Bluestone Mortgages

Proghouse95

So yesterday broker called to explain bluestone have done an initial review & now require January bank statements & a letter explaining the reasons behind any adverse credit on our file . Is this normal ?
Valuation of house booked in for Monday 

Proghouse95

rjenkins1005 said:

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 😁

Did you get your offer in the end.?
we’ve had valuation done today.  Valuer said he’d have report to bluestone by 5pm..  5:15pm hard search on Experian from bluestone..  hoping that’s it and we get our offer sometime this week 

Elsc04

Hello…. Just wondering if anyone has any ideas / experience of Bluestone in terms of IVA satisfied and able to change LTV deposit amount in between exchange and completion on a purchase.

We had IVA which was paid off early - May last year 2023 when it was due to finish October 24.
looking to buy a new build property so need a 30% deposit. Affordability wise we should be ok as we earn £75k between us and mortgage will be worth £238k (70%LTV)…. I’d been told once the IVA has been discharged 1 year they would consider 25% deposit (basically means £17k difference to us) and that’s on 12th May.
my question is if we got an offer at 30% now and therefore exchanged contracts on this new build (if everyone in the chain was agreeable to waiting until May) could we change the deposit amount between exchange and completion from 30% to 25%? Does anyone know of anyone who’s done that before?

ps we remortgaged with Bluestone last year to take equity out of current property to pay off the IVA so are currently with them - they were super helpful last year, asked lots of questions via our MA but were really open to our situation. Using the MA the new build company recommend and already got a DiP based on a 30% deposit with them 

ACG

I think you would need to re-apply, but your broker can add a note to cross reference. In theory it should be a formality. Im not sure in practice though.

Proghouse95

Full application put in last Tuesday by MA
An extra up to date bank  statement & a letter requested last Thursday 
Valuation yesterday… hard credit search carried out yesterday evening 
What’s next?
working nights is a killer as I’m awake all day waiting for any update 

TwirlingQueen

Afternoon all.....I have had an AIP from my broker, its with Bluestone as my credit isn't great.

I haven't found a house yet though I am looking.

The rate is 7.2%...... I've already shed a few tears but it is what it is for now.

My credit is slowly repairing with things falling off every month this year, troubles started in 2017 and I wish I'd found these site back then it would be impeccable by now, but here we are. 

So I was wondering if anyone has been in the same boat and by the time they have come to actually submit the rates etc have improved....like I say I haven't found a property but I am looking and everything is improving every month.

Would it also be worth asking another broker? this is the first and only one I've asked at the moment.

Thank you

Elsc04

TwirlingQueen said:

Afternoon all.....I have had an AIP from my broker, its with Bluestone as my credit isn't great.

I haven't found a house yet though I am looking.

The rate is 7.2%...... I've already shed a few tears but it is what it is for now.

My credit is slowly repairing with things falling off every month this year, troubles started in 2017 and I wish I'd found these site back then it would be impeccable by now, but here we are. 

So I was wondering if anyone has been in the same boat and by the time they have come to actually submit the rates etc have improved....like I say I haven't found a property but I am looking and everything is improving every month.

Would it also be worth asking another broker? this is the first and only one I've asked at the moment.

Thank you

We’re in similar position. DiP with Bluestone and rates are high but pleased to be able to get something. We’re hoping to lower deposit amount between exchange and completion on a new build and our MA seems to think it should be fine although is checking for definite with Bluestone. Full application going in this week based on the higher deposit and current rate and hoping to change in May before completion and then it’ll be 1 year after a satisfied IVA which brings the deposit needed % down. I’ll let you know when I hear anything 

TwirlingQueen

Elsc04 said:

TwirlingQueen said:

Afternoon all.....I have had an AIP from my broker, its with Bluestone as my credit isn't great.

I haven't found a house yet though I am looking.

The rate is 7.2%...... I've already shed a few tears but it is what it is for now.

My credit is slowly repairing with things falling off every month this year, troubles started in 2017 and I wish I'd found these site back then it would be impeccable by now, but here we are. 

So I was wondering if anyone has been in the same boat and by the time they have come to actually submit the rates etc have improved....like I say I haven't found a property but I am looking and everything is improving every month.

Would it also be worth asking another broker? this is the first and only one I've asked at the moment.

Thank you

We’re in similar position. DiP with Bluestone and rates are high but pleased to be able to get something. We’re hoping to lower deposit amount between exchange and completion on a new build and our MA seems to think it should be fine although is checking for definite with Bluestone. Full application going in this week based on the higher deposit and current rate and hoping to change in May before completion and then it’ll be 1 year after a satisfied IVA which brings the deposit needed % down. I’ll let you know when I hear anything 

Im the same to be honest, just happy to get something but still got a little hope it will change as everything imprves monthly ha! Got to have some hope. Good luck and yes please keep me posted! 

Think I will shop around and get another set of eyes....cant hurt can it! Those rates though! My last mortgage before I sold in 2022 was 2.14....what a dream haha 

ACG

TwirlingQueen said:

Afternoon all.....I have had an AIP from my broker, its with Bluestone as my credit isn't great.

I haven't found a house yet though I am looking.

The rate is 7.2%...... I've already shed a few tears but it is what it is for now.

My credit is slowly repairing with things falling off every month this year, troubles started in 2017 and I wish I'd found these site back then it would be impeccable by now, but here we are. 

So I was wondering if anyone has been in the same boat and by the time they have come to actually submit the rates etc have improved....like I say I haven't found a property but I am looking and everything is improving every month.

Would it also be worth asking another broker? this is the first and only one I've asked at the moment.

Thank you

Rates should be coming down today. 

TwirlingQueen

ACG said:

TwirlingQueen said:

Afternoon all.....I have had an AIP from my broker, its with Bluestone as my credit isn't great.

I haven't found a house yet though I am looking.

The rate is 7.2%...... I've already shed a few tears but it is what it is for now.

My credit is slowly repairing with things falling off every month this year, troubles started in 2017 and I wish I'd found these site back then it would be impeccable by now, but here we are. 

So I was wondering if anyone has been in the same boat and by the time they have come to actually submit the rates etc have improved....like I say I haven't found a property but I am looking and everything is improving every month.

Would it also be worth asking another broker? this is the first and only one I've asked at the moment.

Thank you

Rates should be coming down today. 

Thank you for that, are the rates with Bluestone personal with circumstances & offers or is it standard?