Bluestone Mortgages

jamesieboi46

Hopeful0324 said:

jamesieboi46 said:

Hopeful0324 said:

jamesieboi46 said:

Seems a popular choice I'm with haysto 2 weeks into application as of tommorow most stressful thing I've ever went through this 😂 they gathered alot of documents before putting application in Bluestone wanted a tenancy form signed of by our housing association and another thing hopefully that's the last of it now haven't heard anything since Thursday but they have been quick in asking for documents so far so hopefully you don't have a long wait 

It's so stressful isn't it!! Good to hear that Bluestone seem quick in asking for any other documents etc. Have you had a valuation booked yet? Any searches appeared on your credit file? Good luck with your application and hoping you get good news very soon

So I'm in Scotland so the home report is already done on the house so don't need a valuation done so hopefully speed's things up also I had a search done on the 12th of March too, had to give 24 months bank statements to show rents being paid yet they then requested the teneancy thing to be done aswel bit of a pain! The other thing was my gifted deposit as I'm 30% deposit was in a bond account sent them this but had to do it all again as wasn't dated so I'm hoping to hear some good news today will keep you posted on time frames etc thanks you too!

Fingers crossed you hear back today with an offer We have just received a call from the surveyor regarding the valuation which has been arranged for tomorrow!! Not sure how Bluestone work with valuations and whether they instruct on application or only once they are happy with the application/docs/underwriting etc??

Well I've just been updated that valuation has been done but I need an extra 2.5k for deposit which is fine then he said they will do final checks and should hopefully have an offer for Friday so I think with the sounds of the way mines has went they are happy with documents etc that you have sent in so yiu seem to be making quick progress by the sounds of things!!

Mr2018

jamesieboi46 said:

Hopeful0324 said:

jamesieboi46 said:

Hopeful0324 said:

jamesieboi46 said:

Seems a popular choice I'm with haysto 2 weeks into application as of tommorow most stressful thing I've ever went through this 😂 they gathered alot of documents before putting application in Bluestone wanted a tenancy form signed of by our housing association and another thing hopefully that's the last of it now haven't heard anything since Thursday but they have been quick in asking for documents so far so hopefully you don't have a long wait 

It's so stressful isn't it!! Good to hear that Bluestone seem quick in asking for any other documents etc. Have you had a valuation booked yet? Any searches appeared on your credit file? Good luck with your application and hoping you get good news very soon

So I'm in Scotland so the home report is already done on the house so don't need a valuation done so hopefully speed's things up also I had a search done on the 12th of March too, had to give 24 months bank statements to show rents being paid yet they then requested the teneancy thing to be done aswel bit of a pain! The other thing was my gifted deposit as I'm 30% deposit was in a bond account sent them this but had to do it all again as wasn't dated so I'm hoping to hear some good news today will keep you posted on time frames etc thanks you too!

Fingers crossed you hear back today with an offer We have just received a call from the surveyor regarding the valuation which has been arranged for tomorrow!! Not sure how Bluestone work with valuations and whether they instruct on application or only once they are happy with the application/docs/underwriting etc??

Well I've just been updated that valuation has been done but I need an extra 2.5k for deposit which is fine then he said they will do final checks and should hopefully have an offer for Friday so I think with the sounds of the way mines has went they are happy with documents etc that you have sent in so yiu seem to be making quick progress by the sounds of things!!

Can I ask why they are asking for an extra 2.5k deposit? 

Mr2018

I'm just starting to look at mortgages after a bankruptcy in March 21. Have stumbled upon a broker referred via an estate agent. He seems ok and has found Bluestone as probably the only option for me at the moment. My question is, I don't think this broker is a 'specialist' with adverse and doesn't seem to have used Bluestone regularly. I do have a AIP from them via this broker, but would I be better looking at a company that are specialists in this area, Haysto and Simply Lending have just been mentioned in recent posts? Or should I just continue with where I am at based on having a AIP? Just reading all the posts about Bluestone asking for a lot of extra documents etc during the full application and navigating this. What are the fees with using these brokers? 

jamesieboi46

Mr2018 said:

I'm just starting to look at mortgages after a bankruptcy in March 21. Have stumbled upon a broker referred via an estate agent. He seems ok and has found Bluestone as probably the only option for me at the moment. My question is, I don't think this broker is a 'specialist' with adverse and doesn't seem to have used Bluestone regularly. I do have a AIP from them via this broker, but would I be better looking at a company that are specialists in this area, Haysto and Simply Lending have just been mentioned in recent posts? Or should I just continue with where I am at based on having a AIP? Just reading all the posts about Bluestone asking for a lot of extra documents etc during the full application and navigating this. What are the fees with using these brokers? 

