Bluestone Mortgages has announced the reopening of its Help to Buy range to the wider market after securing a new funding line from a “major” investment bank.
The Help to Buy products will be available across all of Bluestone’s credit tiers at up to 75% loan to value (LTV) on a five-year fixed rate. The lender will accept applications from customers who have CCJs, Defaults, Unsecured Credit Arrears, Debt Management Plans (with no minimum term), IVAs and more.
Rates start from 4.50% and the mortgage offer will be valid for six months with extensions possible where the property construction is delayed. Bluestone will charge no application fees and will offer free standard valuation across the whole range.
The maximum loan amount will be driven by the maximum property value available on the scheme, which is currently £600,000 for England. The lender is also providing builder incentives of up to 5% of the purchase price accepted. Incentives include white goods, carpets, small cashback, legal fees and contribution towards stamp duty.
This announcement follows the recent appointment of Chris Holcomb as new build and national account manager, who will spearhead the lender’s Help to Buy proposition.
Reece Beddall, sales and marketing director at Bluestone Mortgages, said: “The Help to Buy scheme has played a vital role in helping thousands of first-time buyers onto the property ladder, however for those with credit issues and irregular sources of income it can be much more challenging.
“As such, we’re delighted to have secured a new funding line from a major investment bank that has enabled us to reopen distribution across our Help to Buy range to support more first-time buyers, who otherwise may have not been able to achieve their homeownership dreams.”