Bluestone DIP

KelBelle88

Hey,

Had anyone had a DIP declined but bluestone mortgages? 

KelBelle88

KelBelle88 said:

Hey,

Had anyone had a DIP declined but bluestone mortgages? 

That should say by bluestone mortgages not but lol x

MovingForwards

I've not read of one, but there have been a couple declined mortgages.

I know you've found this thread 
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages/p1
It is worth reading from the start and you'll get a good feel for how they work.

If you want direct comments regarding your own circumstances / credit history, post them in the above thread as the resident adverse credit mortgage broker does pop into it.  Several of us who've gone through the process still reply and offer support.

They are a good lender, I can't fault the staff.

Provided you've been honest with your broker and your broker does have experience with using bluestone, be guided by them.

Lastly, do not take out any credit, do not use existing credit and I'd go as far as saying don't swap banks etc until the keys are in your hand. This is a lender of last resort for many of us.

KelBelle88

MovingForwards said:

I've not read of one, but there have been a couple declined mortgages.

I know you've found this thread 
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages/p1
It is worth reading from the start and you'll get a good feel for how they work.

If you want direct comments regarding your own circumstances / credit history, post them in the above thread as the resident adverse credit mortgage broker does pop into it.  Several of us who've gone through the process still reply and offer support.

They are a good lender, I can't fault the staff.

Provided you've been honest with your broker and your broker does have experience with using bluestone, be guided by them.

Lastly, do not take out any credit, do not use existing credit and I'd go as far as saying don't swap banks etc until the keys are in your hand. This is a lender of last resort for many of us.

Thank you so much for the info. I’m just panicking so badly as like you say it’s kind of a last resort for the time being at least. Our DIP application went in on Wednesday and it’s showing on credit files as ‘mortgage quotation’ but we still haven’t heard anything, even though the MA said they r processing them within 24 hours. It’s giving me such bad anxiety 🤣 xx

ACG

I like Bluestone we use them a lot.
If you fit criteria and pass a basic affordability check the DIP will pass 100% of the time. 

The full application will be a little more complicated but in all honesty I do not think they have ever declined one of our applications. Every lender has things that they are more stringent on, Bluestones is typically affordability. The adverse, if it fits beyond an explanation (and that can be as little as a sentence or 2) should be fine. They know most people will be going to them for adverse, so no point making a meal out of it because they would be doing that for everyone. 

Dont expect it to be as easy as a high street lender, there will be less automation and more things they check but ultimately they do usually get there. 

MovingForwards

Save your stress levels for when the conveyancing starts, can't have you burning out at this early stage.

Treat the mortgage application like an exam. Each step you hand over information to your broker and wait for the next part. 

My legs nearly gave way when my broker (ACG) said he got the DIP as I didn't expect it to be granted. I've been in my home for nearly 2 years now and it still doesn't feel real, but it's all mine 😊

K_S

KelBelle88 said:

Hey,

Had anyone had a DIP declined but bluestone mortgages? 

@kelbelle88 I don't do a huge amount of Bluestone apps but never had a DIP declined. I'd go so far as saying that a Bluestone DIP is far less likely to be declined than a mainstream DIP as the unknowns are fewer and the broker would typically have done a much more thorough job before it gets to that stage. Plus Bluestone are consistent with how they treat adverse data .

The only applications that have fallen through are where the applicant's circumstances changed during underwriting (which can take a while depending on how much to and fro there is) or the applicant has been naughty and consciously withheld some pertinent information that later came to light.

KelBelle88

Thank you everyone! You’re all so helpful on here

Our broker got back to us today to let us know that there was something missing on the first page of the application which he only found out about today as he wasn’t in the office yesterday. He’s sent the missing information to them but of course now it’s the weekend lol. So fingers crossed for Monday!!