Bluestone Mortgages

Elsc04

So... on the thread of timings etc.  I've posted a bit earlier on but here's a summary of where we're up to (I'm starting to go a little mad with the wait)

partner and I had an IVA which was settled early last May (should have been October 2024).
We are looking to move to a newbuild and Bluestone are who our MA has gone through.
We're looking at the BBB or A product (LTV of 70%) deposit will come from equity in house and a work bonus.
We had our AIP done by the underwriter at the beginning of Feb.
Valuation requested on new house - 14th Feb
Affordability passport for Bluestone done on 15th Feb which looked at 12 months of bank statements (initially provided 3m)
Valuation done on the new house 16th Feb
Full application with went in on 16th Feb.
Creditspring loan - we took one out in October (v small amount) to rebuild credit. 
MA spoke to Bluestone on 20th Feb about this who were ok (given our LTV I think and reasons for us taking it out) as long as it will be repaid - which won't be a problem - but could therefore only look at a 5 year fixed - again not too bothered about this as we have considered early repayment charges in a year or two.
reference request at work to verify bonus was done last Wednesday (21st Feb) and now we're in the waiting game...... not heard anything since..... is it normal for it to take this long and hear nothing - I'd seen on Bluestone website that they were underwriting within 48 hours and as you can imagine it's driving me mad..... I'm going from no news is good news, to it must be bad  

JustMe18

Elsc04 said:

So... on the thread of timings etc.  I've posted a bit earlier on but here's a summary of where we're up to (I'm starting to go a little mad with the wait)

partner and I had an IVA which was settled early last May (should have been October 2024).
We are looking to move to a newbuild and Bluestone are who our MA has gone through.
We're looking at the BBB or A product (LTV of 70%) deposit will come from equity in house and a work bonus.
We had our AIP done by the underwriter at the beginning of Feb.
Valuation requested on new house - 14th Feb
Affordability passport for Bluestone done on 15th Feb which looked at 12 months of bank statements (initially provided 3m)
Valuation done on the new house 16th Feb
Full application with went in on 16th Feb.
Creditspring loan - we took one out in October (v small amount) to rebuild credit. 
MA spoke to Bluestone on 20th Feb about this who were ok (given our LTV I think and reasons for us taking it out) as long as it will be repaid - which won't be a problem - but could therefore only look at a 5 year fixed - again not too bothered about this as we have considered early repayment charges in a year or two.
reference request at work to verify bonus was done last Wednesday (21st Feb) and now we're in the waiting game...... not heard anything since..... is it normal for it to take this long and hear nothing - I'd seen on Bluestone website that they were underwriting within 48 hours and as you can imagine it's driving me mad..... I'm going from no news is good news, to it must be bad  

Ours is not with Bluestone, but with Kent....we had good affordability, deposit etc.  Affordability passed, credit check passed , valuation ok, initial pre-offer assessment ok, but after a long time of waiting they refused us because of returned DD in October. Now we are re-applying once again.Shame, as they are adverse lenders with high interest rate...they wouldn't even listen about our income, which I think is relatively high...

rjenkins1005

Proghouse95 said:

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 

Sorry I haven’t responded/updated!

we did get our offer, and are moving in this week!

to be honest we’ve found bluestone really great, they’ve been abit slow with some responses but all in all positive. 

Timeline -
Accepted bid mid october
Mortgage application end of october
plenty of questions in November from them!
valuation 4th December and offer from them on the 7th

Moving date set for 8/03

can’t believe still we’ve pulled this off, and this forum was such a comfort for me and ACG was an amazing help! 

TwirlingQueen

Morning All.....

I am awaiting a call back from my broker but thought I'd ask on here to see if anyone has had the same issue.

I've seen a house...perfect for me!

It is being sold by Goodmove...I viewed yesterday and called this morning to place an offer. The lady advised as Goodmove buy properties like we buy any car etc and as they have owned it for less than 6 months there will only be one or 2 lenders that will give a mortgage against it. She was also a little rude stating well I've never heard of Bluestone! 

Has anyone come across this before......the house is perfect for me but will have to walk away as obviously with my adverse still on my report there's no way id get a high street lender at this time.

