EXCLUSIVE: Bluestone Mortgages makes full return to the market
Bluestone Mortgages has made a full return to the market with lending across five credit tiers, as the easing of lockdown restrictions moves into its next phase.
Steve Seal (pictured), managing director of Bluestone Mortgages made the announcement during the latest in a series of vlogs by Rob Jupp, CEO of Brightstar Financial.
Bluestone has recommenced lending up to 75% loan-to-value (LTV) across all credit tiers apart from BBB, where it will be at 70%.
The maximum loan size will be £500,000.
The lender originally suspended all new mortgage applications on 3 April, influenced by the restrictions in place due to the COVID-19 pandemic.
In conversation with Jupp on the COVID-19 Mortgage Market vlog, Seal said: “Our big challenges started to come from the restrictions around the housing market and the removal of physical valuations.
“That prompted us to really consider how feasible it was for us to maintain our normal lending practices during the period, coupled alongside the need to deploy a good number of colleagues to support our back office team effectively, supporting those existing customers who were ringing in requesting payment holidays and support with their mortgages during this time.”
Bluestone made the initial move to resume mortgage lending on 13 May, offering its ‘Clear’ credit category across both residential and buy-to-let (BTL) product ranges, and deploying automated valuation models (AVMs) and desktop valuations.
Seal added: “Pre-COVID-19 we were firing on all cylinders…we are stepping back into the market with all guns blazing.
“It’s a great move for us, we’re delighted to be able to get back to offering a really broad range of solutions for borrowers.
“As you would expect, there will be some changes [and] some controls in the background to make sure that we’re still lending responsibly, but we’re delighted to be able to get back to offering that broad range of products.
“We’re hopefully leading the specialist lending community in terms of getting back to what we do best – specialist underwriting, great outcomes for our partners and our customers, and looking after those customers who otherwise would have struggled to achieve their home ownership dreams.”
Employees will be returning to Bluestone Mortgages’ offices, at the same time as Brightstar Group reopens its own offices in Billericay, London and Manchester.
Jupp said: “The green shoots of recovery are very much in evidence.
“Although the world is still a very scary place, we’re trying to do our bit to support the growth of the UK economy.”