Bluestone Mortgages

K_S

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. 

@bon18 This is very unlikely to be down to Bluestone, probably down to the buyer being knocked back a few times by other lenders before getting to Bluestone or the case not being packaged properly, delays in responding to queries, etc.

ukri

OP, you’re confusing application to offer time with application to completion time (which is when funds are released).

Bon18

ukri said:

OP, you’re confusing application to offer time with application to completion time (which is when funds are released).

So how long after mortgage offer should funds be able to be released?

MovingForwards

Bon18 said:

ukri said:

OP, you’re confusing application to offer time with application to completion time (which is when funds are released).

So how long after mortgage offer should funds be able to be released?

It's 5 days notice with Bluestone before they release the funds.

ACG

If the legal work is done, I would expect you to be done by the end of May. 

Nikkihud0609

Bon18 said:

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. 

I think you’re mistaking the offer with completion. You will have had your mortgage offer, that doesn’t mean your solicitor has the funds. The buyer will be waiting for underwriting no doubt then they get their offer, there’s the whole conveyancing to go through before the solicitor can even request the drawdown of funds from the lender. To give you an idea we applied for our mortgage with HSBC it took 3 weeks to get our offer, then the conveyancing took 10 weeks! It can and does take a fair while to get everything lined up. Does the buyer know you have to make this deadline? 

lonibra

Yeah, I got my BTL mortgage offer in 3 days with an automatic valuation. Completion took another 8 weeks. And this was a vacant property. 

Bon18

Nikkihud0609 said:

Bon18 said:

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. 

I think you’re mistaking the offer with completion. You will have had your mortgage offer, that doesn’t mean your solicitor has the funds. The buyer will be waiting for underwriting no doubt then they get their offer, there’s the whole conveyancing to go through before the solicitor can even request the drawdown of funds from the lender. To give you an idea we applied for our mortgage with HSBC it took 3 weeks to get our offer, then the conveyancing took 10 weeks! It can and does take a fair while to get everything lined up. Does the buyer know you have to make this deadline? 

Our conveyancing has been done we have done qualified acceptance and we are only waiting on the mortgage part so from mortgage offer then surely once mortgage approved it will only be waiting for funds to be released?

Bon18

@ACG I would be so grateful for your advice.. our buyer’s valuation was being assessed today... all going well with this when should we expect the loan papers to be issued from bluestone?

valuation was a retype of home report

Jen271626

Bon18 said:

@ACG I would be so grateful for your advice.. our buyer’s valuation was being assessed today... all going well with this when should we expect the loan papers to be issued from bluestone?

valuation was a retype of home report

Are you in Scotland?