So I needed the extra as the valuation on house was 145k and I have offer in above this so they needed extra on this which is fine but expensive deposit tbh as long as I get the mortgage it's worth it, and yeah I really didn't expect to be in this position with my adverse history and my wife's also, we had been turned away by alot of brokers even so called adverse brokers but haysto have been brilliant, from this thread and my experience the better the broker has experience with Bluestone the better it will work out for you in terms if speed and what's needed they seem to gather all this beforehand and carefully pre-underwrite your application ready for bluestone so as to not get a million questions and documents requested! Even after the mountain of documents haysto needed beforehand bluestone still needed a few extras! But the timing compared to previous posts and years for me has been really fast think because of covid back logs in previous posts have been the reasons for time wise on alot of applications, @ACG can maybe help you out too! Has good experience with bluestone and has been very good for alot of advice on this thread.

Hopeful0324

Mr2018 said:

I'm just starting to look at mortgages after a bankruptcy in March 21. Have stumbled upon a broker referred via an estate agent. He seems ok and has found Bluestone as probably the only option for me at the moment. My question is, I don't think this broker is a 'specialist' with adverse and doesn't seem to have used Bluestone regularly. I do have a AIP from them via this broker, but would I be better looking at a company that are specialists in this area, Haysto and Simply Lending have just been mentioned in recent posts? Or should I just continue with where I am at based on having a AIP? Just reading all the posts about Bluestone asking for a lot of extra documents etc during the full application and navigating this. What are the fees with using these brokers? 

We have gone with Simply and they have been outstanding so far - always thinking outside the box, extremely responsive to emails/calls etc - I cannot fault them

ACG

Mr2018 said:

I'm just starting to look at mortgages after a bankruptcy in March 21. Have stumbled upon a broker referred via an estate agent. He seems ok and has found Bluestone as probably the only option for me at the moment. My question is, I don't think this broker is a 'specialist' with adverse and doesn't seem to have used Bluestone regularly. I do have a AIP from them via this broker, but would I be better looking at a company that are specialists in this area, Haysto and Simply Lending have just been mentioned in recent posts? Or should I just continue with where I am at based on having a AIP? Just reading all the posts about Bluestone asking for a lot of extra documents etc during the full application and navigating this. What are the fees with using these brokers? 

Bluestone and all of the specialist lenders are very different to the high street. 
Its just little things - an explanation for the adverse (thats not war and peace just a paragraph), most brokers might not get that on day 1. Not getting it will not alter the outcome, but it could delay everything. But the little things do add up. 

I always say every lender has something they get fussy about, Bluestone is affordability - adverse, they are fine with. But if you are tight on affordability, it needs to be thoroughly checked as that is where they come down like a ton of bricks. 

Im not saying to not use the broker you have, if you feel comfortable with them and can accept they might make a few slips up that cost you a couple of days/a week go with them. Its a stressful time so if you like and trust the broker, that will come in valuable for settling your nerves when the application does go in. I would rather have someone who is honest and upfront about their lack of experience with them than someone who talks the talk but when it comes to it, they are no better as then you start to lose confidence in them very quickly. 

On a side note, once the bankruptcy is 3 years discharged there are potential high street and building society options which may be cheaper (although not necessarily as Bluestone are quite well priced at the minute). If the broker has not mentioned it, Bluestone charge a 1% loading for people who have been bankrupt in the last 6 years.

fingersandtoescrossed

Hi all! So on Friday the 15th we got our DIP then on Monday we had a hard search done not long after that we got a call from Conells to book in for the a valuation! Which they did yesterday…unbelievable speed!
Conells mentioned the valuation is fine so no problems there.

does anyone know if this is all positive or just today’s procedure?

we submitted absolutely everything under the sun all on Friday 
payslips
bank statements personal and business “3 months”
SA302s past 2 years
tax overviews
deposit evidence
credit report

Mr2018

jamesieboi46 thanks, so you needed to get to a percentage based on offer price, not listed price. I was asking as I know I'll need a minimum 20%, which is a lot and don't want any unplanned 'extra' costs I hadn't considered being thrown in last minute that I might not have.

Hopeful0324 thanks for the recommendation, counts for a lot as I'm sure all of us in this unfortunate position have the same apprehensive feeling when it comes to this point.

ACG that all makes sense, the broker is part of Embrace and is a nice bloke, but recently I have felt responses have been a little slow, some emails not responded to etc, but as stated his has had a AIP agreed. Their cost is £550, how does this compare to Haysto or Simply for example? 

Docs and preparation is a concern after reading this page. Not that I don't have them, but that they've not been asked for. So far I've only submitted 3 payslips and 3 months accounts (for 3 accounts where I have savings across all 3 accounts). But I haven't actually had an offer on a house accepted yet, so may be ahead of myself here anyway. (Hoping to hear back from an offer made on a house today).

