Bluestone Mortgages

Alldogsgotoheaven

Hi ACG, 

I really appreciate you taking the time to get back to me ah ok, so I am hoping all will be ok! 

Do you usually hear back quickly with that scenario? 

ACG

Ive not sent any cases to them since October or November. I think it was taking them 2-3 working days to assess documents back then. I cant imagine it has changed too much in that time. 

soanxious

Hi
We had an application put in to Bluestone Mortgages on the 14th Feb so 5 weeks ago today. Mortgage Advisor has said she has requested an escalation today, is that bad?

We have defaults more than 3 years ago, no credit outgoings but my partner has a ccj for parking registered about 18 months ago. According to Mortgage Advisor we fit in the clear criteria range but just wondered if anyone knows how they work out monthly affordability and what percentage of income do they use for mortgage payments.

We are applying for 115k over 15 years

Does anyone know what our net income would need to be ? Thanks 

ACG

They do not really go off net income... They assess your affordability as a whole. Bluestone are harsh on affordability, for expenditure they use the worst of ONS or bank statements so if you are trying to obtain the absolute maximum from bluestone there is a possibility the loan amount could be reduced. 

But I think that is the worst that will happen for you, the adverse will be fine. They might come back and reduce the loan amount if there is a problem with affordability but that might "just be" £200-500 although could be more. If your broker has done a good job though then it should not be a problem. But I do always struggle with bluestone and affordability if you are trying to get the full 4.5x income. 

soanxious

Thank you ACG
It works out at about 2.4x our joint income, not the max but it will be for 15 years (which is the maximum we can have) so worried they will say the payments will not be affordable as they will be higher, we also have 2 independents.
Mortgage will be 41% LTV.
Thanks again 

ACG

Its one of those things, the only person who can answer is the broker as its down to your circumstances. 
Are you applying for the amount you want or the maximum your broker said you can get?

soanxious

We are going through Haysto and it's hard work trying to get anything out of them to be honest.

The DIP said 115k over 16 years so I'm guessing that's the maximum is it? Bluestone have since asked if we will proceed with 15 years instead of 16.
We originally needed 90k but we accepted a lower offer on our current house and with the stamp duty changes we now need closer to 100k, just hope they come back with a lower offer instead of a decline🤞 

ACG

Its funny, Haysto are like the new kid on the block. They had a good reputation, but this year I have seen 3-4 less positive reviews about them. We have picked up a few customers on the back of their service. 

You would like to think they know what they are doing even if the service is slipping a little. If they said £115k and you need £100k I think you will be fine. That is a reasonable buffer, of around £120 a month (ie if they class your expenditure £120pm higher than has been keyed, it should still fit). 

Bluestone are probably one of the most complicated adverse lenders as a broker from an affordability point of view. 

Hopeful0324

We secured a mortgage with Bluestone using Simply Lending as our broker who were outstanding - responses to emails within hours (and I sent loads of emails!) and DIP to mortgage offer in 4 days!! If you are struggling with Haysto or get to a point where you are considering needing to use a different broker I would highly recommend Simply. Good luck with your application

soanxious

Our offer from Bluestone came through at last Friday evening 🥳 so feels like we can start to look forward again now. Thank you so much for your replies 😊