Bluestone Mortgages has launched into the UK, offering a specialist product range exclusively through Legal & General Mortgage Club and Tenet Group.
The lender said its new service is aimed at self employed, contractors and customers with an adverse credit history, who are currently underserved by mainstream UK lenders.
Each of Bluestone’s applications are manually underwritten to ensure that each customer’s profile is assessed on a case by case basis.
Bluestone says its goal is to help those who can demonstrate affordability, but are struggling to get past the automated application process used by the majority of mortgage lenders.
Bluestone Mortgages is partnering initially with Legal & General Mortgage Club and Tenet Group to bring its products to 171 advisers across the UK. This pilot phase will take on feedback from brokers before launching to the wider market over the coming months.
Matt Andrews, managing director of Bluestone Mortgages, said: “There is currently a significant portion of the UK population unable to secure a mortgage, held back due to their employment status or because they suffered a bump in the road that has impacted their credit profile.
“At Bluestone, we want to help close this gap in the market by providing affordable mortgage solutions that take into account an applicant’s full history and personal circumstances, looking at the person not the credit score points assessed by typical lenders.
“By working closely with the advisers and gaining constant feedback throughout the application process, we are confident of developing a strong market position.
“Through our pilot launch, we intend to build a truly collaborative partnership with brokers, which will help us shape and develop our business, in readiness for a full market launch.”