Bluestone Mortgages has introduced criteria changes to support complex credit customers.
The lender will now accept applications from clients who have recently taken a payday loan, providing it has been cleared on completion. Previously Bluestone required that no new loans be taken out in the last 12 months.
Bluestone says the changes mean it is now able to offer a solution to customers who have been misinformed about the ramifications of taking out a payday loan, or those who have had to take out a payday loan due to a recent life event.
These criteria changes will be available to all mortgage brokers.
Reece Beddall, sales & marketing director, Bluestone Mortgages, said: “We’re making these criteria changes to allow more customers with complex credit achieve their dream of homeownership. At Bluestone we believe that previous financial difficulties should not exclude anyone from owning their dream home.
“Ultimately, these changes will provide our customers with greater choice and give them the helping hand they deserve.”