Bluestone Mortgages

Sevendoorsdown

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

What is the most common “conditions of mortgage” that people receive when they get their final official mortgage offer?

Ours was Giftor indemnity and proving that a wall taken down by the seller in the kitchen / diner was not load baring resulting in a £500 structural engineer report on top of valuation fee. All ended well though and we're due to complete on 12th 😅

We have some gifted money too, we provided bank statements and proof from gifter etc 

what is a giftor indemnity?

im so anxious now 

valuation etc is all done just waiting on final offer 

It's just an agreement drawn up by your solicitor to say that the person who gifted you the money won't ask for it back if say they went bankrupt etc. Ours was around £45 and was done in a couple of hours which didn't affect any of the process it just had to be in place before completion. You're almost there! 😁

I really hope so! 

Thank you for the reassurance!

I am dreading them say we have to pay a credit card or something off atm. With the DMP finishing next year, as well as some other payments end of this year we passed affordability even taking those into consideration!

I have everything crossed and having sleepless nights now 

No problem! 😊 This process has been the hardest thing we've ever done but honestly I'd do it all over again now we've jumped through the last hoop for bluestone! It'll all be worth it and soon you'll be planning your new home. Keeping everything crossed for you 🤞

Pikapika1990

Sevendoorsdown said:

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

What is the most common “conditions of mortgage” that people receive when they get their final official mortgage offer?

Ours was Giftor indemnity and proving that a wall taken down by the seller in the kitchen / diner was not load baring resulting in a £500 structural engineer report on top of valuation fee. All ended well though and we're due to complete on 12th 😅

We have some gifted money too, we provided bank statements and proof from gifter etc 

what is a giftor indemnity?

im so anxious now 

valuation etc is all done just waiting on final offer 

It's just an agreement drawn up by your solicitor to say that the person who gifted you the money won't ask for it back if say they went bankrupt etc. Ours was around £45 and was done in a couple of hours which didn't affect any of the process it just had to be in place before completion. You're almost there! 😁

I really hope so! 

Thank you for the reassurance!

I am dreading them say we have to pay a credit card or something off atm. With the DMP finishing next year, as well as some other payments end of this year we passed affordability even taking those into consideration!

I have everything crossed and having sleepless nights now 

No problem! 😊 This process has been the hardest thing we've ever done but honestly I'd do it all over again now we've jumped through the last hoop for bluestone! It'll all be worth it and soon you'll be planning your new home. Keeping everything crossed for you 🤞

Thank you again and I agree it’s been stressful!

I can’t say I would want to do it all again though lol

Positiveaffirmations21

Sevendoorsdown said:

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

Sevendoorsdown said:

Pikapika1990 said:

What is the most common “conditions of mortgage” that people receive when they get their final official mortgage offer?

Ours was Giftor indemnity and proving that a wall taken down by the seller in the kitchen / diner was not load baring resulting in a £500 structural engineer report on top of valuation fee. All ended well though and we're due to complete on 12th 😅

We have some gifted money too, we provided bank statements and proof from gifter etc 

what is a giftor indemnity?

im so anxious now 

valuation etc is all done just waiting on final offer 

It's just an agreement drawn up by your solicitor to say that the person who gifted you the money won't ask for it back if say they went bankrupt etc. Ours was around £45 and was done in a couple of hours which didn't affect any of the process it just had to be in place before completion. You're almost there! 😁

I really hope so! 

Thank you for the reassurance!

I am dreading them say we have to pay a credit card or something off atm. With the DMP finishing next year, as well as some other payments end of this year we passed affordability even taking those into consideration!

I have everything crossed and having sleepless nights now 

No problem! 😊 This process has been the hardest thing we've ever done but honestly I'd do it all over again now we've jumped through the last hoop for bluestone! It'll all be worth it and soon you'll be planning your new home. Keeping everything crossed for you 🤞

In regards to affordability with bluestone, do they concentrate more on commuted expenditure as opposed to little purchases like u we eats etc… would love to know how they assess affordability..x

Positiveaffirmations21

Bloody typo….sorry what I meant was do they convert rate more on committed expenditure or do they look at all activity on your bank statement. 

Sevendoorsdown

Positiveaffirmations21 said:

Bloody typo….sorry what I meant was do they convert rate more on committed expenditure or do they look at all activity on your bank statement. 

This was one of our concerns too. Our broker told us this - Unless your monthly outgoings are considerably more than you've stated on the expenditure form for example monthly commitments like sky- if you've put down £70 and your bill actually comes in at £140 after buying films etc on a monthly basis then your expenditure will not match but things like the odd takeaway or coffee won't be an issue.

I wish he'd told us this from the start as we didn't spend a penny for months other than bills and I worried about going over on the food shop and silly things! 

Positiveaffirmations21

Sevendoorsdown said:

Positiveaffirmations21 said:

Bloody typo….sorry what I meant was do they convert rate more on committed expenditure or do they look at all activity on your bank statement. 

This was one of our concerns too. Our broker told us this - Unless your monthly outgoings are considerably more than you've stated on the expenditure form for example monthly commitments like sky- if you've put down £70 and your bill actually comes in at £140 after buying films etc on a monthly basis then your expenditure will not match but things like the odd takeaway or coffee won't be an issue.

I wish he'd told us this from the start as we didn't spend a penny for months other than bills and I worried about going over on the food shop and silly things! 

So this is the odd thing…on that expenditure form it’s not reflective of my outgoings. For instance they put down gas as £20 but where I currently live there’s no gas and where I’m buying gas no gas!! So I asked the broker why they have put expenses I don’t have on this expenditure and she said they estimate it on the new property. She said they have average expenditure based on household etc… but apparently the underwriter will look at all of that anyway. 

I do hope they just look at expenditure you’re committed to rather than things that you can stop of you get what I mean!!

so nerve racking🙈

MovingForwards

ONS data is what they look at regarding average outgoings. More, or less, than the average could result in a quick question to explain.

My outgoings were well under, a copy of bills and an explanation was sufficient for my broker, should Bluestone have asked.

Positiveaffirmations21

MovingForwards said:

ONS data is what they look at regarding average outgoings. More, or less, than the average could result in a quick question to explain.

My outgoings were well under, a copy of bills and an explanation was sufficient for my broker, should Bluestone have asked.

Thank you that’s very helpful 

Jen271626

Pikapika1990 said:

What is the most common “conditions of mortgage” that people receive when they get their final official mortgage offer?

Mine was 1)deed of gift indemnity in place - my dad gifted the equity in the house. 2)Declaration of solvency/statement of truth from vendor (my dad) doesn't need to be witnessed - due to the gift again, 3) lending past state retirement age for me and my husband 4) to ensure all necessary approvals were gained for lined floor (they weren't so we need an indemnity insurance policy).

Jen271626

Yeah don't worry about takeaways etc that's basically disposable income. We have a takeaway a couple of times a week and they weren't bothered at all.