Bluestone Mortgages

ACG

danbo1990 said:

Does anyone know if bluestone manually underwrite DIPs? And how long it usually takes? Been waiting a couple of days for our MA to come back to me. 

Every DIP I have done is issued straight away.
https://bluestonemortgages.co.uk/brokers/ - A third down the page says DIPs reviewed in 24 hours. 

Mrs_Rogers30

H all,

Just looking for a bit of reassurance. We submitted out application a coule of weeks ago. Valuation was instructed by bluestone on tuesday and carried out today. Does this mean our case has been underwritten and we could expect an offer soon? I have had a read through some of the threads but there seems to be some conflicting information!

Thanks

ACG

If the valuation comes back ok, I am fairly sure you should be fine. 

Mrs_Rogers30

Excellent! Thanks 😊 

danbo1990

Is anyone currently going through the process? Any idea on timescales? Mine was submitted yesterday, really hope all is ok and that the ten million trips to the supermarket on the bank statements won’t be judged too harshly 😭

ACG

2 working days. 
But everything on your bank statements gets assigned to something in expenditure. 

It does not matter how many times you go, more about how much you spend. If you spend £10 every day its only £300 a month so not too bad (unless you are a single applicant). If you spend £30 a day then it is a bit different. 

Presumably your broker will have checked affordability.

Every lender has their "quirk", something they get a bit pedantic over. Bluestone are very good with adverse, but affordability is their quirk in my opinion. If affordability is tight, they do tend to err on the side of caution. 

danbo1990

Ahh thanks so much, such a stressful time!  It was fully submitted yesterday, and just seen the hard search, does this usually mean it’s with the initial underwriters? And is there usually a normal sort of timescale? Think I’m mentally preparing for a decline 🙈 

ACG

The hard check is carried out when the broker hits submit as far as I am aware. 
At the minute it will just be in a queue... nothing good or bad has happened. 

I dont think I have ever had Bluestone decline one of my applications. I can only think of once where they declined it, I threw my toys out of the pram and had a tantrum and it got agreed. I do use them a fair bit, so to not really have any declines shows they are not in a habit of turning away cases. I like Bluestone. You have bad credit presumably, they like applicants with bad credit otherwise they would have no business. 

Appreciate with bad credit you are probably more worried than most, its not uncommon most of our customers need that extra reassurance. But assuming your adverse is within criteria, I would be amazed if they declined you on that front. If everything fits criteria and it passes affordability, I think you will be fine. 

danbo1990

Thanks so much, that really helps! I’ve basically read through the entire thread the last couple of days but there doesn’t seem to be any info past the end of last year, so hoping they’ve either got faster or that nobody’s had many problems haha! 

ACG

They upped their rates quite a bit after the mini budget, they have come down a little but they are still quite high. 
I have barely used them this year and I am our account managers 6th highest producer.

I just think they are taking on a lot less business than they were pre mini budget days.