Bluestone mortgage

Copperf5

Hi everyone

Been looking through previous posts about Bluestone mortgages etc and it’s been really helpful. We have adverse credit by the way of defaults, a missed payment some late payments and we both took out credit spring to help us improve our credit rating with a view of getting a mortgage in 2 years. The credit spring is what I’m most worried about as it’s been in the last 12 months and it is for both of us as a joint application. I read somewhere Bluestone will only accept one current payday loan (however we wouldn’t have took it out to support our credit improvement if we had know it would be classed as a PDL). We have had to apply for a mortgage due to change in circumstance with the house we are currently in as our parents want the money from the sale to pay off the remainder of the mortgage (we rent the house of them currently) they have told us we should apply for a mortgage for 160000 which would gives us a LTV of 50% and they will gift us the equity as our deposit. We have a DIP through haysto and have the mortgage illustration within their ‘clear’ range which if I’m right is one of their better products. 

Will these credit spring accounts mean we won’t be able to get a mortgage or would it mean simply we will be on a lower product tier with a higher interest? We can pay these off no problem but don’t want to as of yet just in case they want statements etc from them. We also have £6000 in savings which has been seen by haysto. I believe the full application has gone in and Bluestone are now looking at it. Haysto have checked our bank statements for 3 mo the completed the check my file report, payslips etc and we have completed all current forms asked such as equity gift form

Any advice/reassurance would be greatly received 

ACG

Have you spoken to Haysto? If they are your brokers, you are paying them to get you a mortgage. I would be a bit hurt (for want of a better word) if I thought my customers could not come and speak to me and preferred to go online. 

They will know if they have discussed your case with the lender. 
I think they charge on DIP or application dont they? Or at least part - so make sure you raise this with them beforehand. 

Copperf5

Thank you for your reply. I have spoken to them but to be honest they aren’t giving much away or offering much advice regarding my queries currently. You pay on mortgage offer but pay a refundable deposit at the beginning prior to DIP. If you don’t get an offer you get the deposit back

Thanks 

ACG

Thats a bit rubbish. Their fee is not a small one, they should be doing better if that is the case. I have only ever seen positive feedback on here about them. 

I dont really like replying where there is already a broker on the case as I think it can cause confusion if you get an answer from them and then an answer from some random on the internet. But as you are not gettting an answer from them...

The Bluestone criteria says "only one applicant can have had a pay day loan in the last 12 months".
They class a pay day loan is classed as anything with an interest rate over 39%. 

Assuming your loans had a rate higher than 39%, I would say that means you fall outside of criteria. However, Bluestone used to have this scheme for selected brokers (we were one of them) where they could look to lend outside of criteria. We were the smallest broker on that scheme and we were taken off it last year so I am not sure if it still exists but I know they were looking at getting rid of it for everyone but I am not sure if it still exists. If it does, Haysto will likely be on it. 

I dont think that gives you a definitive answer, but I think it is unlikely. 

No19v87

It may make a difference that the Creditspring account is a joint one. It’s not like you have both taken out separate PDL products one after another (indicating repeated cashflow issues).

You have to remember it’s in Haysto’s interests to get you a mortgage offer. It’s highly unlikely they would try to place your case at a lender that will not accept your circumstances, that would be wasted time and effort on their behalf.

Even if it was the case and a mistake on their behalf, if you have raised it with them to make them aware and they are not concerned, why should you need to be?

Copperf5

Thanks for the comments. Mainly because I read the lending criteria and it does say only one pay day loan. My case manager is much better than the application manager and does seem more positive. We only ever took the credit spring purely to improve our credit ratings. Very naive of us to think this wouldn’t impact us I know! We shall just have to wait and see what they say. Thank you for your comments

CookandClean123

Copperf5 said:

Thank you for your reply. I have spoken to them but to be honest they aren’t giving much away or offering much advice regarding my queries currently. You pay on mortgage offer but pay a refundable deposit at the beginning prior to DIP. If you don’t get an offer you get the deposit back

Thanks 

I was orginally with Haysto but found they just defaulted to Kensington and  Bluestone. I was about to put an app through with them for bluestone then thought let me look myself. I've now been approved with a building society for 3% cheaper. TBH i dont think they are they most proactive in getting you the best deal.  

ACG

CookandClean123 said:

Copperf5 said:

Thank you for your reply. I have spoken to them but to be honest they aren’t giving much away or offering much advice regarding my queries currently. You pay on mortgage offer but pay a refundable deposit at the beginning prior to DIP. If you don’t get an offer you get the deposit back

Thanks 

I was orginally with Haysto but found they just defaulted to Kensington and  Bluestone. I was about to put an app through with them for bluestone then thought let me look myself. I've now been approved with a building society for 3% cheaper. TBH i dont think they are they most proactive in getting you the best deal.  

This sort of sums up the pros and cons of the larger brokers. 
They will have a lot of experience with the likes of Bluestone, they should in theory be good at packaging a case for them and knowing the timeframes and criteria etc. 

However, they are probably too big to be looking at the smaller building society lenders. There are building societies that I use regularly but if the larger brokers started to use them, the building societies would probably run out of money. 

CookandClean123

ACG said:

CookandClean123 said:

Copperf5 said:

Thank you for your reply. I have spoken to them but to be honest they aren’t giving much away or offering much advice regarding my queries currently. You pay on mortgage offer but pay a refundable deposit at the beginning prior to DIP. If you don’t get an offer you get the deposit back

Thanks 

I was orginally with Haysto but found they just defaulted to Kensington and  Bluestone. I was about to put an app through with them for bluestone then thought let me look myself. I've now been approved with a building society for 3% cheaper. TBH i dont think they are they most proactive in getting you the best deal.  

This sort of sums up the pros and cons of the larger brokers. 
They will have a lot of experience with the likes of Bluestone, they should in theory be good at packaging a case for them and knowing the timeframes and criteria etc. 

However, they are probably too big to be looking at the smaller building society lenders. There are building societies that I use regularly but if the larger brokers started to use them, the building societies would probably run out of money. 

Yes i went with chorley and they were brilliant. so glad i didnt pay the haysto brokers fee tbh. 

ACG

CookandClean123 said:

ACG said:

CookandClean123 said:

Copperf5 said:

Thank you for your reply. I have spoken to them but to be honest they aren’t giving much away or offering much advice regarding my queries currently. You pay on mortgage offer but pay a refundable deposit at the beginning prior to DIP. If you don’t get an offer you get the deposit back

Thanks 

I was orginally with Haysto but found they just defaulted to Kensington and  Bluestone. I was about to put an app through with them for bluestone then thought let me look myself. I've now been approved with a building society for 3% cheaper. TBH i dont think they are they most proactive in getting you the best deal.  

This sort of sums up the pros and cons of the larger brokers. 
They will have a lot of experience with the likes of Bluestone, they should in theory be good at packaging a case for them and knowing the timeframes and criteria etc. 

However, they are probably too big to be looking at the smaller building society lenders. There are building societies that I use regularly but if the larger brokers started to use them, the building societies would probably run out of money. 

Yes i went with chorley and they were brilliant. so glad i didnt pay the haysto brokers fee tbh. 

I like Chorley, they came out of nowhere last year I think. They re-jigged all of their criteria. We do a few with them. 

Well done for finding them if you did it. Or if not, fair play to your broker. As I know a lot of brokers would probably not have come across them.