Bluestone Mortgages

alynos74

JoeyKez said:

alynos74 said:

JoeyKez said:

MovingForwards said:

@JoeyKez would extending the term be possible as it could bring affordability back down.

Hi @MovingForwards, thanks for this advice. We had asked yesterday if that could be considered but haven’t heard anything back yet; would be interesting if it did anything. We’ve asked to explore a few options so will have to see, but it sounded pretty bleak by the end of the day. Will keep you updated if we hear anything. 

Do you mind me asking what other options you’re looking to explore? I’m preparing myself for the call from my broker and absolutely terrified we are now going to be declined. We can just about scrape together enough to descrease our LTV to 80% and could pay a fee to secure a lower rate if need be. Or look at the variable rate?! Although I’m guessing the affordability for that will be even tighter. I don’t think I’ve slept all weekend for worrying. 

We were just exploring the increased term time and slightly increasing our deposit. Due to the time lapse, our circumstances have slightly changed (for the better) and we may now sit in a better credit category with hopefully a lower rate. Haven’t heard much back yet but I’m trying to be as optimistic as possible. 

Fingers crossed for you. The issue we are facing is timescales now. Our broker is chasing daily but we are due to move in a matter of weeks. The developer we are buying from is understandably losing patience with us. 

JoeyKez

alynos74 said:

JoeyKez said:

alynos74 said:

JoeyKez said:

MovingForwards said:

@JoeyKez would extending the term be possible as it could bring affordability back down.

Hi @MovingForwards, thanks for this advice. We had asked yesterday if that could be considered but haven’t heard anything back yet; would be interesting if it did anything. We’ve asked to explore a few options so will have to see, but it sounded pretty bleak by the end of the day. Will keep you updated if we hear anything. 

Do you mind me asking what other options you’re looking to explore? I’m preparing myself for the call from my broker and absolutely terrified we are now going to be declined. We can just about scrape together enough to descrease our LTV to 80% and could pay a fee to secure a lower rate if need be. Or look at the variable rate?! Although I’m guessing the affordability for that will be even tighter. I don’t think I’ve slept all weekend for worrying. 

We were just exploring the increased term time and slightly increasing our deposit. Due to the time lapse, our circumstances have slightly changed (for the better) and we may now sit in a better credit category with hopefully a lower rate. Haven’t heard much back yet but I’m trying to be as optimistic as possible. 

Fingers crossed for you. The issue we are facing is timescales now. Our broker is chasing daily but we are due to move in a matter of weeks. The developer we are buying from is understandably losing patience with us. 

Fingers crossed it all gets sorted in the end. I guess developers will always try to put a bit of pressure on but hopefully by this stage, it would be even more riskier for them to do anything drastic so I would try not to worry. What stage are you at now? I understand it moves fairly quickly once valuation is instructed. 

alynos74

JoeyKez said:

alynos74 said:

JoeyKez said:

alynos74 said:

JoeyKez said:

MovingForwards said:

@JoeyKez would extending the term be possible as it could bring affordability back down.

Hi @MovingForwards, thanks for this advice. We had asked yesterday if that could be considered but haven’t heard anything back yet; would be interesting if it did anything. We’ve asked to explore a few options so will have to see, but it sounded pretty bleak by the end of the day. Will keep you updated if we hear anything. 

Do you mind me asking what other options you’re looking to explore? I’m preparing myself for the call from my broker and absolutely terrified we are now going to be declined. We can just about scrape together enough to descrease our LTV to 80% and could pay a fee to secure a lower rate if need be. Or look at the variable rate?! Although I’m guessing the affordability for that will be even tighter. I don’t think I’ve slept all weekend for worrying. 

We were just exploring the increased term time and slightly increasing our deposit. Due to the time lapse, our circumstances have slightly changed (for the better) and we may now sit in a better credit category with hopefully a lower rate. Haven’t heard much back yet but I’m trying to be as optimistic as possible. 

Fingers crossed for you. The issue we are facing is timescales now. Our broker is chasing daily but we are due to move in a matter of weeks. The developer we are buying from is understandably losing patience with us. 

Fingers crossed it all gets sorted in the end. I guess developers will always try to put a bit of pressure on but hopefully by this stage, it would be even more riskier for them to do anything drastic so I would try not to worry. What stage are you at now? I understand it moves fairly quickly once valuation is instructed. 

Thank you. Before all this nonsense of changing interest rates and reassessing affordability we were just awaiting an employers reference being signed off and the valuation being instructed. My worry now is if their SLA is 8 days and we need to go back with options (higher deposit, different rate etc) will this then delay things for another week or two. 

alynos74

As predicted we’ve failed affordability now. Broker is frantically looking at other options (increased deposit mainly) but I’m not holding my hopes up. I’ve viewed a rental today and I’m pretty close to just pulling out of our purchase and sitting tight in the rental until next summer. I think I’m going to let the mortgage application continue but apply for the rented property alongside it. Would having additional credit checks by the letting agency screw our mortgage application?

ACG

No, Bluestone do not credit score so would not affect anything. 

doglover34

@ACG have you had any ERCs with bluestone waived or reduced?? Remortgaging to Natwest in Dec and have offer. In waiting it out as ERC is 8k!! So high - and I wondered if BS ever reduced it waived it?

ACG

doglover34 said:

@ACG have you had any ERCs with bluestone waived or reduced?? Remortgaging to Natwest in Dec and have offer. In waiting it out as ERC is 8k!! So high - and I wondered if BS ever reduced it waived it?

Ive never had to ask Bluestone, but theres no chance. 
The way Bluestone were funded means they are going to incur those costs themselves. If you do not pay them, they will have to and I cant see them being that nice. 

doglover34

ACG said:

doglover34 said:

@ACG have you had any ERCs with bluestone waived or reduced?? Remortgaging to Natwest in Dec and have offer. In waiting it out as ERC is 8k!! So high - and I wondered if BS ever reduced it waived it?

Ive never had to ask Bluestone, but theres no chance. 
The way Bluestone were funded means they are going to incur those costs themselves. If you do not pay them, they will have to and I cant see them being that nice. 

Thank you! Massive long shot I know. Called them today and they laughed down the phone lol haha

ACG

doglover34 said:

ACG said:

doglover34 said:

@ACG have you had any ERCs with bluestone waived or reduced?? Remortgaging to Natwest in Dec and have offer. In waiting it out as ERC is 8k!! So high - and I wondered if BS ever reduced it waived it?

Ive never had to ask Bluestone, but theres no chance. 
The way Bluestone were funded means they are going to incur those costs themselves. If you do not pay them, they will have to and I cant see them being that nice. 

Thank you! Massive long shot I know. Called them today and they laughed down the phone lol haha

If you dont ask and all that...

kelt99

This thread has gone quiet! I was still at underwriters with DIP after 7 weeks 🙄  Anyone else moved forward at all since the rate levels were announced?? I’m told I’m now having to have new affordability assessment but still heard nothing. 

It’s been 8 weeks and dont feel like my application has progressed at all 🙈