Bluestone Mortgages

Foreverwaiting123

@Kb21 I’d be scared the mortgage fell through in the final hour if I’d paid that much 😱

Foreverwaiting123

Jen271626 said:

People who have had their offer and used Brightstar as a packager, what has your timescale been?

No offer yet but my application went to bright star end of March.

Jen271626

Foreverwaiting123 said:

Jen271626 said:

People who have had their offer and used Brightstar as a packager, what has your timescale been?

No offer yet but my application went to bright star end of March.

Jeez, I feel like it's Brightstar that are the weak link and seem to hold everything up. Iv not read about anyone on here who has used Brightstar getting a fast offer. Wish I'd used another packager now as we are really up against it with time now, with my dad needing to advise the mortgage company by end of June if I can get a mortgage or not. Otherwise he needs to pay it off himself.

Foreverwaiting123

I was told to expect an update today or tomorrow. I’ve done everything the same day it’s been asked. Statements etc sent in immediately. Had a hold up with one document (MA sent it on wrong letter head then hoped it would be accepted, it wasn’t so I’m a bit upset they didn’t tell me 8 weeks earlier which is when they realised but tried to wing it) so I don’t know at what point I’m classed as fully packaged. I know brightstar sent my application to bluestone on the 17th may (a long time from end of March in my opinion) but then when this form was refused I don’t know what impact that had on where I’m at in the queue. I know that June 1st bluestone had the correct form so I was either packaged then or on the 17th may. No hard search no valuation. Very little info. If I get an update today or tomorrow I’ll let you know. Doesn’t seem to be many people who get knocked back so I’m staying hopeful. More worried about
the seller pulling out if it drags on much longer. Does your dad have the funds to clear it? Was it an interest
only mortgage he had? Or has he come to end of deal? 

Jen271626

Foreverwaiting123 said:

I was told to expect an update today or tomorrow. I’ve done everything the same day it’s been asked. Statements etc sent in immediately. Had a hold up with one document (MA sent it on wrong letter head then hoped it would be accepted, it wasn’t so I’m a bit upset they didn’t tell me 8 weeks earlier which is when they realised but tried to wing it) so I don’t know at what point I’m classed as fully packaged. I know brightstar sent my application to bluestone on the 17th may (a long time from end of March in my opinion) but then when this form was refused I don’t know what impact that had on where I’m at in the queue. I know that June 1st bluestone had the correct form so I was either packaged then or on the 17th may. No hard search no valuation. Very little info. If I get an update today or tomorrow I’ll let you know. Doesn’t seem to be many people who get knocked back so I’m staying hopeful. More worried about
the seller pulling out if it drags on much longer. Does your dad have the funds to clear it? Was it an interest
only mortgage he had? Or has he come to end of deal? 

End of March till mid May is a shocking amount of time to take to submit it! He had a ten year interest only deal which ended last year but they let him extend for a year because of covid, he won't get any further extensions. He has the money in investments which hel need to pull out when they are maturing nicely so I really don't want him to have to do that. Really hope you get an update.

waitingstill

Jen271626 said:

Fountains_27 said:

SOS Call!!!!!
I have received mortgage offer since April and along the line my seller decided to add a chain deceptively.
It's been a roller coaster, as it is I do not have an exchange or completion date yet but I'm fighting hard to have same day exchange and completion date before the mid of this month.

My dilemma is first, stamp duty holiday ends on June 30th and I cant afford the extras. Second, my mortgage offer expires on July 5th.
The seller are retiree and told us during viewing they would move out if sales happen fast and that they had no chain but they changed.

Also I cant communicate with seller and their solicitor is not even forthcoming with quick responses to my solicitor. 

My question is, has anyone done exchange and completion same day with bluestone because if that is not possible then I may not meet up as it is.
Second, is there always a 5 days wait for bluestone to realease fund or what was your experience with the exchange date, release of fund or completion hassles?
Any advise on how to move this post quickly will be much appreciated.
Kind regards all!!!!

Can the estate agents not make contact with the seller if the solicitors being useless and you need to communicate.

You do not have to pay stamp duty on house under £500,000 until 31sept, Unsure if you were aware of that.

Foreverwaiting123

Fingers crossed for you too x 

Samrau

MA got back to me we are ok and will still get the 85 ltv. But they have changed it now to 75 ltv for applications. 

Kb21

Foreverwaiting123 said:

@Kb21 I’d be scared the mortgage fell through in the final hour if I’d paid that much 😱

Don’t please don’t. The amount of stress this mortgage has caused us🙈. We have been told we will get a full refund on deposit. Plus we know the sellers very well so they wouldn’t do that to us. We exchange tomorrow. 

RossL40

waitingstill said:

Jen271626 said:

Fountains_27 said:

SOS Call!!!!!
I have received mortgage offer since April and along the line my seller decided to add a chain deceptively.
It's been a roller coaster, as it is I do not have an exchange or completion date yet but I'm fighting hard to have same day exchange and completion date before the mid of this month.

My dilemma is first, stamp duty holiday ends on June 30th and I cant afford the extras. Second, my mortgage offer expires on July 5th.
The seller are retiree and told us during viewing they would move out if sales happen fast and that they had no chain but they changed.

Also I cant communicate with seller and their solicitor is not even forthcoming with quick responses to my solicitor. 

My question is, has anyone done exchange and completion same day with bluestone because if that is not possible then I may not meet up as it is.
Second, is there always a 5 days wait for bluestone to realease fund or what was your experience with the exchange date, release of fund or completion hassles?
Any advise on how to move this post quickly will be much appreciated.
Kind regards all!!!!

Can the estate agents not make contact with the seller if the solicitors being useless and you need to communicate.

You do not have to pay stamp duty on house under £500,000 until 31sept, Unsure if you were aware of that.

Thats not correct.  From July 1st to September 31st it's a nil rate up to £250,000 and 5% from £250,001 to £500,000.
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates