Application stages

KelBelle88

Hi there,

our full application went in 2 weeks ago today, various extra documents have been sent over and they conducted hard searches on credit files on Friday 20th. Yesterday (23rd) they asked us to confirm my husbands bonus pay on his payslip and how often he gets bonus.

do u think this might mean we have passed the credit check stage and now they r just making sure we can afford what they’ve said they can lend? Or do they get all the information regardless of whether the credit checks have passed or not?

K_S

@KelBelle88 Which lender are you with? With mainstream lenders, the main 'credit check' part (usually termed as lender 'credit-scoring') of the process happens at the DIP stage, prior to putting in a full application.

KelBelle88

K_S said:

@KelBelle88 Which lender are you with? With mainstream lenders, the main 'credit check' part (usually termed as lender 'credit-scoring') of the process happens at the DIP stage, prior to putting in a full application.

Hiya @K_S , we’re with bluestone x

MovingForwards

Have you read through this thread:
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages/p1

There's loads of information as it's a thread specifically about Bluestone.

KelBelle88

MovingForwards said:

Have you read through this thread:
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages/p1

There's loads of information as it's a thread specifically about Bluestone.

I have had a read through of that yes just couldn’t find anything specific to our situation so wondered if anyone had had any experience of that x

K_S

KelBelle88 said:

K_S said:

@KelBelle88 Which lender are you with? With mainstream lenders, the main 'credit check' part (usually termed as lender 'credit-scoring') of the process happens at the DIP stage, prior to putting in a full application.

Hiya @K_S , we’re with bluestone x

@kelbelle88 You should be fine on the credit-history. Your broker wouldn't place you with Bluestone without confirming that you're ok on that front and it's very unlikely you'd get this far if there was something on your credit reports that wasn't compatible with Bluestone criteria for the product you've applied for.

KelBelle88

K_S said:

KelBelle88 said:

K_S said:

@KelBelle88 Which lender are you with? With mainstream lenders, the main 'credit check' part (usually termed as lender 'credit-scoring') of the process happens at the DIP stage, prior to putting in a full application.

Hiya @K_S , we’re with bluestone x

@kelbelle88 You should be fine on the credit-history. Your broker wouldn't place you with Bluestone without confirming that you're ok on that front and it's very unlikely you'd get this far if there was something on your credit reports that wasn't compatible with Bluestone criteria for the product you've applied for.

Thank you @K_S so do you think It’s just a case of waiting for valuation and offer now then as long as they agree that we can afford to pay the mortgage back based on our income etc? 

I’m so nervous and feel so sick. Haven’t slept properly all week it’s just doing my head in now! x

K_S

@kelbelle88 Apologies, I can't really make any useful comments as I've no idea of the specifics of your case. All I can say is that at least from my experience, as long as the client has been upfront with all material information, and underwriter queries can be responded to with a reasonable explanation, applications with specialist lenders rarely get declined.

Hope the process goes smoothly here-on, good luck!

KelBelle88

K_S said:

@kelbelle88 Apologies, I can't really make any useful comments as I've no idea of the specifics of your case. All I can say is that at least from my experience, as long as the client has been upfront with all material information, and underwriter queries can be responded to with a reasonable explanation, applications with specialist lenders rarely get declined.

Hope the process goes smoothly here-on, good luck!

Thank you so much, I really appreciate your help! I will update on the bluestone as soon as I know lol xx