Bluestone Mortgages

newhomme20206

kerryrobin said:

newhomme20206 said:

kerryrobin said:

It’s 12 working days today our buyers have been waiting for underwriters to look at their application. What experience have others had re bluestone and underwriters? Is it a bad sign it’s taking this length of time? 

We had our DIP on the 25th June and we’re still awaiting our valuation. Should hopefully hear back tomorrow regarding that! 

So still with underwriters? Blimey 😳 lol think I’m being optimist (or my buyers are) that they’ll get an answer early this week re offer (or not! 😱). They haven’t even been told if got offer, never mind valuation! 

It is yes! When I spoke to my mortgage advisor earlier today he said that they are currently just working through their list but said all mortgages are taking a little longer than normal at the moment including the high street lenders! But from reading the previous posts on here once the valuation is instructed the process seems to go a bit quicker! Unfortunately it’s just a waiting game at the moment but it’ll be worth the wait in the end! 

fingerscrossed7

In case this help anyone, this is how long the each stage took for us.

Requested DIP - 17th Feb

DIP received - 19th March

Application submitted - 24th June

Initial review completed - 25th June 

Review by case manager completed and passed to underwriter - 3rd July

Valuation - 8th July 

Additional questions asked - 9th July

Underwriting completed and in queue for final sign off - 20th July

Verbal offer - 22nd July

Written offer -24th July

I've heard of Halifax/NatWest taking 8-12 weeks so Bluestone are even beating high street lenders at the moment. 

This Bluestone doc explains their process nicely

https://bluestone.co.uk/bluestone/media/Bluestone/Download/Bluestone_Enhanced_Case_tracking_Process.pdf

newhomme20206

fingerscrossed7 said:

In case this help anyone, this is how long the each stage took for us.

Requested DIP - 17th Feb

DIP received - 19th March

Application submitted - 24th June

Initial review completed - 25th June 

Review by case manager completed and passed to underwriter - 3rd July

Valuation - 8th July 

Additional questions asked - 9th July

Underwriting completed and in queue for final sign off - 20th July

Verbal offer - 22nd July

Written offer -24th July

I've heard of Halifax/NatWest taking 8-12 weeks so Bluestone are even beating high street lenders at the moment 

Thank you for this! We haven’t had that much detail so that definitely helps! And yes I heard the same regarding high street lenders so we’re actually quite lucky with bluestone ☺️

hopeful370

I thought I would give a timeline to help anyone too!!

DIP - 16th June
Full application - 23rd June
Asked for proof of deposit as was in separate accounts - 1 July 
Valuation instructed - 6 July
Confirmation that an account is closed - 8 July
Valuation completed - 9 July
Verbal offer - 10th July
Offer in writing electronically - 14 July

Our application was done from application submitted to verbal offer in 2.5 weeks, I don’t know how it seems unheard of with bluestone but it was much better than I am hearing from most high street lenders, my MA explained he had a good relationship with bluestone as uses them a lot so maybe this worked in my favour or I was really lucky but they seem to be a lot better than most at the moment! I have no complaints with them it will be worth the wait! 

obc18

fingerscrossed7 said:

In case this help anyone, this is how long the each stage took for us.

Requested DIP - 17th Feb

DIP received - 19th March

Application submitted - 24th June

Initial review completed - 25th June 

Review by case manager completed and passed to underwriter - 3rd July

Valuation - 8th July 

Additional questions asked - 9th July

Underwriting completed and in queue for final sign off - 20th July

Verbal offer - 22nd July

Written offer -24th July

I've heard of Halifax/NatWest taking 8-12 weeks so Bluestone are even beating high street lenders at the moment. 

This Bluestone doc explains their process nicely

https://bluestone.co.uk/bluestone/media/Bluestone/Download/Bluestone_Enhanced_Case_tracking_Process.pdf

Do you mind me asking what rate you got with Bluestone? I’ve heard some of the adverse lenders are dishing out some horrific 8% deals and wondered if these were one of them!

mortgagetakingages

I'm also interested in rates people achieved. Are those published online fixed or has anyone negotiated different terms?

newhome235678

We were offered a 4.33% mortgage on a 2 year fixed rate.  It’s your brokers job to negotiate and advise you on what the best term would be suitable for you. 

mortgagetakingages

newhome235678 said:

We were offered a 4.33% mortgage on a 2 year fixed rate.  It’s your brokers job to negotiate and advise you on what the best term would be suitable for you. 

That's helpful to know, thank you. Was that the figures published on the site at the time or was it a deal agreed?

kingstreet

Bluestone only has five year fixed rates available on HTB and we have one to submit with a rate of 7.24%!

mortgagetakingages

kingstreet said:

Bluestone only has five year fixed rates available on HTB and we have one to submit with a rate of 7.24%!

Yes that's what I see on their website. Is there any precedence where those rates online can be negotiated down? (If no mortgage advisor replies I will take it the answer is yes but not allowed to say )