Does valuation mean mortage ? - subprime

canonman

Hi all,

just Wondering if anyone can help me with some advice. I’m currently in the process of getting a mortage with Bluestone who are a sub prime lender. All my finical life been trying to get back on track and have got to a position where my credit file is stable with no credit cards just a car loan. Managed to save the the 5% deposit which is just over £13K for a new build home. 

I have been submitting all my documents payslips, bank statements etc and Bluestone have advised they are sending someone to value the house this Friday. 

Can anyone tell me the process as I’m a bag of nerves wondering if I’ll be accepted and also need to pay the builder the options. I am under the impression that if they are at the valuation stage the underwriting has been completed. 

Could anyone tell me if getting to this stage in layman’s terms is a good thing, would they bother going this far to decline?

thanks all 

K_S

@canonman Instructing a valuation doesn't mean that underwriting is complete but is definitely a good sign as someone has reviewed the packaged application and done some of the checks.

With lenders like Bluestone, unless I've made a big mistake as a broker or the client has withheld some relevant information which later comes out during underwriter queries, it's rare for apps to get declined once you've got to this stage in my experience.

There's a great long-standing thread on Bluestone apps here
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages#latest

Good luck, hope your offer comes through soon!

canonman

K_S said:

@canonman Instructing a valuation doesn't mean that underwriting is complete but is definitely a good sign as someone has reviewed the packaged application and done some of the checks.

With lenders like Bluestone, unless I've made a big mistake as a broker or the client has withheld some relevant information which later comes out during underwriter queries, it's rare for apps to get declined once you've got to this stage in my experience.

There's a great long-standing thread on Bluestone apps here
https://forums.moneysavingexpert.com/discussion/6113960/bluestone-mortgages#latest

Good luck, hope your offer comes through soon!

Many thanks for this, that's some weight off my mind.

Great thread and a good read, from what I can see its just a "manual" approach to things which can take longer. 

ACG

I do a lot of adverse and use Bluestone regularly. 
They have only ever declined one of our applications and that was pre valuation. So I would say you are 99.999% of the way there. 

MovingForwards

There's only been a couple of people declined in the big thread. They are a nice lender.