Bluestone Mortgages

ACG

Thats a bit of an odd request, not in a bad way but just more a case that I would have expected it to have been covered off at the outset. Is your rent not on your bank statements? 

I still think you will be fine. 

rjenkins1005

I’m thinking maybe they’ve asked for two years as we asked for a two year fixed rate?

They only asked for 3 months bank statements and I stopped renting in March this year and moved back home - so they wouldn’t have seen them before.

thanks for your quick response! 

rjenkins1005

Hard search showing at 1pm today - so hopefully some news soon!

ACG

rjenkins1005 said:

I’m thinking maybe they’ve asked for two years as we asked for a two year fixed rate?

They only asked for 3 months bank statements and I stopped renting in March this year and moved back home - so they wouldn’t have seen them before.

thanks for your quick response! 

2 years worth of rent payments or 2 months? (you said months on your previous post)
Their criteria is no mortgage arrears in the last 12 months and no more than 4 (depending on the product) in the last 2 years. 

Because your rent is not shown on your credit report, it is normal for them to ask for evidence of the last 2 years rental payments as they treat rental arrears the same as mortgage arrears. This is completely normal for Bluestone on all applications (regardless of fixed period) where the applicant(s) have rented. Nothing to worry about. 

rjenkins1005

Sorry I meant years! That’s my fault!

we had a call last night and bluestone are booking our valuation today - so good news based on what I have read so far 😁

ACG

It sounds like you are there, assuming the valuation comes back ok. 

Proghouse95

Have currently just joined the bluestone application rollercoaster. Application submitted today by broker.
Me & the wife earn £71k between us, had a couple of defaults in October from sky which were more a misunderstanding after a change in direct debit dates &which were paid straight off . Credit score not the best although came up as fair on checkmyscore & is more down to the amount of credit we’ve got rather than missed payments etc. hadn't had a missed payment for a couple of years before the sky issue.
just looking for some reassurance .  Main worry is bank statements as most of our money goes out every month although bluestone agreed @ AIP stage  to lend more to pay off all our credit to make the mortgage affordable.
Any reassurance or advice greatly appreciated 

ACG

If the adverse fits (which it sounds like it does) you should be fine on that front. Bluestones big "thing" is affordability. Assuming that fits, it should be fine. If it is very tight they may end up reducing the loan a little to make it fit. 

Proghouse95

Weirdly had the surveyor call today about booking the valuation in.  This seems very quick as full application was only put in by broker yesterday & is not keeping with how other applications have gone on this thread

ACG

Proghouse95 said:

Weirdly had the surveyor call today about booking the valuation in.  This seems very quick as full application was only put in by broker yesterday & is not keeping with how other applications have gone on this thread

The way Bluestone work is that your application goes in and gets assessed. Once assessed it then gets the valuation instructed and passed over to an underwriter. 

It could be that your broker has done a better job than most or your application was simpler.