Bluestone mortgage offer

Mickey9

Hi, My wife and I have a mortgage application with Bluestone, submitted 18 Feb via broker. Valuation has been done 3 weeks ago, last week later we got asked for a couple more bits of info, which bluestone received on Monday. 

We are on a dmp due to a life event in 2014 so have defaults from that year.  

7 weeks from application submitted we still don't have a decision. The sellers of the house we are hoping to buy are getting inpatient and possibly putting house back on the market. Has anyone had this experience and were you successful? Our nerves are shattered. TIA

jenks48

Mine is the same started application middle of Feb was then told on the 20th March by email that they'd approved morgage and would offer as soon as they sorted technical issues out. Now found out massive blunder that email was not intended for me my case number but a mistake by the lender hence I have paid the searches.. application is still being reviewed we are not in April. Even if they put the house on the market where on lockdown so there be no viewings. I think it's a waiting game and like you this has caused massive stress to me too 

Mickey9

Jenks48, nightmare isn't it. There was other interest in the property so not wanting it back on the market incase they go for it, having already viewed it. 

I know with this lockdown etc that we wont be moving for a while but just want to know if we have an offer to put our minds at rest. 

MovingForwards

Mine was done in just over a month, including Christmas and New Year.

Their website does have some useful information, provided you look at the brokers section and Covid section.

I'm waiting to see if my offer will be extended.

Mickey9

Thanks for the reply MovingForwards, did you have adverse credit similar to mine of you don't mind me asking. Trying to get an idea of how likely we are to be successful. 

MovingForwards

CCJ and defaults, also from 2014 following marriage breakdown.

I didn't go for the maximum amount I could potentially borrow (went about £30k under), I also went with a 5 year fix. 

I know the interest rates are not great, but
-- at least potentially I'm getting my own place,
-- in a nicer area,
--  the early repayment charges are reasonable, I've worked them out for each year based on normal payment and also my planned overpayment 
-- I can look to remortgage in a few years and if a mainstream lender won't have me I can wait a year then try again. 

Mickey9

Movingforwards, sounds good. Fingers crossed we get an offer. Does the offer only last 3months when you are needing it extended? 

MovingForwards

It's 3 months on a 'used' property. Which is what I'm buying.

Think it's 6 months on a new build.

Mickey9

Movingforwards,  thanks for the info and good luck. 

MovingForwards

You too.

Be guided by your broker as they wouldn't have submitted an application to Bluestone if they didn't think you were a right fit and met criteria.

I know they are not taking on new business at the moment so they can concentrate on the existing cases due to all staff working from home. 

I did spend hours checking their site, reading everything possible, all the broker guidance etc and now I'm checking their Covid section to be aware of any changes.

MovingForwards

jenks48 said:

Mine is the same started application middle of Feb was then told on the 20th March by email that they'd approved morgage and would offer as soon as they sorted technical issues out. Now found out massive blunder that email was not intended for me my case number but a mistake by the lender hence I have paid the searches.. application is still being reviewed we are not in April. Even if they put the house on the market where on lockdown so there be no viewings. I think it's a waiting game and like you this has caused massive stress to me too 

Yours is Barclays, therefore a high street lender and a completely different kettle of fish.