We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Product Transfer advice - Bluestone
InAPickle76
Posts: 85 Forumite
Hi - looking at possibly remortgaging with Bluestone due to adverse credit. If we were successful in our remortgage application and secured a fix - either 2 years or 5 years, how does it work with Bluestone when the fix comes to an end? Do they offer product transfers? I know you have to apply through one of their affiliated brokers for a remortgage, is this the same when it comes to looking at options at the end of a fix or can the customer deal with them directly? For any product transfer, do you have to go through affordability again or is this a more simple application? I know with most high street lenders you can just 'switch' to a new deal when the fix comes to an end but not sure how the process works with Bluestone? Thank you.
0
Comments
-
I think you still have to go through a broker for the product transfer as there is still advice being provided.
But there is no underwriting or legals as far as I am aware (its still a new process, I will be doing my first 1 this week).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Thanks so much @ACG - if you have any updates once you have done your first Bluestone product transfer regarding the full process I would be ever so gratefulACG said:I think you still have to go through a broker for the product transfer as there is still advice being provided.
But there is no underwriting or legals as far as I am aware (its still a new process, I will be doing my first 1 this week).
0 -
We do Bluestone PT's and it is relatively straightforward, no underwriting.
They are of course a specialist Lender so as a borrower you would hope to be in a position to re-mortgage to a more mainstream lender once your initial term with Bluestone ends.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
It seems to be a slower process than normal as Bluestone have to buy your mortgage back from the original funder.
So where it can normally be done online within 20 minutes with most lenders, Bluestones takes a couple of weeks (I have been quoted up to a month).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
About a week enquiry to offer on our last one. Of course, Lenders sometimes get blocked up with work.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards