Bluestone Mortgages

MovingForwards

@bongohead25 the figure in the illustration is a guess, you need to obtain quotes from 3 different firms, listing all costs and disbursements. Also check they're on Bluestone's panel of solicitors.

Unfortunately, Bluestone don't provide a list and I had give names to my broker's so they could get a yes / no against each of them.

Prices vary throughout the UK. I paid £1115 all in for a city practice in Scotland, the transaction was done by a partner. There's no searches for a buyer up here and it was just over £637 + VAT for the legal work, all the rest was disbursements.

Edit to add - costs are based on purchase price and whether it's freehold or leasehold. Also it costs extra if using H2B ISA / LISA / H2B equity loan.

When requesting quotes provide area, purchase price (or rough upto price if looking in advance), whether it's freehold or leasehold, whether you'll be using H2B etc.

SMHGAM

Hi 👋🏻 

We submitted our application to BS via our broker on 3/06. 

On and off emails from broker since then (CLS Money) requesting every document known to man, the latest they asked for were credit agreements for 2 accounts that were settled in full and closed over 6 months ago. Sent all that across on 23/06.. still waiting without any update or indication there will be an offer anytime soon. I honestly can’t think of what else they could possibly want. 

Not sure if it’s BS or the broker.. but I feel it’s taking forever! Does it sound like the broker is more the issue? It is a nightmare to get hold of the person I’m dealing with, I’m told she’s on the other line or in a meeting and will ring back (was 3 days once before I heard back from her) .. and no one else can talk to me or tell me anything. Frustrating considering they’ll be wanting the £1995 fee on getting us the mortgage offer! I’m constantly chasing the updates, if there is any.   

We’re purchasing the house we currently live in off my parents, it is owned outright by them. The house is valued at 190k and I’m purchasing it for 105k, so 85k equity is being gifted.. I feel like I’m asking to borrow a million pound the way this is carrying on. 

Does anyone know roughly how long BS take to get to a mortgage offer stage? 

Thanks 

afreshstart86

SMHGAM said:

Hi 👋🏻 

We submitted our application to BS via our broker on 3/06. 

On and off emails from broker since then (CLS Money) requesting every document known to man, the latest they asked for were credit agreements for 2 accounts that were settled in full and closed over 6 months ago. Sent all that across on 23/06.. still waiting without any update or indication there will be an offer anytime soon. I honestly can’t think of what else they could possibly want. 

Not sure if it’s BS or the broker.. but I feel it’s taking forever! Does it sound like the broker is more the issue? It is a nightmare to get hold of the person I’m dealing with, I’m told she’s on the other line or in a meeting and will ring back (was 3 days once before I heard back from her) .. and no one else can talk to me or tell me anything. Frustrating considering they’ll be wanting the £1995 fee on getting us the mortgage offer! I’m constantly chasing the updates, if there is any.   

We’re purchasing the house we currently live in off my parents, it is owned outright by them. The house is valued at 190k and I’m purchasing it for 105k, so 85k equity is being gifted.. I feel like I’m asking to borrow a million pound the way this is carrying on. 

Does anyone know roughly how long BS take to get to a mortgage offer stage? 

Thanks 

Hiya,

Our application to Bluestone was submitted on the 31st May 2022. On 15th June we submitted some additional info they requested. Yesterday I was told it should be going to valuation any day now. Unfortunately Bluestone do take there time and ask for a lot on info, but thats because everyones circumstances are different. I am hoping to hear today / tomorrow as to when the valuation takes place. Hopefully you wont have to wait much longer.

afreshstart86

Hiya,

I was just looking through our paperwork and on my DIP it says a “customer fee” and then kn the mortgage illustration it has the arrangement fee, valuation fee, conveyancer fee etc….what is this “customer fee” does anyone know? 

jamiebuyer

Does anyone know when you re mortgage and if you stay with bluestone do they do all the credit checks and document checks again?

MovingForwards

jamiebuyer said:

Does anyone know when you re mortgage and if you stay with bluestone do they do all the credit checks and document checks again?

Remortgaging is when you change lender.

Why would you be looking to stay with Bluestone after your current fix is up, instead of remortgaging to a new lender with potentially better rates?

With mainstream lenders and picking a new fix, generally it's a few clicks of the mouse to pick what you want, no checks etc are done again.

I'm not sure how it would work with Bluestone, perhaps @ACG might know.

jamiebuyer

I’m not sure our circumstances would have changed enough by the time our fixed is up! 

MovingForwards

jamiebuyer said:

I’m not sure our circumstances would have changed enough by the time our fixed is up! 

Did you only go for a 2 year fix?
What kind of circumstances need to improve and years the blips are on your credit reports? All have different impacts with mainstream/ more relaxed lenders.

rachiegrace

Hi All!

New to the forum and this post has been a god send to read through whilst anxiously waiting at each stage of our application. 

We’re first time buyers using HTB equity loan and 75% LTV. 

We seem to hopefully be close to the finish line so thought I would share our time scale so far! 

Application submitted - Friday 10/06

Additional info requested - Wed 15/06

(I then had to wait for my bank to issue me an interim statement to cover last 3 months as only had annual statements available online.  This took 5 working days to get!)

Additional Documents submitted by us - Wed 22/06

Further info requested - Monday 27/06 and sent same day 

Further info requested - Tuesday 28/06 and sent same day 

Hard Search done - Wednesday 29/06

Valuation instructed - Friday 01/07 

Valuation completed - Tuesday 05/07

Just hopefully waiting on offer anytime. MA says they have been given an ETA for our offer of the 12th which would be a week after valuation. 

Fingers crossed for everyone else also going through the application. It’s not a simple process and has definitely caused me a fair amount of stress since submitting. It will all be worth it I’m sure  

Paul181982

Hi guys, like everyone else on here I've been reading through comparing our application with the rest of yours and have found everyone's stories helping me to put my mind at ease. 
Unfortunately my dad passed away in March leaving his house to myself and my sister. 
With myself and my wife renting our home we decided we would buy my sister's half of the house. 
I contacted simply adverse to see if we could get a mortgage because I'd had an IVA which I completed in March. 
Within 24 hours I'd had an AIP. 
This was 24th June. 

28th June our application was sent to Bluestone

29th June blue stone instructed a valuation. 

The valuation they booked in was with Connells. I read the reviews on Connells valuations and it's hard to find a good one. 
Has anyone had an experience with valuations with Connells? 

Our valuation is booked in for 12th July. 

From what I've read on here the next step would be the mortgage offer as long as all is fine with the valuation. 
Or is there another credit check after the valuation? 

I'll be glad when all this is completed as it's occupying my mind 24/7 lol