Brightstar Financial has placed the first ever mortgage case with specialist mortgage lender Bluestone Mortgages.
Bluestone launched a dual distribution strategy with Brightstar and Mortgage Advice Bureau (MAB) after working together with them in the run up to the launch of their pilot two weeks ago.
MAB brokers have the option either to place cases directly with Bluestone or to use MAB’s preferred distribution route by going through Brightstar who are experts in specialist lending.
The case was offered in under a week after another specialist mortgage lender declined it.
Chris Bramham (pictured), Brightstar’s director of specialist mortgages and buy-to-let, said: “One of the solutions from Bluestone Mortgages is to provide borrowers who have had credit problems with a second chance. It is refreshing to see a new approach that doesn’t hang off a credit score and fully considers a borrower’s individual circumstances, making sure the loan is affordable and doesn’t rely on a computer based decision. It is even better to see this criteria backed up by excellent service, evidenced by the highly complex case that we had accepted and offered in under a week.”
“Brightstar have been an excellent sounding board in the run up to launch, their insight into the specialist market is very strong and we have gained some useful feedback on the opportunity our products and criteria create against other specialist lenders,” said Matt Andrews, managing director of Bluestone Mortgages.
“It’s fitting that the first mortgage offer from Bluestone Mortgages has been from Brightstar and MAB. We have positioned the business to fill a gap in the market to provide credit worthy borrowers, who may have had a blip in their credit history in the past, with a solution based on a full assessment of their financial situation. Our products are available to all employment types.”
Brian Murphy, head of lending for Mortgage Advice Bureau, added: “We are delighted to be at the forefront of Bluestones launch into the UK mortgage market. Bluestone will provide a range of solutions for those borrowers who do not fit the high street appetite and provide much needed competition and further choice for a sector of the UK borrowing public that remains significantly under served.”