The new service is aimed at self employed, contractors and customers with an adverse credit history who don’t meet high street lending criteria.
Bluestone Mortgages is partnering initially with Legal & General Mortgage Club and Tenet Group to bring its products to 171 advisers across the UK.
This pilot phase will take on feedback from brokers to ensure Bluestone delivers a collaborative and accessible service, before launching to the wider market over the coming months.
Bluestone was founded in 2000, with offices in the UK, Ireland, and Australasia. The firm is owned by a mix of private and institutional shareholders including Australia's Macquarie Bank and Lloyds Development Capital, a regional mid-market private equity house owned by Lloyds Bank.
Managing director Matt Andrews said:
“There is currently a significant portion of the UK population unable to secure a mortgage, held back due to their employment status or because they suffered a bump in the road that has impacted their credit profile.
“At Bluestone, we want to help close this gap in the market by providing affordable mortgage solutions that take into account an applicant’s full history and personal circumstances, looking at the person not the credit score points assessed by typical lenders. By working closely with the advisers and gaining constant feedback throughout the application process, we are confident of developing a strong market position.
“Through our pilot launch, we intend to build a truly collaborative partnership with brokers, which will help us shape and develop our business, in readiness for a full market launch.”
