Bluestone Mortgages

Bon18

We accepted an offer on our house 29/3/21 and we are desperately needing the deal concluded. The purchaser is using bluestone mortgages and we are being told the funds might not be available until end of May which seems a very long time. 

Does anyone have any recent experience of using bluestone and can tell me what their turnaround time is?

Bon18

@ACG I have seen you post on numerous threads related to bluestone and wondered if you could help me? Any help would be greatly appreciated. Thanks. 

MovingForwards

@Bon18 have you read through the last few pages of this thread to get an idea, although it does depend on circumstances too:
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages#latest 

Things take a bit longer due to the amount of people applying for mortgages, regardless of whether it's a mainstream lender or not. Bluestone manually review applications.

K_S

@bon18 Tbf, if you accepted an offer on 29-March and are worried that completion will be possible only around end-May, that's only 9 weeks. Even setting aside the kind of lender, that's not an unreasonable amount of time at all for conveyancing given the current volumes in the market.

With regard to Bluestone, they're a specialist lender and it's hard to specify an "average" as each case is different. I don't think I've done two Bluestone cases which were very similar.

As the poster above mentioned, there's a lot of manual review, inputs and decisioning involved so that can take more time than mainstream lenders.

Bon18

It took us two weeks to get our mortgage offer through with HSBC. I appreciate that this is a different type of lender however I just want a rough idea of timescales as we are on a really tight timescale and don’t know whether to remarket or wait and see if it comes through end of May. 

Jen271626

Pretty crazy to remarket when your next potential buyer could also have the same timescale or even longer. Did it take you two weeks to get the funds from HSBC? I doubt it, as it comes after the conveyancing which can take a fair amount of time. 

Bon18

It took us two weeks to get our mortgage offer. 

Yeah it seems crazy to remarket but we are on a strict timeline here and so nervous about it not going through or getting accepted and the waiting time for bluestone from reading threads seems crazy long!

Banks1989

Accepted an offer on 19th January. The valuer only came round on 20th April. Our buyer is using Bluestone. I would stay away if you’re looking for a quick transaction. 

ACG

It is taking Bluestone around 13 working days to assess an application. 
Realistically because of the way they work, that is more like 15-16 working days until an underwriter assesses your application. 

Assuming they are fine with everything, that means they will instruct the valuation at that stage. You are talking about a month to get an offer issued with them. 

If your buyer starts the legal process at the same time as their application you should be fine. If they are only starting the legal work now you are probably going to struggle. 

Bon18

ACG said:

It is taking Bluestone around 13 working days to assess an application. 
Realistically because of the way they work, that is more like 15-16 working days until an underwriter assesses your application. 

Assuming they are fine with everything, that means they will instruct the valuation at that stage. You are talking about a month to get an offer issued with them. 

If your buyer starts the legal process at the same time as their application you should be fine. If they are only starting the legal work now you are probably going to struggle. 

Accepted offer on 29/3 so the mortgage application went in that week (roughly four weeks ago). Assuming everything is ok when do you think offer would be issued? Legal work is all done just waiting on mortgage offer. Need it done for end of May at VERY LATEST. What do you reckon? Thanks so much for your help. 

Bon18

Banks1989 said:

Accepted an offer on 19th January. The valuer only came round on 20th April. Our buyer is using Bluestone. I would stay away if you’re looking for a quick transaction. 

Oh dear this is worrying! What caused the hold up?