Bluestone Mortgages

doglover34

how is everyone doing???  We are exchanging Friday 4th and completing 11th Dec - fingers crossed

SS006

Update! We have received pre-completion call today and were told funds will be released (today) for completion tomorrow. Thanks to this forum which gave us valuable information during the process.

hereistohoping

doglover34 said:

how is everyone doing???  We are exchanging Friday 4th and completing 11th Dec - fingers crossed

We have to exchange by 14th and still no valuation. Our solicitors have had us sign the contracts ready so as soon as the offer comes through there's no delays their end. They have to apply for the help to buy authority to exchange which takes 3 working days so by my dates, blue stone must send the valuer out no later than Tuesday (that's is the valuation takes 24 hours to come through).

STRESSSSSSSSED. 

hereistohoping

SS006 said:

Update! We have received pre-completion call today and were told funds will be released (today) for completion tomorrow. Thanks to this forum which gave us valuable information during the process.

That's brilliant. All the best for tomorrow 

springmagpie

We are still waiting for the underwriters to come back after some more queries. They are still offering us £2.5K short of what we need, based on our current outgoings so suggested some further cancellations to them to see if that will help. 
We have now had our own survey, the Level 3 one which showed about £5K worth of work that needs doing straight way. I have reduced our offer to the vendor by the same amount, does this affect our mortgage? do we tell bluestone? do we take the £5k off our deposit or the mortgage? if so does this affect the LTV? 

SS006

Thanks to forum. Finally we got our keys today! I will update pitfalls  and date schedule. 

doglover34

@SS006 Congratulations!!!! 

hereistohoping

Our valuation was carried out yesterday evening. They turned up without booking to the site and caught the sales office off guard (her words). Today the reports come back £20k less. The report says it 'potentially is on a coal mine therefore searches are needed' - it isn't as we've already had these done by the solicitors so the brokers forwarding the results on. They've also down valued on the basis the road isn't complete yet? 

I've done my own research tonight and one house of our type was brought in 2019 new build and had a resale value in October at £35k profit and another is on the market at +£15k. I don't know how they can undervalue it so much! 

Does anyone know bluestones stance in this situation? Can we ask for another BOOKED valuation? We don't have £20k cash to bridge the difference and we obviously cannot go try with another lender... the developer isn't going to reduce the price based on them already hinting at a possible undervalue but we are going to ask anyway. 

Jentel31

Hey all! 

So employment references all back in timely fashion thank goodness! 😅
We've now been told by broker that our references have all been accepted and our case is moving to Bluestones final internal credit risk checks prior to getting our offer? Is this what people are referring to as final underwriter? Assume if there were any big concerns we would have heard before this point?! Is this right? So nerve-wracking! 🙈🙈

doglover34

Jentel31 said:

Hey all! 

So employment references all back in timely fashion thank goodness! 😅
We've now been told by broker that our references have all been accepted and our case is moving to Bluestones final internal credit risk checks prior to getting our offer? Is this what people are referring to as final underwriter? Assume if there were any big concerns we would have heard before this point?! Is this right? So nerve-wracking! 🙈🙈

thats the one .. final underwriter