Bluestone Mortgages

Sevendoorsdown

teddy2014 said:

well finally, after 2 months (today) we have been offered our mortgage! Long time coming but finally got there! 

Congratulations! 🎉🎉

Sevendoorsdown

sammi2303 said:

To say my emotions are all over the place right now is an understatement. After a tough few years to be in a position to have bluestone agree to lend pending a valuation was beyond amazing. 

Being a home owner isn't something I thought would have been possible if you'd asked me 6 months ago. 

Still after a few months of backwards and forwards with a great broker, we were there. The dream home has been reserved (a new build using help to buy) and the process was going well. Patience is a virtue I have. 

Then today I was passed the news that we had an issue. The valuation had come back dramatically under the agreed purchase price, a massive £17500.

Now I don't know what to do. 

Haven't spoken to the sales manager yet but surely this will have had to be an issue with the other properties? 

I’m aware my options are now pretty much done as it isn’t viable to find any more of a deposit that I already have. 

A lack of comparable was mentioned but all 30 properties have sold so I don’t get it.  

I just want to cry. My tenancy on the flat ends at the end next month just to add to it all  

I'm so sorry to hear this. I can't believe that's the difference in value compared to sale price! I would speak to the sales manager and ask if this has happened to anyone else? Hope something can be sorted for you 

HopefulFTB1

Valuation is finally booked in for this Thursday 🤞! Once the valuation is done, does anyone know how quick from there the offer can come through? Bluestones said the offer was conditional on the valuation being okay so I'm hoping not too long!

MovingForwards

sammi2303 said:

To say my emotions are all over the place right now is an understatement. After a tough few years to be in a position to have bluestone agree to lend pending a valuation was beyond amazing. 

Being a home owner isn't something I thought would have been possible if you'd asked me 6 months ago. 

Still after a few months of backwards and forwards with a great broker, we were there. The dream home has been reserved (a new build using help to buy) and the process was going well. Patience is a virtue I have. 

Then today I was passed the news that we had an issue. The valuation had come back dramatically under the agreed purchase price, a massive £17500.

Now I don't know what to do. 

Haven't spoken to the sales manager yet but surely this will have had to be an issue with the other properties? 

I’m aware my options are now pretty much done as it isn’t viable to find any more of a deposit that I already have. 

A lack of comparable was mentioned but all 30 properties have sold so I don’t get it.  

I just want to cry. My tenancy on the flat ends at the end next month just to add to it all  

Speak with the sales manager, explain the property has come back with a lower valuation and that's what your offer is.
- I'm assuming there's no parent(s), sibling(s) who can help cover the difference to meet in the middle and Bluestone were your only option.

Have you given notice on the flat? If not, the tenancy doesn't end it just goes into a rolling contract.
- have a look on the house buying and renting section, there's a lot of information especially the pinned post.

Sevendoorsdown

HopefulFTB1 said:

Valuation is finally booked in for this Thursday 🤞! Once the valuation is done, does anyone know how quick from there the offer can come through? Bluestones said the offer was conditional on the valuation being okay so I'm hoping not too long!

That's brilliant! I was wondering the same.. It was such a relief and shock to have the valuation instructed yesterday and now like you, I'm wondering if we have weeks more to wait or it'll be pretty quick!? 

teddy2014

Sevendoorsdown said:

HopefulFTB1 said:

Valuation is finally booked in for this Thursday 🤞! Once the valuation is done, does anyone know how quick from there the offer can come through? Bluestones said the offer was conditional on the valuation being okay so I'm hoping not too long!

That's brilliant! I was wondering the same.. It was such a relief and shock to have the valuation instructed yesterday and now like you, I'm wondering if we have weeks more to wait or it'll be pretty quick!? 

It all depends on the findings of the valuation. They found that ours was built in an 1849 coalfield. Didn't pose any real problems as such. Just an extra few days for the offer. You should get your valuation report relatively quickly. Then its anyones guess. 

Littlekay

Absolutely gutted we were about to recieve an offer.. then they wanted proof we was a couple.. partner has only just moved in with me as he lost his dad and sold the house so had to cancel tax credits, changed it over to universal credit as bluestone wanted proof, now they're saying if I don't get the same on universal credit we cannot afford the mortgage which is a load of rubbish I get 1k a month my partner gets 3k a month plus over time.. baring in mind its a 300k house we are putting 160k down 60k of it is htb.. I am living with partner of course I won't get the same amount of money with his income erggghhhhh 

HopefulFTB1

Sevendoorsdown said:

HopefulFTB1 said:

Valuation is finally booked in for this Thursday 🤞! Once the valuation is done, does anyone know how quick from there the offer can come through? Bluestones said the offer was conditional on the valuation being okay so I'm hoping not too long!

That's brilliant! I was wondering the same.. It was such a relief and shock to have the valuation instructed yesterday and now like you, I'm wondering if we have weeks more to wait or it'll be pretty quick!? 

I hope it isnt too much of a wait, like you I dont think I have weeks of patience in me! 

Lottien95

Bluestones service updates are progressing nicely! Yesterday it was the 7th of July to assess fully packaged cases underwritten within 5 working days, today it’s now the 9th and 4 working days!! Looks like there finally getting back ontop! 

Waitingfornews

Hi everyone. We got our offer yesterday !! Just wanted to share our timeline with you. We are home movers buying a new build property with no help to buy. 

Application Submitted 14/06

Valuation Instructed 29/06 

Valuation done 08/07

Self Employment Declaration signed 12/07

Offer made 13/07

We’ve had no hard search on our file, just a soft search when the DIP was done  

I do think our MA has pulled off a miracle and will be forever grateful !!  

Good luck everyone.  Hang in there x