Bluestone Mortgage

NY59

Hi, 
It’s my first time posting on here but looking for some advice etc...
I had a DIP with bluestone 2 weeks ago. My offer was accepted on a house this week so the AIP process has started. 

I had one very small ccj last year due to a mistake that was corrected and 2 defaults that were settled a few years back. 

My DIP was approved within less than an hour but my concern is now I have just realised I haven’t cleared my overdraft I took out a while back due to needing to access money quick due to someone hitting my car and needing it repaired. 

(I send money to my grandparents to set aside in a saving account for me which is where my deposit is etc.. grandparents were away and I couldn’t get them to send it back to me in time) 
Anyway they are aware of the CCJ and Defults, they are also aware of the overdraft however not the fact it now looks like I live in my overdraft 🤦🏼‍♀️ I can pay it off now but with the 3 months bank statements submitted I am concerned it’s too late! 

I have nearly 50% deposit but waiting game is making me so worried as I have now got it into my head I am going to get declined based on my overdraft. Has anyone else had or going through the same thing. 

Thanks in advance x

NY59

I was supposed to write Application Process not ‘AIP’ sorry

heston2014

I take it you applied directly? Most lenders aren't keen on overdrafts as it would be seen as you don't have enough income to live on if you're constantly living on overdrafts.

I think using a Mortgage broker would have helped put your case forward to more suitable lenders, as you may find struggle to convince the lender that you're not a high risk.  However, some lenders may also consider that you have a high deposit, but given that most lenders are nervous at the moment, having a good financial status can help so if I was in your position, I would've sorted my financials first, clear overdraft for a few months before applying for a mortgage.

On the other hand, you might get lucky and get a mortgage offer! Only the lender can make that decision.

heston2014

Re: savings - is the account in your name or your grandparents? If the latter, then they will need to 'gift' the money to you if you're declaring it as a deposit.

ACG

You cant apply to Bluestone directly. 

The broker will/should have checked your bank statements and if they had a concern they should have ran it by their account manager before applying. Worst case scenario Bluestone will come back and ask about it.

Speak to your broker on monday, let them sort it out, that is what they are being paid for.

Just to pre-warn you, we use Bluestone a lot and they can be hard work. It is not a sign your application is a bad one, we have a 100% record with them so they do get there, they just make you work for it. 

NY59

Thank you for responding, I went through a broker and he found me bluestone. I have said about my overdraft and he doesn’t seem concerned. I am a worrier hence why I’ve come here to see if anyone has had the same thing.
Guess I’ll just have to wait patiently.   

NY59

Thank you for your response ACG. I will ring on Monday. He has seen my bank statements and was fine with them. I was 100% truthful from the get go. 

More than happy to work for it just going to keep my fingers crossed. 

It’s refreshing to hear you have a 100% record with them. 

Thank you. 

fingerscrossed7

@NY59 It's very nerve-wracking, isn't it! We currently have an application in with Bluestone and also use our overdrafts on a monthly basis. Our broker told us that they will seek to understand the situation rather than declining it simply because we use our overdrafts. I'm a worrier too but we're not paying our broker until completion so they've assured us they wouldn't be working our case if they didn't firmly believe they could get it through. 

We were told at the beginning of the week that the underwriter would be reviewing our application by the end of this week and would then book in the valuation, however have just heard from the estate agent that our mortgage valuation has been booked in for tomorrow! I thought they did the underwriting BEFORE instructing the valuation so I'm not sure whether we should take it as a bit of good news or not! 😕 Must say though, they have completely surprised me by how quickly we've got to this stage, i was expecting it to take much longer (our application went in on 25th June)

Good luck with your application! 😃 

NY59

@fingerscrossed7
im so glad it’s moving quickly for you and keeping my fingers crossed. My application was submitted properly Monday and yesterday and today I have been asked to sign and send quite a few forms and produce p60 etc which I’ve done so I guess it’s just the waiting game now. They have moved really quickly which shocked me to with everything going on. 

I thought they did the valuation after also? 

I really hope yours goes well. Please keep me updated and I’ll do the same. 😊

Joleen23

ACG said:

You cant apply to Bluestone directly. 

The broker will/should have checked your bank statements and if they had a concern they should have ran it by their account manager before applying. Worst case scenario Bluestone will come back and ask about it.

Speak to your broker on monday, let them sort it out, that is what they are being paid for.

Just to pre-warn you, we use Bluestone a lot and they can be hard work. It is not a sign your application is a bad one, we have a 100% record with them so they do get there, they just make you work for it. 

Good moring I am so sorry for jumping onto this thread.. ACG seem very knowledgeable can you please advise me? 
I am new to this forum, i am beside myself with worry! I have recently recieved a DIP with bluestone mortgages,
However i have just logged on to my husbands experian report this morning and there is a default from a capital one credit card for £1000 from August 2019. Bluestone have never mentioned this being a problem..in be known to us  It has been now passed to Lowell collection agency so has been registered again on his credit report again on June 2020! Is this now going to stop us getting a full mortgage offer even though the original default was from 2019?
I can pay it off asap, will this help our situation? 
Sorry for all the questions, van someone please advise me?
Thankyou in advance x

mortgagetakingages

I don't think you are going to get a different answer to what I already said in the other thread!