Bluestone Mortgages timescale

babygiraffe178

Hi, I’d appreciate some thoughts as I’m pulling my hair out here!!
We are in the process of selling our house and buying another. Due to adverse credit my partner needs a specialist lender and  has had a nightmare with a dodgy broker messing him around so wasted weeks on mortgage search. 

We contacted Simply in August and their brokers were confident they could get us a mortgage with bluestone. Put in the application in August and we are now at the stage on the portal which says we are waiting for an offer. Credit searches have been done. Valuation was supposed to be done last week but they couldn’t get in the house because the sellers are having work done before we complete. Bluestone were provided with the Home Report a week ago and haven’t said this isn’t good enough for valuation. 

The broker keeps saying we will hear news “tomorrow” but that’s been a week of hearing that now! How likely are we to actually get an offer since it has got to the valuation stage? I’m beginning to seriously lose hope and I’m sick with stress. We were meant to complete next week which obviously won’t be happening now! 

springmagpie

We had our mortgage with Bluestone, their processes are not speedy but we did get there in the end. We had a few last minute, as a few days before, questions/requests from them but once you are at this point you will get over the line

babygiraffe178

springmagpie said:

We had our mortgage with Bluestone, their processes are not speedy but we did get there in the end. We had a few last minute, as a few days before, questions/requests from them but once you are at this point you will get over the line

Thank you for the reply. I think I wouldn’t be as stressed if the broker didn’t keep giving me false hope saying tomorrow every day and we weren’t on a tight timescale! All the other stages seemed to happen fairly quickly but this is just dragging now. 

ACG

We do a lot of adverse, the way I describe this to my customers is...
At the minute, you guys have been accepted for a mortgage. Assuming the valuation comes back ok, then we are good. If there is a problem with the valuation then its down to the property and not you - I like to think that lowers some of the anxiety but probably not much. 

It is rare that a lender will use a valuation that is not done by their people. Simply and Bluestone are trying to do you a favour in order to speed things up to avoid having to wait for the sellers. They are going outside of the normal process and probably need an answer from someone high enough up to make that decision. That can take time as it will potentially mean checking with insurers etc. 

Worst case scenario is they say no and its the sellers you are waiting for. Best case scenario they accept it and save you some time. 

babygiraffe178

ACG said:

We do a lot of adverse, the way I describe this to my customers is...
At the minute, you guys have been accepted for a mortgage. Assuming the valuation comes back ok, then we are good. If there is a problem with the valuation then its down to the property and not you - I like to think that lowers some of the anxiety but probably not much. 

It is rare that a lender will use a valuation that is not done by their people. Simply and Bluestone are trying to do you a favour in order to speed things up to avoid having to wait for the sellers. They are going outside of the normal process and probably need an answer from someone high enough up to make that decision. That can take time as it will potentially mean checking with insurers etc. 

Worst case scenario is they say no and it’s the sellers you are waiting for. Best case scenario they accept it and save you some time. 

Thank you for your reply. It’s been a bit complicated valuation-wise. Bluestone themselves originally asked for the home report to do valuation. Unfortunately because the house has been on the market for more than a year, the house needed a new home report, which had been held up because of the work getting done. So bluestone arranged a valuation. The person turned up to do it and couldn’t get in because of the building work! So we managed to get the draft copy of the new home report and send them that. We’ve not heard anything back for a week now. The issue I can see is that a lot of the work that’s flagged as needing done in the home report has now actually been done. But won’t be reflected in the report. The house is valued in the report well above what we offered and are asking bluestone for so I’m hoping it will be ok! 

I do appreciate your reassurances, it’s genuinely helpful, and I had thought along the same lines but have started to get myself in a twist the longer we go with no news!  

babygiraffe178

Had some more information this afternoon. Surveyor came back to do the mortgage valuation on Monday and no one was there to let them in! The EA hadn’t got the keys back from the builders. And also hadn’t bothered to tell the surveyor that. And we are only finding this out this afternoon. The EA obviously tried to hide this from us as the valuation has been done today instead! Broker says had it been done Monday we would have had our offer already. So as it is, our EA has probably cost us our completion date and we will have to renegotiate the chain! Just hoping for understanding buyer/sellers! Nightmare 

HopefulBuyer26

Hi,

Appreciate this thread is a bit old now but cant find anything more recent. We spoke to a broker at the end of July who said they had spoken to Bluestone and they would be happy to lend to us. Background is low credit score for myself, husband not too bad but not great either. I have some defaults all settled and my husband the same although his highest was £551. Apparently bluestone dont include defaults of under £500. We have nothing else like DMPs or CCJs in our history. Our broke sent us a DIP in July but we didnt decide to proceed until end August. We have submitted all bank statements and letters explaining previous financial problems which resulted in the defaults. We are a week on now from application submission and all they have asked for so far is other bank statements (savings and monzo accounts) just looking for someone else who might have a similar history to us and got theirs approved and also idea of timescale. Broker said each time they ask for something new it resets the clock. Thanks

Yorkie1

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Bluestone Mortgages — MoneySavingExpert Forum