Bluestone

kerryrobin

Hi. Our buyers have a DIP with Bluestone and have made the application 10th July which is being looked at. It’s a long story but this is their second application with bluestone having had their first offer withdrawn due to covid because of the LTV being changed from 85 to 75 and them not having enough deposit. My question is does anyone have experience of Bluestone timescales as we’ve lost 2 houses waiting for our buyers to get a mortgage. We’ve had another offer on our house on Wednesday and would feel awful to the bluestone buyers but don’t want to lose a 3rd house we’ve had offer accepted on! Another question, if a valuation is actioned by bluestone does that mean they on a home straight?! Thankyou in advance 

ACG

Bluestone are a slow lender especially at the moment. You can instruct the valuation before the underwriting is complete, so it is not really a sign of anything. 

If the application submitted previously went to offer subject to valuation, you might find the broker has cross referenced the old application with the new one and so that would help to speed things up. 

For the record, we had one application in with them which had not gone to offer pre-corona, that is the only application we have sent into them which has not gone to offer, other than that we have a 100% record. 

kris80

ACG said:

Bluestone are a slow lender especially at the moment. You can instruct the valuation before the underwriting is complete, so it is not really a sign of anything. 

If the application submitted previously went to offer subject to valuation, you might find the broker has cross referenced the old application with the new one and so that would help to speed things up. 

For the record, we had one application in with them which had not gone to offer pre-corona, that is the only application we have sent into them which has not gone to offer, other than that we have a 100% record. 

This sounds positive. My application is to be submitted tomorrow and I am so nervous as my previously credit history has not been good. 

kerryrobin

ACG said:

Bluestone are a slow lender especially at the moment. You can instruct the valuation before the underwriting is complete, so it is not really a sign of anything. 

If the application submitted previously went to offer subject to valuation, you might find the broker has cross referenced the old application with the new one and so that would help to speed things up. 

For the record, we had one application in with them which had not gone to offer pre-corona, that is the only application we have sent into them which has not gone to offer, other than that we have a 100% record. 

Thanks so much for your reply. I’ve seen your responses to others and hoped you’d see my question 😀. Apparently they've been told they’ll get a response re their application tue/wed so we’ve had to give them a deadline on this re whether we progress with them or the other offer. The other offer is in a 3 house chain!  We just don’t know what to do. The first buyers were with bluestone and got offer withdrawn due to covid then went to Kensington (higher LTV) got rejected so gone back to bluestone with higher deposit. They’ve been told that have to have survey again as 6 months since last one. Can I just clarify if they get a mortgage offer are you saying you’ve had 💯 success rate of it going to completion? Thanks 

ACG

kerryrobin said:

Can I just clarify if they get a mortgage offer are you saying you’ve had 💯 success rate of it going to completion? Thanks 

Yup. They can be hard work and slow, but they do usually get there in the end. 

kerryrobin

thankyou 🤩

fingerscrossed7

Our application went in on June 24th and we're still waiting for a decision. They were quicker than expected initially and and instructed the valuation very quickly but in the last couple of weeks have taken much longer than their expected timescales due to workload. We were originally told that we should have a decision by the middle of last week but we've now been told we have another 8 working day wait for our application to make it through this part of the process. 
That said, I've spoken to someone on here who's application went in the day before ours and has already been offered.
I guess it varies on a case by case basis.