Bluestone question

confusedd88

Hello

I applied via broker and was accepted by Kensington, everything was ok but they rejected it at the last moment (no idea why, broker said they just decided not to go ahead)

so new broker who is amazing, she applied with Bluestone. They gave me an agreement in principle (I think?) we submitted tons of paperwork and then they asked for a bit more which is now all sent.

no Searches on my credit file yet? I’m worried it won’t go through.

bit of background:

This is a remortgage in sole name. Borrowing 55k to pay off current mortgage (28k) and secured loan (7k) with the remainder for renovations. 

Prior to the mortgage I bought the house for cash outright. Mortgaged for renovations and expenses (car got written off). Bought with savings and life insurance payout.

one CCJ from 2019 for £800 settled (got this for car repairs, long story short mt husband died on the day I collected the car, so I didn’t think about it, was in a blur for a while)

lots of defaults all before 2019 with one utility in 2019. Most of these will be gone next year and all gone by September 2025. Payday loans last year I think, all paid off. Credit score is bad, can’t get even a phone contract. I think at the moment there are 6 defaults on my report.

no arrears or missed payments on mortgage or loan

earn 28k plus tax credits of £400 per month and child benefit £145 per month, house worth 250k. I have a few credit cards total 1k which I will pay off with the mortgage. Credit spring loan which I was keeping to improve my credit file but could pay this off. No savings. 

what are my chances?

ACG

Credit spring, just double check the interest rate on that. That could be a problem, I seem to recall it cropping up on one of our cases earlier this year. I cant recall if it was a problem with TML and ok with Bluestone or a problem with Bluestone but ok with TML. 

In all honesty though from what you have said I think you are probably a bit too good for Bluestone. You should be fine, assuming the credit spring issue is ok. 

confusedd88

Brilliant thank you, they have advised the broker they would need to increase the rate to 7.55% due to credit spring and that it would need to be repaid (it’s only £150), they asked why I took it out and I was honest and said trying to repair my credit file. They also asked for this months bank statement showing I paid gas/elec and council tax. These weren’t paid (dispute with gas/elec as smart meter wasn’t working, council tax was paid in advance so not due til 01 July) is this going to be an issue? 

I had tried a few brokers previously but they all said the same - Kensington or bluestone. I’m not sure why? 

ACG

Funny isnt it, you have all of those defaults and its a high interest loan which has been paid that causes the problem. 

Are you in Scotland by any chance? 
I cant really answer about the utility bills, the council tax will be fine if paid in advance.