Bluestone Mortgages

MrsDunning3

ACG said:

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. 

We were declined by Precise as my husband is out of work, we can only raise 25k deposit and my wage is £42,500 but we receive DLA, PIP and tax credits which increase it to around £47k. My wage will also increase on 1st Sept to £48,500, with the additional tax credits etc. Precise said it was affordability and wouldn't take into account the tax credits.
The 2 year old default was only settled a month ago so still showing on credit file as unsettled but can clearly see payment on bank statement.

MrsDunning3

@ACG who would you recommend?

MrsDunning3

@ACG we do have credit cards with 3k - we are trying to bring them down ASAP.
Unsecured loan 2k.
All up to date, no missed payments etc

MrsDunning3

MrsDunning3 said:

ACG said:

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. 

We were declined by Precise as my husband is out of work, we can only raise 25k deposit and my wage is £42,500 but we receive DLA, PIP and tax credits which increase it to around £47k. My wage will also increase on 1st Sept to £48,500, with the additional tax credits etc. Precise said it was affordability and wouldn't take into account the tax credits.
The 2 year old default was only settled a month ago so still showing on credit file as unsettled but can clearly see payment on bank statement.

Sorry should state additional income take it to around 51k annually.

ACG

MrsDunning3 said:

ACG said:

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. 

We were declined by Precise as my husband is out of work, we can only raise 25k deposit and my wage is £42,500 but we receive DLA, PIP and tax credits which increase it to around £47k. My wage will also increase on 1st Sept to £48,500, with the additional tax credits etc. Precise said it was affordability and wouldn't take into account the tax credits.
The 2 year old default was only settled a month ago so still showing on credit file as unsettled but can clearly see payment on bank statement.

Ah so there is a little more to it, benefit income will rule out a few lenders. 

I dont really want to say who I would go with as your broker has more information than I do. I just thought the only problem was the adverse from your post. 

I do think there could be cheaper options but not massively cheaper. Bluestone can be quite fussy on affordability so if it is tight your broker needs to do a thorough job with your bank statements otherwise the loan amount could end up being lower than expected... I had one last week which was reduced by around a grand. Not the end of the world in my case for the client but I reviewed things a little differently to how the underwriter did. 

On a side note, precise were never going to do it. They say they can do this that and the other but as soon as you start combining issues they usually come back with a no from my experience. We stopped using them years ago as we found far more flexible lenders. 

Assuming affordability is ok, Bluestone will be fine. If you are applying for a product that needs the adverse to be satisfied it can be satisfied that day. So dont worry too much about how long it has been satisfied. 

MrsDunning3

ACG said:

MrsDunning3 said:

ACG said:

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. 

We were declined by Precise as my husband is out of work, we can only raise 25k deposit and my wage is £42,500 but we receive DLA, PIP and tax credits which increase it to around £47k. My wage will also increase on 1st Sept to £48,500, with the additional tax credits etc. Precise said it was affordability and wouldn't take into account the tax credits.
The 2 year old default was only settled a month ago so still showing on credit file as unsettled but can clearly see payment on bank statement.

Ah so there is a little more to it, benefit income will rule out a few lenders. 

I dont really want to say who I would go with as your broker has more information than I do. I just thought the only problem was the adverse from your post. 

I do think there could be cheaper options but not massively cheaper. Bluestone can be quite fussy on affordability so if it is tight your broker needs to do a thorough job with your bank statements otherwise the loan amount could end up being lower than expected... I had one last week which was reduced by around a grand. Not the end of the world in my case for the client but I reviewed things a little differently to how the underwriter did. 

On a side note, precise were never going to do it. They say they can do this that and the other but as soon as you start combining issues they usually come back with a no from my experience. We stopped using them years ago as we found far more flexible lenders. 

Assuming affordability is ok, Bluestone will be fine. If you are applying for a product that needs the adverse to be satisfied it can be satisfied that day. So dont worry too much about how long it has been satisfied. 

Thank you. 

MA has been on to speak to them today. He explained what happened with Precise, explained income, expenditure, details etc and the man he spoke to said he couldn't see any issues. They would like a payslip before completion to confirm my new wage. 

They have issued a DIP.

I've instructed MA to submit application so I'm really keeping everything crossed now.

Just hoping we don't have a repeat of our experience with Precise.

Thank you so much for all of your advice. My MA has never used Bluestone before so we are both new to it.

ACG

I think your chances of being accepted with Bluestone are much much better than with Precise. From what you have said I think Bluestone would have been my second or third choice maybe (but trust your broker over me as they have more information to go off than I do). 

I would never have gone to Precise so it is no surprise it was declined with them. I think you will be fine with Bluestone. If affordability is tight though, just be prepared that there might be a bit of back and forth over expenditure. 

There is a bit of a turn around with bluestone at the minute. I think ours are taking about 3 working days. So you might have a long wait over the weekend. Lastly, expect them to come back and ask for extra bits. Thats nothing to worry about, its the nature of Bluestone. Unless your broker has done a very good job of packaging the case its normal. 

Flyer14

Been reading this with interest and a special thank you to the mortgage advisors replying.

I am now 2 years post DAS(DMP) and myself and my wife are looking to buy. Her credit is perfect and previously owned a property herself. As part of DAS i have some defaults and missed payments but most recent default now 5 years ago.

We have 2 personal loans that we used for wedding, one of which we will clear in next 2 months. Credit card utilisation never over 40% and cleared in full every month.

Can anyone relate and advise roughly what rates we may be looking at or any alternatives to bluestone? We will have 19/20% deposit but looking at bluestones product guide i am just getting a bit disheartened if we are facing 9% rates for another year or two!

Thanks in advance for any replies!

ACG

DAS is a bit of an anomaly in our industry.
Some lenders treat it as a DMP and others treat it like an IVA. In the bank of my mind I think Bluestone treat it as an IVA (but dont hold me to that, we dont get many Scottish purchases and less with a DAS). 

 If they do treat it as an IVA, only a handful of brokers have access to their products which allow them to consider your case if it has been discharged for less than 3 years. 

I think you need an experienced broker in the adverse world as it could make a massive difference to your options and how the broker packages your case. 

Lenders need to formalise and publish how they underwrite DAS customers really but its been like this for a few years at least. 

szac976

Flyer14 said:

Been reading this with interest and a special thank you to the mortgage advisors replying.

I am now 2 years post DAS(DMP) and myself and my wife are looking to buy. Her credit is perfect and previously owned a property herself. As part of DAS i have some defaults and missed payments but most recent default now 5 years ago.

We have 2 personal loans that we used for wedding, one of which we will clear in next 2 months. Credit card utilisation never over 40% and cleared in full every month.

Can anyone relate and advise roughly what rates we may be looking at or any alternatives to bluestone? We will have 19/20% deposit but looking at bluestones product guide i am just getting a bit disheartened if we are facing 9% rates for another year or two!

Thanks in advance for any replies!

Hey, I had a DAS and when I applied for my first mortgage through Bluestone in 2021 they treated it as a DMP not an IVA