Bluestone Mortgages

jamesieboi46

Hi does anyone pay gas and electricity through a key card when applying for a mortgage? As just wondering as to if I don't had DD set up on bank transactions for utility what they will ask for in this instance when looking at affordability criteria in underwriters stage.

ACG

They may just use ONS figures. 

chuppachops123

Hi everyone. 

I’m totally up and down reading this thread but super helpful.

We have a DIP from Bluestone, this came through In Jan. I have an IVA that’s been completed, underwriter reviewed it before we got our DIP our packagers Impact have said?

The DIP is for a new build at 279000 we are putting down a 30% deposit and the interest rate is 8.9%

So the bit that’s keeping me up with worry every night….

We have submitted a full application end of January, have been asked for everything but my bra size. I then thought we was on the home straight as the builder advised up they has booked valuation last Thursday. Then get a call from broker/packager stating they now want to see my last 12 months of IVA payments and asked why my husband got so much compensation from the armed forces. 

(Back story, our deposit has come from my husband receiving a medical pension from the military for PTSD, he is currently working and is healthy ect but the payment was from a solicitor fighting his case and getting it back paid from leaving the army) 

Does this mean they are now going to refuse us if they are now asking for more and more paper work? We are supposed to be moving in on 18th March. Just don’t feel this is achievable now. 

Any words of wisdom or should we give up all mortgage hopes. 

ACG

Asking for documents does not mean they will decline your case. 
There are anti money laundering checks to do. If they think your deposit is out of the ordinary (which it sounds like it is), they legally have to check it. 

As for the IVA when did it finish? If in the last 2-3 years, that might explain why they want to see the payment history as the payments would need to have been made in line with their criteria. As the IVA payments do not show on your credit report, the statements help with that. 

chuppachops123

Thank you for the reassurance. Yes IVA was paid in November so that makes sense. Do you think we will wait much longer for an offer? Valuation was done on Thursday. 

jamesieboi46

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? 

You have me worried on this now as I have a morses club loan defaulted in 2022 doesn't state opening balance on experian just remaining balance started paying this off again recently but not a pay day loan more of a door step loan high rates...already have AIP not found a house to bid on yet though have a 30% deposit gifted due to adverse credit in both sides wife falls under disability DLA high end aswel my income 37k a year atm passed affordability though hope it doesn't !!!!!! up like this has with stupid loans!! Have another couple defaulted credit cards from last summer aswel trying to pay off now too....makes you wonder why we got accepted in 1st place got offered 2, 3 and 5 year fixed rate at 7.44% also

ACG

I think the 7.44% product (the rates have come down since then), is one of their "worse" products. They can accept PDLs on some products. It sounds like that loan (or the defaults) are knocking you down their list of products already. I think you will be ok. 

jamesieboi46

ACG said:

I think the 7.44% product (the rates have come down since then), is one of their "worse" products. They can accept PDLs on some products. It sounds like that loan (or the defaults) are knocking you down their list of products already. I think you will be ok. 

I will take that rate all day long atm just to move from where I am atm with bad neighbours!! And to buy a nice home we are only looking at a house for roughly 145k mark LTV 70% aswel, we have went with haysto no other mortage advisors would touch us till April they have been really good so far, what do you mean by knocking us down of list of products? And PDLs what does that stand for sorry 😅, I've read this whole thread in less than a few days finally get to put some comments on here, will keep my story updated on how it goes 

ACG

Bluestone have a range of products. 
Clear,
AAA,
AA,
A,
BBB.

Clear get the cheapest rates and the higher LTVs. 
BBB get the higher rates and lower LTVs. 

I think you are around their AA or A product with the rate you quoted. Either the defaults and/or the PDL (Pay day loan) are knocking you down the list by the sounds of it. I know it is not a PDL, its a 6 or 12 month loan by the looks of things, but they all fall under PDL. 

The PDL loan is within criteria for the AA/A/BBB products I think - assuming they work off the date registered or defaulted rather than satisfied which would usually be the case for other debts. 

jamesieboi46

ACG said:

Bluestone have a range of products. 
Clear,
AAA,
AA,
A,
BBB.

Clear get the cheapest rates and the higher LTVs. 
BBB get the higher rates and lower LTVs. 

I think you are around their AA or A product with the rate you quoted. Either the defaults and/or the PDL (Pay day loan) are knocking you down the list by the sounds of it. I know it is not a PDL, its a 6 or 12 month loan by the looks of things, but they all fall under PDL. 

The PDL loan is within criteria for the AA/A/BBB products I think - assuming they work off the date registered or defaulted rather than satisfied which would usually be the case for other debts. 

Ahh got you now thanks for that know your stuff anyways!