other wont entertain it so of course rates will be higher to cover the risk and they will be more thorough when underwriting. Sorry you lost your house but great you finally have a mortgage elsewhere. Sadly I can't wait as the house im buying we have lived in ten years and the mortgage my dad got has ended and he cant renew it as he's now retired and income has changed. 

Jen271626

Iv contacted my broker for an update on where our applications at and to find out if Bluestone would accept the home report we submitted. He said he is waiting to hear back he will try get an answer but its in a queue. Story of my our life just now 🤣

Fingerscrossed16

I paid for my valuation last Wednesday and haven’t heard anything back, do you normally get to find out when? And how long do they normally take?

Jen271626

Fingerscrossed16 said:

I paid for my valuation last Wednesday and haven’t heard anything back, do you normally get to find out when? And how long do they normally take?

Iv read some people on here have contacted the developer themselves or the seller to ask when its booked for. I thought it was around 48 hours after you heard back about valuation but I'm sure someone posted last week there's had been done a couple weeks before and heard nothing. There doesn't seem to be any rhyme or reason 

Cosy2020

We had our valuation over a fortnight ago, the report came back fine and still no offer... I'm getting really impatient with it all. 
I chased an update on the valuation and then helped arrange it myself as there was communication issues between the developer and the valuation company. It was all sorted pretty quickly after I stepped in so might be worth you reaching out. 

Fingerscrossed16

@Jen271626 thanks, I’m buying the house off my parents so thought we’d / they would have heard something 

MovingForwards

Sjc2021 said:

Be really careful with Bluestones. Due to the time it took for the mortgage to be sorted, our seller pulled out. We kept the application going until they said that they would only do as a 5 year deal, rather than the 2 year we needed and we had a big deposit. There is no way we would pay the interest rates that long and decided to wait. We are now going through a mainstream lender, that we didn’t think we would be able to. Much more smooth a process and no continuous additional requests for more docs info.
Good luck to everyone whom it goes through, though I wouldn’t trust them until the end and then look closely at the conditions. It seems they are taking full advantage in people who are maybe in a difficult position. Unethical! X

As I've repeatedly said, no one has to stay with any lender for the full fixed rate term. Most of us are able to remortgage earlier and it's a case of paying ERCs, as with most mainstream lenders.

Sub-prime lenders and some building societies manually review documents and applications, this causes things to slow right down.

There are plenty of us who had an offer within a month of submitting the application, some take a lot longer. Is it down to Bluestone or is it the broker / packagers fault for not sending everything at the time of submitting the application.

There's people with slight adverse history being bumped to bluestone either due to having a lazy or inexperienced broker or a broker restricted access to lenders or because the mainstream lenders who did accept some adverse have tightened up criteria. We even question members to find out why they've ended up applying to bluestone based on what they've said.

They do not take advantage, it's down to the circumstances of borrowers who have little choice but to apply to them. Thank goodness there are sub-prime lenders as many would be waiting an awfully long time to apply to a mainstream lender.

I can still count on one hand how many people haven't had a mortgage offer following their application, which it a pretty good success rate.

Lastly, mainstream lenders are not always better, based on reading posts on MSE and do ask for further information repeatedly too.

_AandL_

Foreverwaiting123 said:

_AandL_ said:

Anyone on here taken out a credit card after mortgage offer but before completion? My partner has taken out a small amount credit card, needless to say I’m fuming! Anyone had any experience with this?

My MA said don’t do that cos bluestone sometimes run a final credit check before the release the money. I’ve had to increase my deposit so chances are I’ll have to use my cards to cover some expenses like moving and the new furniture I need but not until the keys are in my hand! X

I was expecting them to run a final check. I’m so worried that we’ll lose our offer before completion. We may even have to extend so there’ll  definitely be a credit check. I hope he hasn’t screwed it up for us!

Foreverwaiting123

@_AandL_ I imagine he’s in the dog house now. What was he thinking ? Was the previous adverse credit his? Hope things still go ahead for you as planned. Got everything crossed for you 

Jen271626

_AandL_ said:

Foreverwaiting123 said:

_AandL_ said:

Anyone on here taken out a credit card after mortgage offer but before completion? My partner has taken out a small amount credit card, needless to say I’m fuming! Anyone had any experience with this?

My MA said don’t do that cos bluestone sometimes run a final credit check before the release the money. I’ve had to increase my deposit so chances are I’ll have to use my cards to cover some expenses like moving and the new furniture I need but not until the keys are in my hand! X

I was expecting them to run a final check. I’m so worried that we’ll lose our offer before completion. We may even have to extend so there’ll  definitely be a credit check. I hope he hasn’t screwed it up for us!

Nightmare, hope they dont do a credit check and things go well for you.