"We’re delighted with the strong lift in volumes, driven in large part by the support of our broker network"
In its financial results to June, released today, the lender recorded over £250m in loans, a 264% increase compared to 2018.
The lift in volumes was supported by further platform growth, with headcount in the business increasing 58% to 49 and a new office opening in Sheffield to support the London operation.
Net losses reduced 37% to £2.42m, and the firm says it is on track to report a maiden profit this year. Headline gross margins held steady at over 4%, and 30 day arrears remain less than 1% of the book.
Bluestone’s founder and group chairman, Alistair Jeffery, commented: “The 2019 financial year has been an enormously important one for our mortgage business, with a very solid lift in new loan levels supported by strong growth in our sales, lending and servicing operations. Despite Brexit headwinds, the strong growth is continuing into FY19, with 105% year-on-year growth in settlement volumes in the first quarter."
Steve Seal, managing director of Bluestone Mortgages, added: “We’re delighted with the strong lift in volumes, driven in large part by the support of our broker network and their adoption of our uniquely flexible mortgage products, the continued development of Bluelink, our proprietary loan application platform and a relentless focus on service levels.”
