Bluestone Mortgages are a lender we like dealing with. We were one of the first Mortgage Brokers in the country to use them and we have kept up a very good relationship with them over the years.
Because of the relationship we have with them, we have access to non published criteria that only a limited number of brokers have access to. That can mean we can sometimes get cases through with them that other Mortgage Brokers are unable to. At the time of writing, we also have a 100% record with them in Applications to Completed Mortgages.
Bluestone have a few things that I think sets them apart from the rest of the market:
- They tend to work with you to get a case through where it fits criteria. That sounds obvious but they seem to have more flexibility than other lenders. For example, they may request some paperwork, if that is not available they will work with you to find something acceptable.
- They tend to specialise in the more severe part of the market when it comes to Bad Credit, they particularly come in to their own when it comes to Bankruptcy, IVAs and DROs, Insolvency in general seems to be something they are good with. They can be good withe high value Defaults & CCJs also, although they are not particularly great with a large number of them, there are other lenders for a lot of defaults however.
Bluestone are all good then?
We have managed to get some really complex applications through with Bluestone over the last couple of years. Complex and adverse credit cases which most other lenders would not consider. Bluestone tend to be open to talking the case through and where it makes sense, working with you to put it through.
Whilst we are fans of Bluestone and what they have to offer, it is important to mention that because of the part of the market they are in, it will not all be plain sailing. They will have more requirements and questions than a high street lender, but that is just the nature of beast. It is unreasonable to expect they will have the majority of Mortgage applications offered in the space of 2 weeks like would happen elsewhere.
But providing you go in to the application process with them knowing what to expect, there is no reason why it needs to be a stressful application.
Overview of Bluestone Mortgages
I think we can probably sum them up as a good lender for people with historic adverse (over 3 years old) or with Bankruptcy, IVA or DROs within the last 3 years. They will work with you to get the case through, but it may take a little bit longer to get there. Rate wise, they are not fantastic, but that is due to the types of applications they will accept and the lack of competition in their part of the market. At the time of writing, rates start from around 4.6% and go up to around 7.5%.