Bluestone Mortgages & Overdraft

garnet_200

Hi All,

Just looking to see if anyone has relevant experience to mine and my partners experience.

We have had an offer accepted on our dream home and got our DIP within 10 minutes of applying to Bluestone Mortgages through our broker.

Both of our credit scores are in the poor and very poor range (hence our broker recommending bluestone). I spoke with our broker about my overdraft which used to be a student one now changed to a 'normal' graduate overdraft.

Thing is - I'm always in it. It's £2k and my wages get paid into it. Apparently, Bluestone have said our 'case will be stronger' if this is repaid in full before going ahead with the full application. - but with the crazy fees and amount of money we'll need coming up l'm stressing about finding another £2k quickly to now resolve this.

I'm trying to stay hopeful as we have a large deposit with a 66% LTV.

Has anyone else been successful or not successful with their application in a similar situation? TIA

Hoenir

Makes no sense to have a large deposit available yet be continually living in an overdraft. 

garnet_200

Hoenir said:

Makes no sense to have a large deposit available yet be continually living in an overdraft. 

The large deposit is coming from my partner’s inheritance… 

ACG

What adverse do you have? (and when is it from?)
Bluestone are pretty much one of your last chance lenders. I do a lot of adverse and we rarely end up using bluestone. It generally needs to be at the severe end and quite recent. 

I always describe lenders as having their quirks, Bluestones is affordability. I am not sure about the use of an overdraft with them. Most lenders it would not look great, if the mortgage is going to be more than what you are currently paying in rent then it could be a problem. 

Hoenir

garnet_200 said:

Hoenir said:

Makes no sense to have a large deposit available yet be continually living in an overdraft. 

The large deposit is coming from my partner’s inheritance… 

Why not budget to settle the debt and buy a cheaper property. The use of the overdraft suggests that you could very quickly be in state of financial distress. Should something unexpected occur. A mortgage is a long term committment. With all the expense of purchasing a property not something that really want to go wrong.