Bluestone Mortgages

charliedavis

Our application went in yesterday, still can't really believe it's possible that we've got this far. We're also using Simply Adverse, and they have been great so far. This thread has got so quiet now, I'm presuming there are far fewer mortgages being applied for at the moment! I'll keep updating this thread with my progress. 

Kerrylou2

Our fixed rate with Bluestone is due to end in December and I’m worried sick. Obviously will look to move our mortgage elsewhere but the rates are still a lot higher. Does anyone know bluestones standard variable? Can you switch to another deal or do you need to reapply again? Do they offer interest only mortgage/payment holidays? Trying to think of options as I’m going by worse case scenario short term until it starts to ease off.

ACG

If you want to stick with Bluestone it will either be their SVR or you need to re-apply. They do not currently offer retention deals - although they are working on something at the minute so there is potential by December they may have something. 

Speak to a/your broker. Presumably you are used to paying rates of around 5-6%? If you are now clear enough to get high street/building society rates you might not be a million miles off that. If you still have significant adverse then you might be looking at rates of around 6.5% to maybe 9% so potentially not a huge increase. 

I dont know Bluestones SVR off the top of my head it is probably around 9% but that wont have taken into account the rise yesterday or any other rate changes between now and december.

Kerrylou2

Thank you - very useful! 

Yes hoping to get highstreet lender this time - I just get very nervous as my adverse is still on my credit file from 5 years ago, so I’m not sure if this will be ok - plus I want to take out more mortgage due to paying off debt from what we have spent on the house. 

Thinking of worse case scenario but will start speaking to a mortgage broker soon so I have good time to apply. 

ACG

You have time on your side but I dont think it is a bad idea to get something lined up. If you are on the high street, a lot of those lenders offer 6 month offer periods so hopefully you can get something and relax. 

Kerrylou2

Ah yes that’s true - I was thinking 3 months! Will arrange a call next week and get the ball rolling.

thanks again! 

Aaronn94

evening all im hoping for some inspiration here i know things can and will change but here goes 
me and my partner a currently saving up to buy a house we have an income of 54k a year combined and were wanting to buy a 90k property with a 18k deposit trouble is we have both been bankrupt myself twice due to very very significant circumstances with our children etc my partner voluntarily handed her house which had allot of equity back to the bank natwest there was no shortfall
were not quite ready for a broker yet but will be in the next year as still saving our bankruptcies are over 3 years old in a couple of months what are our chances has anyone had anything even remotely similar and had success ?
im told bluestone are the most forgiving lender there is is that true ?
best wishes thanks in advance

danbo1990

Hey 😊 just wondered if anyone know wether bluestone require a deed of variation for a freehold with an estate rent charge or wether aslong as the management company have to give 40 days notice to the mortgage company is in the title then that was sufficient? 

MrsDunning3

Hello,
I've applied for an DIP from Bluestone through MA and keeping everything crossed it goes through.
We have 1 CCJ settled and over 4 years, all defaults are settled and over 2 years old. Apart from the odd returned DD that were still paid within the time frame (no late payments registered) we don't have any other adverse issues.
What are our chances of receiving a DIP please? @ACG can you advise?

ACG

MrsDunning3 said:

Hello,
I've applied for an DIP from Bluestone through MA and keeping everything crossed it goes through.
We have 1 CCJ settled and over 4 years, all defaults are settled and over 2 years old. Apart from the odd returned DD that were still paid within the time frame (no late payments registered) we don't have any other adverse issues.
What are our chances of receiving a DIP please? @ACG can you advise?

I like Bluestone but if you have had no adverse in the last 2 years, why are you going to Bluestone? Is there something else? 

The DIP is instant so should be issued as soon as your broker hits submit. 

Your adverse is at the milder end for Bluestone so I cant see any reason for there being an issue unless there is something else? I feel like you should have cheaper options in all honesty. I have certainly placed people with a lot more adverse with them so cant see there being any problems.