Bluestone Mortgages

doglover34

ACG said:

doglover34 said:

ACG said:

doglover34 said:

We have been asked to provide an explanation of the adverse credit. They also want an employment reference which they will get themselves. Also a list inc account numbers and balances of the loans we are repaying wothbthe equity on our home! Might be busy this weekend getting all this together.

All of that is standard for Bluestone and needed on every case where debt is being cleared pre completion. 

Seems pretty promising though. 

@ACG it will be post completion thou as we need the equity from our sale to clear 11k, we cant ckear it before

Sorry, that was very badly worded. 
Where you have disclosed the debt will be cleared going forward, when the mortgage offer is issued there will be a section for special conditions. Under that section it will list the commitments that need to be cleared and they sometimes task the solicitor with clearing these so they know it has been done. 

The reason for my post was to say this should have been obtained upfront really but also just reassure you that it looks quite promising that their only requests are for standard things. 

Thank you for the reassurance @ACG, I see what you mean.  I have listed all the debts to be repaid and sent a letter of why we got into a mess in the first place.  fingers crossed it will be accepted. it will leave us with around £20k after we move and just one mortgage payment tidying it all up. hopefully it wont be too much longer for an answer.

lewis27

Completed today ! First enquiry with bluestone was March ! 7 months later we have finally got dream house ! The hold ups throughout the whole process was bluestone I’m afraid to say .. they made many mistakes , underwriters messed a lot up miss reading information I.e stating I had a regular payment of £200 odd pound a month out my wages when it wasn’t ( was £20 a month and £200 year to date ) there underwriters slow , refused to except they make mistakes too busy to recheck things .. had to get area manager involved in the end .. but there is light at the end of the tunnel ! Just Jump through the many hoops and don’t expect it to be a quick process and you should be fine ! If you have a DIP of bluestone you are 99% getting a mortgage aslong as your ma hadn’t messed up your affordability issues ! All adverse credit bluestone will accept at DIP stage .. so credit issues shouldn’t be a worry if you have DIP accepted ! Remember bluestone only see and use Experian ! Good luck every body .. 

doglover34

lewis27 said:

Completed today ! First enquiry with bluestone was March ! 7 months later we have finally got dream house ! The hold ups throughout the whole process was bluestone I’m afraid to say .. they made many mistakes , underwriters messed a lot up miss reading information I.e stating I had a regular payment of £200 odd pound a month out my wages when it wasn’t ( was £20 a month and £200 year to date ) there underwriters slow , refused to except they make mistakes too busy to recheck things .. had to get area manager involved in the end .. but there is light at the end of the tunnel ! Just Jump through the many hoops and don’t expect it to be a quick process and you should be fine ! If you have a DIP of bluestone you are 99% getting a mortgage aslong as your ma hadn’t messed up your affordability issues ! All adverse credit bluestone will accept at DIP stage .. so credit issues shouldn’t be a worry if you have DIP accepted ! Remember bluestone only see and use Experian ! Good luck every body .. 

Im so glad u got there in the end! Fantastic news!! At least there is light at the end of the tunnel. Thank you for sharing ur journey! Good luck in the dream home and one day back to a high street lender as i know thats the goal for many of us after our blips! Lucky bluestone can assist in that journey xx

hereistohoping

With the bluestone fee of £1499 - was this added onto the mortgage or paid upfront. If paid upfront, at what point did you pay ie on application submission or on completion? We've been informed Brightstar have a £300.00 fee to package our application for our broker which is an upfront cost followed by the bluestone fee we weren't aware off. 

doglover34

hereistohoping said:

With the bluestone fee of £1499 - was this added onto the mortgage or paid upfront. If paid upfront, at what point did you pay ie on application submission or on completion? We've been informed Brightstar have a £300.00 fee to package our application for our broker which is an upfront cost followed by the bluestone fee we weren't aware off. 

Added BS fee to my mortgage, your broker should have outlined all the costs with the DIP Illistration so its all upfront.

hereistohoping

doglover34 said:

hereistohoping said:

With the bluestone fee of £1499 - was this added onto the mortgage or paid upfront. If paid upfront, at what point did you pay ie on application submission or on completion? We've been informed Brightstar have a £300.00 fee to package our application for our broker which is an upfront cost followed by the bluestone fee we weren't aware off. 

Added BS fee to my mortgage, your broker should have outlined all the costs with the DIP Illistration so its all upfront.

Thanks! Our broker should have done a lot of things. We were originally going to use Simply Adverse based on the situation and when reserving the plot, which we may or may not have now, we had to use their broker to be 'approved'. They then said they could do the same as SA but without the fee which sounded great but wish we stuck to our first plan. They then took 3 weeks to get a DIP and now the developer has said they aren't holding the reservation due to timescales but want us to continue in the meantime in case we get it done quicker for the offer to be formalised. Good news about adding to mortgage 

doglover34

Oh no! Fingers crossed u get it all sorted. Wefe using option finance and so far so good.

MovingForwards

I had to pay the £1495 when my solicitor told me to eg to enable Bluestone to release the funds to him to exchange / complete.

My broker handled the whole application, no packager involved.

Ruffle13

We got our offer on Friday - so relieved

doglover34

Ruffle13 said:

We got out offer on Friday - so relieved

Fantastic News!!