Bluestone Mortgages

feelinghopefull2022

DKDUFFY23 said:

feelinghopefull2022 said:

I can’t comment on the equity but I guess it’s because they are a specialist lender? 

I would be more worried that the MA has submitted an application without the most recent payslip!! You maybe going backwards and forwards a lot!

Maybe, but we feel its a bit of risk without guarantee we are accepted. I know! I had re do my passports aswell even though I gave them all of this in Dec. They have eveything else work contract, p45,p60, pension statements,payslips, statements for bank and mortgage. We were told last night the underwriter is currently taking 2-3 days so hope to hear next week. 

Did you get an offer?

Yeah we got our offer Monday. Took a month from beginning to end. It was hard work but we got there in the end 

Choco_cookie

For anyone that is starting their application, make sure your MA knows what they are doing or get one recommended one form successful applications on this forum. Mine is making me feel like I am bothering him, never gives any sort of updates does not chase my case unless I call him five times in the morning. 

I submitted my application in November and I’m still waiting, valuation has been instructed on the 31st of January but has not been booked yet 🤷🏽‍♀️, whenever I call for updates he tells me “I don’t know I am busy right now I will let you know” then a week goes by. I just found out he just leave important information behind. 

Make sure you get a good MA or if anyone can recommend good ones, that know what they are doing so new applicants don’t go through what I’m going through. 

Hooefullyhopeful

Is anyone self employed going through the process on here ? 

esquire18

Hooefullyhopeful said:

Is anyone self employed going through the process on here ? 

I’ve been through bluestone and I’m self employed 😊

Hooefullyhopeful

@esquire18 Thankyou for your reply , I’m Ltd company director as is my partner in his business, but classed as self employed although paye, just wondering what else they would ask for .. I have sent 

3 months business / personal accounts x2
3 years accounts x 2
sa302 ( 2 years ) x 2
rent statements ( 24 months ) 
tax overview ( 2 years) x 2
Bluestone application forms,  id’s etc 
credit reports ( explanation for adverse credit ( partner due to child maintenance from dissolved marriage which is paid up to date ) 

just thinking what else would they possibly ask for … it’s such a stressful process 

also buying a new build and putting 150k deposit.. LTV 67% 

thankyiu in advance for any more suggestions x

Jadietemp

Hope everyone’s mortgage journeys are running smoothly. 

Our application has finally gone in (6weeks after we put the offer on the house, it’s been a long stressful wait!) 

But now I’m worried about the next step, affordability.

For those recently offered, what sort of disposable income did you have after the mortgage quote and other household essentials? in relation to your income? 

And would a lender take into account changes out of your control, say for instance, the rising energy prices? 

Anyone been rejected over affordability issues?

Thanks in advance 

EverythingCrossed89

Please trust your broker…

Our full application went in on the 8th September and we completed 28th January. First time buyers, it really is the best feeling! 

During that time I was so stressed and when asking for additional information, I often thought ‘Is it really worth it?!' 

IT IS!!!  DON’T GIVE UP! It’s long winded but so worth it! ❤️

Jadietemp

What insurance do Bluestone need you to have in place? i know that buildings insurance, with them registered as an interest party is essential, but what else?  A specialist within my broker company is trying to tell me i also need life insurance, with all the bells and whistles, income protection, critical, accident and injury etc.
I know thats a sensible thing to get, which i want to at some point (I already have bog standard life insurance, without the bells and whistles), but he tells me i really need to have everything else, which will be 20% increase in what i pay now. 
i would much rather sort this all out when we've moved and settled in with our finances, so i can see exactly how much i can budget for insurance before i commit to anything.
can i go ahead without? has anyone else?
thanks

MovingForwards

Jadietemp said:

What insurance do Bluestone need you to have in place? i know that buildings insurance, with them registered as an interest party is essential, but what else?  A specialist within my broker company is trying to tell me i also need life insurance, with all the bells and whistles, income protection, critical, accident and injury etc.
I know thats a sensible thing to get, which i want to at some point (I already have bog standard life insurance, without the bells and whistles), but he tells me i really need to have everything else, which will be 20% increase in what i pay now. 
i would much rather sort this all out when we've moved and settled in with our finances, so i can see exactly how much i can budget for insurance before i commit to anything.
can i go ahead without? has anyone else?
thanks

All bluestone want / expect is suitable building insurance to protect the asset their loan is secured on.

The insurances your broker is upselling are optional extras the broker thinks you should have.

I don't have life insurance, critical illness or unemployment insurance. If I die my employer pays out 3x my income as a death in service benefit, on top of that my pensions and related benefits have a named beneficiary. 

Each payday I overpay my mortgage, add money to savings and add extra to my own SIPP, at some point in the future the savings and equity in my home will equal each other. 

Of course there's a risk my health declines further and I can't work, or I suddenly die, but weighing it up I'm comfortable with what I decided.

Kerrylou2

Jadietemp said:

What insurance do Bluestone need you to have in place? i know that buildings insurance, with them registered as an interest party is essential, but what else?  A specialist within my broker company is trying to tell me i also need life insurance, with all the bells and whistles, income protection, critical, accident and injury etc.
I know thats a sensible thing to get, which i want to at some point (I already have bog standard life insurance, without the bells and whistles), but he tells me i really need to have everything else, which will be 20% increase in what i pay now. 
i would much rather sort this all out when we've moved and settled in with our finances, so i can see exactly how much i can budget for insurance before i commit to anything.
can i go ahead without? has anyone else?
thanks

I’ve recently completed with Bluestone and the only thing they requested in terms of insurance was buildings with them as an interested party - the home insurance company will know what they have to send to you when they request it - basically they want ‘Bluestone’ included as the mortgage provider on the policy doc. They didn’t request for any other insurance so it may be your broker trying to sale?