The lender said it would partner initially with L and G and Tenet before launching to the wider marker in the coming months.
Bluestone’s target borrower includes self-employed customers, contractors and customers with an adverse history, who are currently underserved by mainstream mortgage lenders.
It said all applications will be manually underwritten to assess each customer’s profile on a case-by-case basis, and aims to help borrowers who can demonstrate affordability but are struggling to pass the automated application process used by high street lenders.
In June, Mortgage Solutions revealed that the firm was to launch into the UK mortgage market. The lender is part of the Bluestone Group, which has offices in the UK, Ireland and Australasia. Its UK office includes two other divisions, Bluestone Credit Management and Bluestone Capital Management.
Earlier this year, financial services and investment banking firm Macquarie Group completed financing support to Bluestone, following the lender’s acquisition of the UK mortgage lending and servicing platform, Basinghall Finance.
Matt Andrews, managing director, 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.”
