Bluestone Mortgages

ACG

Their rates change depending on the level of adverse and LTV - but everyone who fits a particular box will get the same product.

TwirlingQueen

ACG said:

Their rates change depending on the level of adverse and LTV - but everyone who fits a particular box will get the same product.

Thanks so much! Im hoping it will come down even a little whilst house hunting, and my credit is repairing with every month that passes.

cockerhoop47

We've been with Bluestone for 3 years and have been fairly happy. We are now trying to do a product transfer but our old broker is being awkward and wanting us to go elsewhere. Does anyone have any recommendations for a Broker in the Kent area able to do this for us, Bluestone will only do this through a broker. 

ACG

cockerhoop47 said:

We've been with Bluestone for 3 years and have been fairly happy. We are now trying to do a product transfer but our old broker is being awkward and wanting us to go elsewhere. Does anyone have any recommendations for a Broker in the Kent area able to do this for us, Bluestone will only do this through a broker. 

Why do they not want to do it? 

Hellohello65

I got a question and any help would be appreciated. I am selling my house to my daughter and a condition is that I will not have any stake in the gifted equity or reside in the property post completion. Wondering if this approach would be taken by all lenders or only some?. I have no issues with the gifted equity part but why can donor not reside at the property?

If this is a common condition used by lenders, can anyone share what evidence will my daughter have to provide that we have actually moved out? Also any insight into why this is a part of mortgage condition would be helpful.

Proghouse95

Not heard anything on our bluestone mortgage Application from our broker since last Friday.  Had a valuation last Monday, more info & documents requested last Friday, nothing since despite sending over a few emails asking for an update. Is this normal?  Our broker is Mortgagekey.  Any info appreciated 

Elsc04

Anyone had an Experian affordability passport request invite from Bluestone? This is for a purchase on a property 
we have a dip and now at application stage.
today I’ve received a request for valuation fee to be paid and this affordability passport where i give permission for them to view incoming and outgoing transactions from my bank for up to 12 months??
I’ve already provided last 3m bank statements through our MA so unsure if this is a good or bad sign?
would they request valuation fee if they were still unsure? Any help / advice would be great - feel going a bit mad reading into every little thing…. Ps mortgage advisor says he thinks affordability shouldn’t be an issue but I’m now worried

Proghouse95

An update on our bluestone application.. as far as i can see in this thread very few people get declined by bluestone once they get there AIP.  Well looks like we’ve bucked that trend.  No IVA, No DMP, No CCJ’S  only 1 default in 2 years for sky mobile, But it seems a credit spring account is worse than all those things & one payed off no less. 6 weeks after our first enquiry with mortgagekey & 3 weeks after our AIP a credit spring account was given as the reason we no longer meet bluestones lending criteria. An account that was on our file when the broker reviewed it back in January & when she told us she could see no reason at all why we wouldn’t get this mortgage.
Thought we were sailing through when the valuation was booked in just a few days after full application was submitted but apparently not. Something doesn’t quite sit right with me about it but we will move on & try somewhere else

Gutted is an understatement

ACG

Proghouse95 said:

An update on our bluestone application.. as far as i can see in this thread very few people get declined by bluestone once they get there AIP.  Well looks like we’ve bucked that trend.  No IVA, No DMP, No CCJ’S  only 1 default in 2 years for sky mobile, But it seems a credit spring account is worse than all those things & one payed off no less. 6 weeks after our first enquiry with mortgagekey & 3 weeks after our AIP a credit spring account was given as the reason we no longer meet bluestones lending criteria. An account that was on our file when the broker reviewed it back in January & when she told us she could see no reason at all why we wouldn’t get this mortgage.
Thought we were sailing through when the valuation was booked in just a few days after full application was submitted but apparently not. Something doesn’t quite sit right with me about it but we will move on & try somewhere else

Gutted is an understatement

Dont be too harsh on the broker, I have been caught out by the credit spring. It is not a pay day loan so does not fall out on that, it falls out because of the interest rate they charge. 

I have been caught out by that before and I use Bluestone regularly (im well inside the top 10 brokers in our area). 

Its not so much the account, its what it usually represents - high interest loans are usually a sign of other problems. Because of that, it is easier to just but a blanket decline rather than on a case by case basis and end up arguing it. 

That all being said, why are they going to Bluestone for a single default 2 years ago!? Surely there must be more to your situation? 

Proghouse95

ACG said:

Proghouse95 said:

An update on our bluestone application.. as far as i can see in this thread very few people get declined by bluestone once they get there AIP.  Well looks like we’ve bucked that trend.  No IVA, No DMP, No CCJ’S  only 1 default in 2 years for sky mobile, But it seems a credit spring account is worse than all those things & one payed off no less. 6 weeks after our first enquiry with mortgagekey & 3 weeks after our AIP a credit spring account was given as the reason we no longer meet bluestones lending criteria. An account that was on our file when the broker reviewed it back in January & when she told us she could see no reason at all why we wouldn’t get this mortgage.
Thought we were sailing through when the valuation was booked in just a few days after full application was submitted but apparently not. Something doesn’t quite sit right with me about it but we will move on & try somewhere else

Gutted is an understatement

Dont be too harsh on the broker, I have been caught out by the credit spring. It is not a pay day loan so does not fall out on that, it falls out because of the interest rate they charge. 

I have been caught out by that before and I use Bluestone regularly (im well inside the top 10 brokers in our area). 

Its not so much the account, its what it usually represents - high interest loans are usually a sign of other problems. Because of that, it is easier to just but a blanket decline rather than on a case by case basis and end up arguing it. 

That all being said, why are they going to Bluestone for a single default 2 years ago!? Surely there must be more to your situation? 

Our main issue credit wise is the amount we’ve got rather than missed payments etc.  Our credit rating has come up as fair. We always try to make our payments on time . The missed sky payment was last October and was a result of a mix up in payment dates after opening a new account. Was very surprised how quickly they registered a default, but quickly payed it up to date. That was our first default in 2 years
with regard to using blue stone , our broker did find several lenders willing to AIP but only bluestone were willing to go with amount we wanted until they weren’t