Bluestone Mortgages

ACG

szac976 said:

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

Even us brokers learn something on this site. 

Hairbytrade

Hi, 
I'm having a bit of a panic hoping someone can put my mind at rest...
I currently have a Bluestone mortgage, now having re remortgage to remove and buy him out so I don't need to sell my home.

Simply lending, my brokers have been amazing, I had my DIP 8th September with Bluestone again  as I have a couple of age old defaults and an expired IVA which i paid off early yrs ago, thats now since dropped off my credit file  and only one year of healthy accounts - thanks to 2 yrs of lockdowns! 

I had my valuation 22nd September all was good there,  house value increased by 13k,  and the report  swiftly passed onto Bluestone. On 25th.

Simply contacted me today to say no updates as yet, but will chase them up  and should have an update/offer by the end of tomorrow..

Am I home and dry so to speak? Or do I still need to worry please? 😟 

I'm.a nervous wreck right now! 

Ash1809

Hello all. We have a completion date of the 12th next week. The COT was sent to Bluestone on Thursday by the solicitor. Had a pre completion call as well on Tuesday. Up to now we have not heard when funds will be released. panicking now.

ACG

You would not hear about when funds will be released. 
There will be emails between your solicitor, broker and Bluestone which will confirm if there is anything outstanding from the solicitors side and if there is when they need that by in order to complete, but in all honesty I have seen solicitors scrambling around at 11am on the day of completion and still complete in the afternoon with Bluestone, they are pretty good. 

Your solicitor would not have allowed you to exchange if they were not on top of it. 

Ash1809

ACG said:

You would not hear about when funds will be released. 
There will be emails between your solicitor, broker and Bluestone which will confirm if there is anything outstanding from the solicitors side and if there is when they need that by in order to complete, but in all honesty I have seen solicitors scrambling around at 11am on the day of completion and still complete in the afternoon with Bluestone, they are pretty good. 

Your solicitor would not have allowed you to exchange if they were not on top of it. 

Hi ACG .Thank you for replying. I should have explained better. We have not exchanged contracts yet. All parties agreed for a completion date on the 12th. We were hoping to exchange this week. As far as I know Bluestone requested for the COT to be sent 5 working days prior to completion. This is the reply from the solicitor when I asked. 

Thanks for the email. 

Contracts have not yet been exchanged; I have not been asked to by the chain below and I am not yet in a position to exchange for two reasons: 

1. I await a mortgage redemption statement on your existing property – this has been requested but will only be sent in the post
2. I await confirmation from Bluestone that mortgage funds will be released.

ACG

Assuming 1 happens in time, I would be pretty confident 2 happens. Bluestone are pretty good at completing even with little notice. 

rjenkins1005

Hi!

Myself and my partner are trying to buy our first property, combined wage of around 75K per year.
He has perfect credit, mine is very adverse - all over 2-3 years old. Worst bit is an IVA taken out in Nov 2020 and settled Oct 2022.

My MA got us a DIP with bluestone which was underwritten by person not a computer as we didn’t meet the 3 years IVA discharged.

I’ve had clear credit for the past 2.5 years and have provided a letter explaining my bad credit (abusive relationship in my early 20s)

Our DIP is 25% deposit and 9.8% interest which we are fine with, we have been saving 2-3K per month for over a year now so are very good with our money.

We are buying a property at £207K which is way under our max lending according to our MA.

application submitted on the 14th Nov, soft searches 15th and had to provide more paperwork on 22nd.

just want some peace of mind if possible, my MA is confident as we were underwritten with our specific case details for the DIP and nothing was ever hidden or fluffed up we’ve been open and honest with everything.

the valuation isn’t worrying me massively as we got a good deal on the property and was valued previously at around 220K this year.

do you think we should be okay with our offer?

ACG

This is Bluestone territory, you will be fine. 
Bluestone have 2 lots of criteria. They have published criteria and then another lot of criteria for a group of brokers (we are part of the same group) where the criteria can be a little more open. 

rjenkins1005

Thanks so much!

we’ve been told today they have everything they need and will be back to us by Tuesday, so fingers crossed! 

rjenkins1005

Update - just been asked of two months worth of proof of rent payments - sent over with a reference from my landlord just in case - never missed a payment.

ive been told this resets the clock and another 48 hours of waiting to go.

do we think it’s a good step they’ve asked for this?