Bluestone Mortgages has joined the Mortgage Market Alliance (MMA) as a founder member of the body that aims to promote the availability of mortgage lending and the value of professional advice to customers.
The MMA, which launched earlier this year, will communicate to customers that the mortgage market is open for business, has a strong appetite to lend, is increasing its reach and is highly competitive. As a call to action, customers are encouraged to seek professional, independent advice as the best way to access the most appropriate options for their circumstances.
Bluestone says it remains committed to raising consumer awareness of the specialist lending market and encouraging more people to seek professional and tailored advice, particularly as the coronavirus pandemic continues.
Steve Seal (pictured), managing director at Bluestone Mortgages, says: “One of our top priorities at Bluestone is ensuring that the growing numbers of underserved customers are aware of the financial support that’s available to them, particularly as many continue to be impacted by Covid-19.
“Bluestone’s latest Specialist Lending Tracker found that almost half of consumers (45%) who have their mortgage application declined by a high-street lender would be reluctant to apply for one again in the future. This is an extremely worrying finding and it is up to our industry to ensure that customers who don’t fit the high-street mould are aware of the alternatives.
“The role of specialist, tailored advice in helping ‘non-vanilla’ customers continues to be crucial. Indeed, championing the work that advisers do to help more customers unlock the lending they need and encouraging consumers to seek financial advice remains at the top of our agenda. We are confident that, by joining forces with the Mortgage Market Alliance, we will be able to amplify our voice in the wider mortgage market and ensure that more customers have the support of an adviser behind them to help them access the financial solutions they deserve.”
Rob Griffiths, director of the Mortgage Market Alliance, said: “Over the course of recent months, the mortgage landscape, as with many areas of our lives, has changed a huge amount. But there is still appetite amongst lenders and plenty of opportunity for homebuyers, remortgagors and investors. It’s really important that we don’t let customers become disheartened by headlines but rather seek advice to identify the best solutions for their individual circumstances – and this is precisely the purpose of the Mortgage Market Alliance.
“We have already been proactive in providing insight and analysis to help customers and professionals working in the industry throughout Covid-19 and, as the market continues to recover, we will increase our activity to promote availability of mortgage lending. We’re really pleased that Bluestone is joining in this mission and we are looking forward to welcoming new members in the coming months.”
Alex Hammond, director of the Mortgage Market Alliance, added: “Nobody knows exactly what the future holds, but we do know that Covid-19 will create more considerations for people when it comes to getting a mortgage. It’s going to be so important for people to seek professional advice to help identify their best options and, at the MMA, our job is to be proactive in pointing people down this advice route.
“Having Bluestone on board is an important step for us, and we will become stronger with every new member we welcome aboard as we provide a collective voice for the mortgage industry to raise awareness and understanding amongst consumers.”