I have already seen the affordability challenge you mention. In my AIP, based on the figures submitted by the broker, Bluestone said they would only offer it based on a 5 year fixed.  It seems they are prepared to offer greater affordability in a 5 years fixed over a 2 year fixed. Ideally I wanted a two year fixed so that I could remortgage for hopefully a better closer to 'normal' rate in 2 years time. You mentioned Bluestone are quite well priced at the moment and my broker has not specially mentioned the 1% loading, but I'm assuming that has already been factored in, as being told my 5 year fixed rate would be 8.04%. Does this sound about what I should be expecting? Accepting mine is most likely the worst kind of adverse.

Waiting another year could be an option, although a frustrating one. Don't like where I rent and pay a high amount PCM, but it's all I could get with credit issues etc (its overpriced so had little interest in it). So desperate to get out and get into my own place again. At the time I went bankrupt it seems like 2 years discharged was the milestone, but not its seems like 3 years discharged is.

In summary, would it be unproductive or unprofessional (rude) to change broker at this stage or to make an enquiry with Haysto or Simply to see what their AIP would be? Could the rate be different (better?) if another broker packages my case differently? Then chose who I proceed with for full application or is this poor practice? When do fees kick in, on full application or AIP? I understand its takes work to get a AIP so don't want to mess anyone around.

Hopeful0324

fingersandtoescrossed said:

Hi all! So on Friday the 15th we got our DIP then on Monday we had a hard search done not long after that we got a call from Conells to book in for the a valuation! Which they did yesterday…unbelievable speed!
Conells mentioned the valuation is fine so no problems there.

does anyone know if this is all positive or just today’s procedure?

we submitted absolutely everything under the sun all on Friday 
payslips
bank statements personal and business “3 months”
SA302s past 2 years
tax overviews
deposit evidence
credit report

Sounds like everything is moving in the right direction I have no idea of Bluestone's current turnaround times but it seems like they are reviewing documents within 24-48 hours. We had a further request for 24 months mortgage statements and valuation has been done today. My blood pressure is through the roof!!!! Hoping you get some positive news very soon

Hopeful0324

Mr2018 said:

jamesieboi46 thanks, so you needed to get to a percentage based on offer price, not listed price. I was asking as I know I'll need a minimum 20%, which is a lot and don't want any unplanned 'extra' costs I hadn't considered being thrown in last minute that I might not have.

Hopeful0324 thanks for the recommendation, counts for a lot as I'm sure all of us in this unfortunate position have the same apprehensive feeling when it comes to this point.

ACG that all makes sense, the broker is part of Embrace and is a nice bloke, but recently I have felt responses have been a little slow, some emails not responded to etc, but as stated his has had a AIP agreed. Their cost is £550, how does this compare to Haysto or Simply for example? 

Docs and preparation is a concern after reading this page. Not that I don't have them, but that they've not been asked for. So far I've only submitted 3 payslips and 3 months accounts (for 3 accounts where I have savings across all 3 accounts). But I haven't actually had an offer on a house accepted yet, so may be ahead of myself here anyway. (Hoping to hear back from an offer made on a house today).

I have already seen the affordability challenge you mention. In my AIP, based on the figures submitted by the broker, Bluestone said they would only offer it based on a 5 year fixed.  It seems they are prepared to offer greater affordability in a 5 years fixed over a 2 year fixed. Ideally I wanted a two year fixed so that I could remortgage for hopefully a better closer to 'normal' rate in 2 years time. You mentioned Bluestone are quite well priced at the moment and my broker has not specially mentioned the 1% loading, but I'm assuming that has already been factored in, as being told my 5 year fixed rate would be 8.04%. Does this sound about what I should be expecting? Accepting mine is most likely the worst kind of adverse.

Waiting another year could be an option, although a frustrating one. Don't like where I rent and pay a high amount PCM, but it's all I could get with credit issues etc (its overpriced so had little interest in it). So desperate to get out and get into my own place again. At the time I went bankrupt it seems like 2 years discharged was the milestone, but not its seems like 3 years discharged is.

In summary, would it be unproductive or unprofessional (rude) to change broker at this stage or to make an enquiry with Haysto or Simply to see what their AIP would be? Could the rate be different (better?) if another broker packages my case differently? Then chose who I proceed with for full application or is this poor practice? When do fees kick in, on full application or AIP? I understand its takes work to get a AIP so don't want to mess anyone around.

I think you have to go with whatever feels right for you. We went with Simply based on their Trustpilot review and the fact that they deal with the more complex cases. If you look on Bluestone's website it says they are partnered with a number of brokers and Simply are listed on this so they obviously work with them regularly. I can honestly say that the service I have had with Simply has been outstanding - they are so understanding and have not minded me emailing a hundred times a day!! They always respond within a couple of hours max, often within 30 minutes so their customer service has been amazing. Once you have your DIP you get passed to one of their own underwriters who goes through all your documents and asks any questions about these before submitting the full application. I think their fees are based on a tier type system dependent on your current credit score. The fees start at £595 and go up to £2495 - it may give more info on their website but I would definitely recommend them. Even if we don't get an offer, I don't think they could have done anything more