Bluestone Mortgages

HopefulBuyer26

Looking for anyone who has successfully had a mortgage approved with Bluestone and may have similar background to me.

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, they were shown our credit files. 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

ACG

We have a couple in with them at the moment, they are taking around 2-3 days to look at things.

How many defaults do you have?

When were they registered?

HopefulBuyer26

Hi,

I have 3 on my Experian account but one was only £150 (thought it was paid off hence the small amount)that was registered in December 2024. 2nd registered Feb 2024 for £4521 and the third was registered october 2023 for £2104. All settled but and no other money owed anywhere. Husband had 3 but the highest amount was 551 and apparently they discount them under £500?

Thanks

ACG

You'll be fine. Your adverse is quite minor for Bluestone.

I think there are probably slightly cheaper options than Bluestone, but there could be other reasons we are not aware of which dictates Bluestone.

HopefulBuyer26

https://forums.moneysavingexpert.com/discussion/comment/82130083#Comment_82130083

In your experience, do bluestone give an update before the property valuation along the lines of underwriting complete subject to property valuation? Our valuation is on 24th Sept but the initial underwriting has been ongoing since application submitted on 1st Sept. All theyve asked for so far is some further payslips and bank statements and some clarification on transactions between my savings and main bank account.

ACG

You should really ask your broker where it is up to.

I would say that as it has been 11 days since your application was submitted the underwriting is probably complete. Especially with it sounding like you are quite straight forward for Bluestone. But the only person who can answer for sure would be your broker.

Dont feel like you are hassling them, presumably you are paying them. Part and parcel of doing adverse is knowing that people are going to stress and worry. Its expected that you will be more anxious and want updates.