Any experience or words of wisdom on this would be greatly appreciated  

Elsc04

Elsc04 said:

So... on the thread of timings etc.  I've posted a bit earlier on but here's a summary of where we're up to (I'm starting to go a little mad with the wait)

partner and I had an IVA which was settled early last May (should have been October 2024).
We are looking to move to a newbuild and Bluestone are who our MA has gone through.
We're looking at the BBB or A product (LTV of 70%) deposit will come from equity in house and a work bonus.
We had our AIP done by the underwriter at the beginning of Feb.
Valuation requested on new house - 14th Feb
Affordability passport for Bluestone done on 15th Feb which looked at 12 months of bank statements (initially provided 3m)
Valuation done on the new house 16th Feb
Full application with went in on 16th Feb.
Creditspring loan - we took one out in October (v small amount) to rebuild credit. 
MA spoke to Bluestone on 20th Feb about this who were ok (given our LTV I think and reasons for us taking it out) as long as it will be repaid - which won't be a problem - but could therefore only look at a 5 year fixed - again not too bothered about this as we have considered early repayment charges in a year or two.
reference request at work to verify bonus was done last Wednesday (21st Feb) and now we're in the waiting game...... not heard anything since..... is it normal for it to take this long and hear nothing - I'd seen on Bluestone website that they were underwriting within 48 hours and as you can imagine it's driving me mad..... I'm going from no news is good news, to it must be bad  

Further update…… mortgage offered yesterday ☺️ loan to value of ours is 70% and a couple of conditions are the credit spring loan to be paid off ( which is no problem as we were using it to rebuild credit) our broker did a great job with this too and Bluestone understood but just want it paying - I think they only seem, to have an issue when it’s higher LTV and affordability definitely seems their thing. Only other thing is a coal mining report search which I know where we are moving is an historic mining area but I, assuming with it being a new build site they’d have all that in order before even building? Anyone had any experience of that? Obviously really pleased now and onto the next hurdle of moving…. Can honestly say Bluestone have been really great  - yes the rates are higher but it gives us an opportunity to move way sooner than we could with a high street and if you get a good broker who knows and works with them, they’re good

jamesieboi46

Been 1 week since my application went in bluestone wanted more docs but my broker already had them on file using haysto they seem to be on the ball and have good experience with Bluestone, had to send in a tenancy form yesterday aswel, no missed payments at all on this, then questioning work place and fuel expenses...never been so stressed in my life with this!!! Hopefully not going to be a long slog with stuff back and forth as seller needs house gone ASAP! Unbelievable that I'm at this stage tbh as credit is very poor 4 defaults in last year, no loans in 2 years though, 30% deposit gifted so see how we go 🙏😮‍💨

InAPickle76

Looking at Bluestone for a remortgage due to affordability - have seen that they seem to request way more documents than the main high street lenders. Obviously the usual bank statements/payslips/P60 etc but what other things have people been asked for? I see some have been asked for mortgage statements for example. Just want to try and get any docs prepared that they may potentially ask for. Thanks in advance.

InAPickle76

InAPickle76 said:

Looking at Bluestone for a remortgage due to affordability - have seen that they seem to request way more documents than the main high street lenders. Obviously the usual bank statements/payslips/P60 etc but what other things have people been asked for? I see some have been asked for mortgage statements for example. Just want to try and get any docs prepared that they may potentially ask for. Thanks in advance.

@ACG or @kingstreet - not sure if either of you have any info re: this query? I see that you often deal with cases involving Bluestone? Thanks so much

ACG

InAPickle76 said:

InAPickle76 said:

Looking at Bluestone for a remortgage due to affordability - have seen that they seem to request way more documents than the main high street lenders. Obviously the usual bank statements/payslips/P60 etc but what other things have people been asked for? I see some have been asked for mortgage statements for example. Just want to try and get any docs prepared that they may potentially ask for. Thanks in advance.

@ACG or @kingstreet - not sure if either of you have any info re: this query? I see that you often deal with cases involving Bluestone? Thanks so much

It really depends on your situation. They will ask for a declaration form to be signed, make sure the signature matches your ID! Otherwise you have the joy of explaining why your signature differs and filling out another form. 

jamesieboi46

Hi @ACG question for you...I'm based in Scotland so the house I'm currently trying to purchase already comes with a home report, so does this mean bluestone wouldn't need to do a valuation as I've already sent this to my broker at the start of application?